Vancouver, Aug. 22, 2023 (GLOBE NEWSWIRE) -- The worldwide market for Light Detection and Ranging (LiDAR) had a valuation of USD 1,821.3 Million in the year 2021. Based on the most recent analysis conducted by Emergen Research, it is projected to exhibit a Compound Annual Growth Rate (CAGR) of 12.5% throughout the anticipated period.
The upswing in the utilization of LiDAR within Unmanned Aerial Vehicles (UAVs) and applications related to engineering and construction, coupled with heightened investments in Research & Development (R&D) endeavors, stands as significant catalysts propelling the augmentation of revenue within the market. Additionally, the expanding adoption of LiDAR for navigating intricate and perilous landscapes further contributes to this growth trend.
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LiDAR finds applications across various domains, such as geography, mineral extraction, forestry, civil engineering, architecture, and archaeology. These systems empower scientists and mapping experts to meticulously assess both natural and artificial environments with a high degree of accuracy, precision, and adaptability. Moreover, the integration of LiDAR in Geographical Information Systems (GIS) applications, the advent of 4D LiDAR, and the relaxation of regulations surrounding the use of commercial drones in diverse fields contribute to the expansion of market revenues.
Additionally, notable factors driving market growth encompass increased investments by automotive giants in LiDAR startups, prospects for long-term designs based on Short-Wave Infrared (SWIR) technology, technological shifts towards solid-state, Micro-Electro-Mechanical Systems (MEMS), flash LiDAR, and other LiDAR innovations, advancement of enhanced geospatial solutions via sensor fusion, and governmental initiatives worldwide that encourage the utilization of LiDAR-equipped drones for large-scale surveys.
Nevertheless, the expense of LiDAR technologies remains a hurdle, with system costs ranging from USD 8,000 to USD 30,000. Electrical engineers at Stanford have managed to consolidate the electronic and mechanical components of rooftop LiDAR systems into a single silicon chip. Additionally, heat, especially under high temperatures, can compromise sensor performance and overall drone functionality, leading to less precise data readings. Furthermore, limitations arise in scenarios where LiDAR systems are used on water surfaces or uneven terrains, as excessive water depth can impact the reflection of pulses, thus impeding the accuracy of data acquisition and restraining market revenue growth.
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Scope of Research
| Report Details | Outcome |
| Market Size in 2021 | USD 1,821.3 Million |
| CAGR (2022–2030) | 12.5% |
| Revenue Forecast to 2030 | USD 5299.2 Million |
| Base Year for Estimation | 2021 |
| Historical Data | 2019–2020 |
| Forecast Period | 2022–2030 |
| Quantitative Units | Revenue in USD Million and CAGR in % from 2022 to 2030 |
| Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments Covered | Product type, end-use, and region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Country Scope | U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa |
| Key Companies Profiled | Teledyne Geospatial, Leica Geosystems AG, Trimble Inc., Xenomatrix, Riegl Laser Measurement Systems GmbH, Sick AG, SURESTAR, Yellowscan, and Valeo |
| Customization Scope | 10 hours of free customization and expert consultation |
Major Companies and Competitive Landscape
The global LiDAR market is fairly fragmented with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective LiDAR solutions. Some major players included in the global LiDAR market report are:
- Teledyne Geospatial
- Leica Geosystems AG
- Trimble Inc.
- Xenomatrix
- Riegl Laser Measurement Systems GmbH
- Sick AG
- SURESTAR
- Yellowscan
- Valeo
Strategic Development
- On 9 November 2022, RoboSense launched E1, a high-performance flash solid-state LiDAR. It is a new product platform based on area array transceiver technology and application-specific designed circuits. E1 will assist partners to further bridge the gap in smart driving perception and improve all-scenario perception capability of automated and autonomous vehicles.
- On 18 November 2022, Continental AG partnered with Ambarella to offer advanced driver assistance systems solutions based on CV3 Artificial Intelligence (AI) System-on-Chip (SoC) family. These sensor solutions include high-resolution cameras, radars, lidars as well as ultrasonic sensors. The high-performance, power-efficient, and scalable SoC range designed for ADAS applications complements Continental's assisted driving solutions and improves vehicle automation.
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Some Key Highlights From the Report
- The 2D segment accounted for largest revenue share in 2021. Accuracy is made possible by light traveling at a constant speed through air. X and Y dimensions are captured by 2D sensors using a single plane of lasers, as a result, single rotating laser beam or a constant ring of light emitted can be achieved. Ring lasers and 2D LiDAR sensors both gather the same kind of X and Y-dimensional information. Best sensors to use for activities, such as range and detection, are 2D sensors. In addition, robot's surroundings are scanned and detected using active optical sensors, such as 2D LiDAR Online, hence 360-degree and virtual tours are also getting more popular. Furthermore, virtual 2D representations of a region can be made using LiDAR pulses and these representations can be utilized to generate virtual tours, which is significantly driving revenue growth of this segment.
- The sensors segment is expected to register at a steady revenue growth rate during the forecast period. This is due to rapid technological advancements in end-use industries and significant investments in ultra-thin solid-state LiDAR sensor that sees 360 degrees. For instance, LiDAR is a well-known range-finding technique that detects objects by shining light onto them. In the automotive industry, a LiDAR sensor serves as an eye for autonomous vehicles, assisting them in determining the distance to surrounding objects as well as vehicle's speed or direction.
- The Europe market accounted for a significant revenue share in 2021. This is due to rising demand for mechanical LiDAR in industries such as automotive, manufacturing, and industrial purposes is. In addition, presence of important businesses, such as Hexagon AB, Sick AG, Leoshpere, and others are also expected to drive market revenue growth.
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Emergen Research has segmented the global LiDAR market based on technology, component, type, range, application, end-use, and region:
- Technology Outlook (Revenue, USD Million; 2019-2030)
-
- 2D
- 3D
- 4D
- Component Outlook (Revenue, USD Million; 2019-2030)
-
- Laser Scanner
- Sensors
- Navigation and Positioning Systems
- Others
- Type Outlook (Revenue, USD Million; 2019-2030)
-
- Solid-state
- Mechanical
- Range Outlook (Revenue, USD Million; 2019-2030)
-
- Short
- Medium
- Long
- Application Outlook (Revenue, USD Million; 2019-2030)
-
- Corridor Mapping
- Environment
- Engineering
- ADAS and Driverless Cars
- Law Enforcement
- Others
- End-Use Outlook (Revenue, USD Million; 2019-2030)
-
- Automotive
- Defense and Aerospace
- Healthcare
- Agriculture
- Mining
- Entertainment
- Others
- Regional Outlook (Revenue, USD Million; 2019-2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of Middle East & Africa
- North America
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