New York, United States , April 06, 2023 (GLOBE NEWSWIRE) -- The Global LiDAR Market Size is to grow from USD 1.5 billion in 2021 to USD 4.83 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 13.8% during the forecast period. The increasing adoption of LiDAR systems in various applications such as corridor mapping, engineering, environment, robotic vehicles, advanced driver assistance systems, exploration, urban planning, cartography, meteorology, and other applications will boost the demand for the LiDAR market during the forecast period.
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Lidar is widely used to create high-resolution maps and has numerous applications, including laser navigation, airborne laser swath mapping (ALSM), laser altimetry, archaeology, geography, geology, geomorphology, seismology, forestry, and geodesy. The rising use of LiDAR technology in environmental mapping, automotive safety implementation settings, and the construction and architectural industries, among others, is propelling the market growth. When compared to prior generations, LiDAR technology allows scientists and mapping professionals in the oil and gas and mining industries to evaluate manmade and natural environments over a wide range of scales with greater precision, resolution, and mobility. The growing demand for unmanned aerial vehicles (UAVs) for a range of applications such as videography and photography, engineering, and threat detection, among others, is driving market expansion. Additionally, the market is anticipated to grow due to the increasing usage of various LiDAR systems in UAVs, LiDAR in engineering and construction applications, the introduction of 4D LiDAR, the easing of constraints governing the use of commercial drones in various applications, and other factors.
Browse key industry insights spread across 200 pages with 105 market data tables and figures & charts from the report on "Global LiDAR Market Size, Share, and COVID-19 Impact Analysis, By Component (Laser Scanner, Sensors, Navigation & Positioning Systems, Others), By Type (Solid State, Mechanical), By Installation Type (Airborne, Terrestrial, Mobile & UAV), By Application (Corridor Mapping, Engineering, Environment, Robotic Vehicles, Advanced Driver Assistance Systems, Exploration, Urban Planning, Cartography, Meteorology, Other Applications), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030." Get Detailed Report Description Here:
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The laser scanner segment is dominating the market with the largest revenue share over the forecast period.
On the basis of components, the global LiDAR market is segmented into laser scanner, sensors, navigation & positioning systems, and others. Among these, the laser scanner segment is dominating the market with the largest revenue share of 43% over the forecast period. This is due to significant investments in the development of low-cost, high-volume scanning components, as well as the removal of constraints associated with LiDAR systems.
The airborne segment accounted the largest market share over the forecast period.
On the basis of installation type, the global LiDAR market is segmented into airborne, terrestrial, and mobile & UAV. Among these, the airborne segment is dominating the market and is going to continue its dominance over the forecast period due to the increasing adoption of aerial mapping devices. It allows for the rapid capture of data sets, making it an ideal solution for monitoring, inspection, and tracking. Additionally, airborne LiDAR is an accurate method of constructing digital elevation representations.
The robotic vehicles segment accounted the largest revenue share of more than 45% over the forecast period.
On the basis of application, the global LiDAR market is segmented into corridor mapping, engineering, environment, robotic vehicles, advanced driver assistance systems, exploration, urban planning, cartography, meteorology, and other applications. Among these, the robotic vehicle is dominating the market with the largest revenue share of 45% over the forecast period. Increasing implementation of LiDAR technology in robotic automobiles, automotive guided vehicles (AGVs), unmanned vehicles, and drones are driving market demand during the projection period.
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North America dominates the market with the largest market share over the forecast period.
North America is dominating the market with more than 48.5% market share over the forecast period. This is because the region has widely adopted government rules requiring the installation of specific vehicle safety measures in both light and heavyweight vehicles. Furthermore, prominent corporations in the LiDAR industry, such as manufacturers, researchers, intermediates, and distributors of LiDAR sensors and systems, have their headquarters in North America.
Asia Pacific, on the contrary, is expected to grow the fastest during the forecast period. The increased adoption of LiDAR systems in commercial production and the IT and telecommunications industries is propelling growth in this region. Additionally, in Japan, the LiDAR sensor is a critical enabling technology for potential automated operations such as automated, completely automated, and intelligent transportation systems.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global LiDAR Market include Sick AG, YellowScan, Valeo, GeoDigital, Faro Technologies, Inc., Airborne Hydrography AB, Trimble Navigation Limited, RIEGL USA, Inc., Xenomatrix, OSRAM, Denso Corporation, GeoSLAM Ltd., Leica Geosystems Holdings AG, Firmatek LLC, Velodyne LiDAR, Inc., Teledyne Optech Incorporated, Quantum Spatial, Inc., Mira Solutions Inc., Beijing SureStar Technology Co. Ltd., HEXAGON, Aerometric Surveys, and many others. Key players are implementing a variety of methods, including mergers and acquisitions, strategic partnerships and contracts, and the development, testing, and introduction of more effective LiDAR technologies.
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Key Market Developments
On June 2022, XenomatiX and Zensor announce their collaboration on safety and durability in the infrastructure market and their joint support in a total solution approach.
In December 2022, Velodyne Lidar, Inc., announced the beta launch of its Vella family of software products. Vella enables Velodyne’s customers to accelerate the development of lidar-based vision solutions for autonomous applications. Using the online platform Vella Portal, Velodyne’s sensor customers can easily access Vella’s software offerings, which include Vella Go for lidar sensor management, Vella Perception for application development, and Vella Cloud Services for artificial intelligence (AI) capabilities.
In November 2021, Valeo, the global leader in driving assistance systems (ADAS), today presented its third generation scanning LiDAR, set to make its market debut in 2024. This new technology, which offers significantly enhanced performance, makes autonomous mobility a reality and provides previously unseen levels of road safety.
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