Chicago, June 10, 2022 (GLOBE NEWSWIRE) -- According to the report by MarketsandMarkets™, the "LiDAR Market by Technology (2D, 3D, 4D), Component (Laser Scanners, Navigation and Positioning Systems), Installation Type (Airborne and Ground Based), Range, Service, End-Use Application, and Region - Global Forecast to 2026" is estimated to grow USD 1.3 billion in 2021 and reach USD 3.4 billion by 2026; it is projected to grow at a CAGR of 21.6% from 2021 to 2026.
The increasing adoption of LiDAR in construction application and engineering, the emergence of 4D LiDAR, rising adoption of LiDAR systems in UAVs use of LiDAR in geographical information systems (GIS) applications, and easing of regulations related to the use of commercial drones in different applications are among the major factors driving the growth of the LiDAR market. However, easy availability of low-cost lightweight photogrammetry systems and safety threats related to UAVs and autonomous cars restrain the growth of the LiDAR market. Increasing investments in LiDAR startups by automotive giants, development of better geospatial solutions using sensor fusion, opportunities for SWIR-based design in the long term, technological shifts with the adoption of flash LiDAR, solid-state, MEMS, and other LiDAR technologies, and initiatives undertaken by governments of different countries to encourage the use of LiDAR drones for large-scale surveys are expected to provide growth opportunities to the LiDAR market players during the forecast period. Moreover, the limited availability of geospatial data and high cost of LiDAR services pose challenges to the LiDAR market.
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Ground-based LiDAR is projected to witness the highest CAGR for the forecast period
In 2020, the ground-based LiDAR accounted for a larger market share of the overall LiDAR market and is projected to witness a high CAGR from 2021 to 2026. The automotive sector is emerging as an application area for mobile ground-based LiDAR systems, and the number of premium cars equipped with advanced driver assistance systems (ADAS) is rising every year. Ground-based LiDAR systems are either stationary or movable and is also known as Terrestrial Laser Scanning (TLS) technology. They are placed on a moving platform such as a an all-terrain vehicle (ATV) or sports utility vehicle (SUV) with the help of a balancing assembly and tripod. Airborne LiDAR systems are more expensive as compared to Ground-based LiDAR systems. However, ground-based LiDAR systems are not capable of scanning every portion of the surface. For example, vertical cliff faces cannot be scanned, and the fast-changing surface conditions are difficult to track using this type of LiDAR systems. Ground-Based LiDAR is also used for agricultural application for instance, analysing oil palm canopy properties for the identification of various diseases. Mobile ground-based LiDAR systems are mounted on a mobile platform, preferably a terrestrial vehicle. The advantage of being mounted on a vehicle is that it enables the LiDAR to scan large areas accessible by road and use of LiDAR in geographical information systems (GIS) applications is expected further to fuel the growth of market for LiDAR systems.
Mechanical LiDAR type to account for the largest share of the market during the forecast period
Based on type, the LiDAR market has been segmented into solid-state LiDAR and mechanical LiDAR. In 2020, the mechanical LiDAR segment accounted for a larger market share of the overall LiDAR market compared to solid-state LiDAR. This growth is attributed to the high demand for mechanical LiDAR in applications such as ADAS & driverless cars, corridor mapping, and environment surveying. However, the market for solid-state is projected to grow at a higher CAGR from 2021 to 2026. The higher CAGR of the market is attributed to the increasing range of applications of this type in the automotive and robotics industries. A Mechanical Scanning LiDAR by physically rotating a laser/receiver assembly, or by using a rotating mirror to steer a light beam is used to collect data over a wide area of up to 360 degrees.
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3D LiDAR technology is estimated to hold a major share of the market
Based on technology, the LIDAR market is segmented into 2D, 3D, and 4D LiDAR. In 2020, the 3D LiDAR segment accounted for the largest market share among other segments of the LiDAR market. The major factor contributing to the dominance of 3D LiDAR is the widespread adoption of 3D LiDAR in applications such as environment, meteorology, corridor mapping, engineering, and cartography. However, the market for 4D LiDAR is projected to grow at the highest CAGR during the forecast period. This growth is attributed to the high adoption of 4D LiDAR in applications such as ADAS, driverless cars, and robotics. The use cases of 4D LiDAR are also entertainment, architecture, engineering, and construction (AEC) industry, and AR/VR.
Key Market Players
- Leica Geosystems AG (Sweden),
- Trimble, Inc. (US),
- Teledyne Optech (Canada),
- Leosphere (France),
- Teledyne Optech (Canada),
- Sick AG (Germany),
- FARO Technologies, Inc. (US)
- RIEGL Laser Measurement Systems GmbH (Austria).
ADAS and driverless cars end–use application is expected to grow at the highest CAGR from 2021 to 2026
The LiDAR market is segmented, by application, into engineering, corridor mapping, environment, urban planning, cartography, metrology, ADAS & driverless cars, exploration, and other applications. ADAS and driverless cars have provided attractive growth opportunities to the LiDAR market, as automotive giants and other business leaders are increasingly investing in ADAS and driverless cars. Fully autonomous cars are driven by advanced sensors that avoid crash before it happens. Leading from the font in this technology is LiDAR, a 3-D map creator of vehicle’s surrounding using light sensing technology with the help of a laser and receiver.
Owing to this, the market for ADAS & driverless cars application is projected to grow at the highest CAGR during the forecast period. The rising adoption of solid-state LiDAR in ADAS and driverless cars for assuring safety is expected to boost the market in the coming years. Automotive giants are adopting LiDAR systems for their Level 3 and Level 4 autonomous vehicles, which is expected to boost the sales of these vehicle types, and subsequently, have a positive impact on the LiDAR market.
North America is expected to account for largest market share of LiDAR market during the forecast period
Comprising of US, Canada and Mexico the North America is the largest market share holder for the LiDAR market in 2020, and is expected to stay firm on its poition dus=ring the forecast period. Growing investments in driverless cars and ADAS and increasing awareness about the benefits of LiDAR systems boost the growth of the LiDAR market in North America. Besides, major players in the LiDAR market, comprising manufacturers, developers, distributors, and suppliers of LiDAR sensors and equipment, are based in North America. Quantum Spatial (US), Velodyne Lidar, Inc. (US), Neptec Technologies Corp. (Canada), are a few major players in the LiDAR market for the North America region.
In recent years, major technological developments pertaining to LiDAR have taken place in the North American and European regions, which have enabled manufacturers in these regions to export high-end LiDAR to the growing markets such as Middle East regions and the Asia Pacific. These exports are one of the key factors expected to drive the LiDAR market in North America and Europe.
Related Reports:
LiDAR Drone Market by Component (LiDAR Lasers, UAV Cameras), Type (Rotary-wing LiDAR Drones, Fixed-wing LiDAR Drones), Range (Short, Medium, Long), Application (Corridor Mapping, Archeology, Environment), Region - Global Forecast to 2025
