Fort Collins, Colorado, Oct. 23, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, the LiDAR (Light Detection and Ranging) market size was valued at USD 1.3 Billion in 2022 and is expected to reach USD 3.5 Billion by 2032 at a CAGR of 10.5%.
LiDAR emits a laser from the source, which gets reflected after hitting an object. The reflected light comes to the source, which helps it to calculate the distance between the source of the laser and the objects. It is much faster and more accurate than RADAR, which uses radio ways, and SONAR uses sound waves to calculate distance. LiDAR system finds its application in Corridor Mapping, Exploration and Detection, Seismology, ADAS features, and others.
The application of LiDAR sensors in disaster management is driving market growth. With the rising number of natural catastrophes in the past few years, using LiDAR has proved to be a critical tool to get insights into the geographical changes a place undergoes. LiDAR sensors play an important role in studying the reason for these climatic changes. Many agencies charged with disaster management are switching to LiDAR technology to generate maps, which is also driving the demand for the LiDAR market. It uses advanced 3D imaging equipment for surveillance to estimate flood risk, carbon stocks, erosion, and habitat suitability for wildlife.
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Segmentation Overview:
The global LiDAR market has been segmented into product, component, application, and region. The airborne segment holds the largest share of the LiDAR market. The aerial LiDAR system produces an accurate and thorough digital elevation model. North America accounts for a significant share of the LiDAR Market. The driving factor for the growth of this region is the strict implementation of regulations that mandate installing automotive safety technology in heavy-weight and lightweight vehicles of the region.
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LiDAR Market Report Highlights:
- The global LiDAR market growth is anticipated at a CAGR of 10.5% by 2032.
- Advancements in automotive technologies like ADAS and autonomous vehicles are major factors contributing to the LiDAR market growth.
- Corridor mapping held the major share of the LiDAR market, but with the introduction of affordable and portable photogrammetry, corridor mapping will experience a decline in the upcoming years.
- The camera component is also expected to grow significantly during the forecast period.
- Some prominent players in the LiDAR market report include Velodyne Lidar, Inc., Quanergy Solutions, Inc., FARO, Leica Geosystems AG, Teledyne Technologies, SICK AG, YELLOWSCAN, Riegl USA, Trimble Inc., and HEXAGON among others.
Industry Trends and Insights:
- In 2023, Genesys International used LiDAR sensors survey in Joshimath to study the causes of subside of land in response to a National Institute of Disaster Management (NIDM) (Government of India). They completed an aerial LiDAR survey, creating a reality 3D Mesh Model, Digital Terrain Model, Ortho maps, Digital Elevation Model, and Analysis Report of the area.
- In 2021, the United States federal legislature passed resolutions to authorize funds for federal-aid highway, transit safety programs, and other purposes.
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LiDAR Market Segmentation:
- By Product: Terrestrial, airborne, UAV, mobile.
- By Component: Laser, camera, inertial navigation system, GPS GNSS.
- By Application: Corridor mapping, exploration and detection, seismology, others.
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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