Richmond, Feb. 07, 2024 (GLOBE NEWSWIRE) -- According to a research report "LiDAR Sensor Market”, by Type (Airborne, Terrestrial, Mobile & UAV) Application (Corridor Mapping, Engineering, Environment, Exploration, Advanced Driver Assistance Systems (ADAS), Others) Component (GPS, Navigation (IMU), Laser Scanners, Others) and Region - Global Forecast to 2030.
Global LiDAR Sensor Market Report Scope:
| Report | Details |
| Market size value in 2023 | USD 1.67 Billion |
| Market size value in 2030 | USD 5.6 Billion |
| CAGR (2023-2030) | 16.4% |
| Forecast Period | 2023–2030 |
| Historic Data | 2019 |
| Forecast Units | Value (USD Million/USD Billion) |
| Segments Covered | Type, Component, Application and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and RoW |
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| Sample of Companies Covered |
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TOC Covers in Depth & Breath on LiDAR Sensor Market
170 - Market Data Tables
65 - List of Figures
225 – Pages
The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.
Market Overview
The LiDAR sensor market is undergoing substantial expansion fuelled by technological progress and its widening application spectrum across diverse industries. With its ability to deliver precise 3D mapping and sensing solutions by utilizing laser pulses, LiDAR sensors have become indispensable components in sectors such as autonomous vehicles, environmental monitoring, urban planning, and agriculture. This growth trajectory is evidenced by the market's valuation surpassing $1.5 billion in 2020 and is projected to exceed $4 billion by 2026, registering a commendable CAGR of approximately 17%. Key drivers propelling this market surge include the escalating adoption of LiDAR technology in autonomous vehicles, burgeoning demand in infrastructure development initiatives, and its pivotal role in environmental applications like forestry management and flood modelling.
Leading the charge in the LiDAR sensor market are key players such as Velodyne LiDAR, Inc., Trimble Inc., Quanergy Systems, Inc., Ouster, Inc., and Luminar Technologies, Inc., among others. These companies are actively engaged in product innovation, forging strategic partnerships, and pursuing mergers and acquisitions to fortify their market foothold. Market segmentation is delineated based on various parameters including type, installation, range, application, and region. Airborne LiDAR, terrestrial LiDAR, and mobile LiDAR are categorized by type, while installation methods encompass ground-based and aerial options. Moreover, range specifications comprise short-range, medium-range, and long-range LiDAR sensors, catering to diverse operational requirements across industries and regions.
Major vendors in the global LiDAR Sensor market:
- Faro Technologies, Inc.
- GeoDigital
- Leica Geosystem Holdings AG
- Quantum Spatial, Inc.
- RIEGL USA, Inc.
- Sick AG
- Teledyne Optech Incorporated (A part of Teledyne Technologies)
- Trimble Navigation Limited
- Velodyne LiDAR, Inc.
- YellowScan
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Growing Demand for Autonomous Vehicles
The increasing adoption of LiDAR technology in autonomous vehicles is a significant driver for market growth. LiDAR sensors play a crucial role in enabling perception and mapping capabilities for autonomous vehicles, facilitating real-time 3D mapping of the vehicle's surroundings, object detection, obstacle avoidance, and navigation.
The growing demand for autonomous vehicles is a significant driver for the LiDAR sensor market. LiDAR sensors are indispensable components in autonomous vehicles, providing critical perception and mapping capabilities necessary for safe and reliable operation. These sensors enable autonomous vehicles to navigate complex environments, detect and classify objects, and make informed decisions in real-time. As the automotive industry shifts towards autonomous and semi-autonomous vehicle technologies, the demand for LiDAR sensors is expected to surge. The development and deployment of autonomous vehicles by automotive manufacturers and technology companies are fueling market growth, driving investments in LiDAR sensor technology and fostering innovation. Additionally, the increasing regulatory support and consumer acceptance of autonomous vehicles further propel the demand for LiDAR sensors, positioning them as key enablers of the future mobility ecosystem
Market Dynamics
Drivers:
- Regulatory mandates and standards promoting the use of LiDAR technology in certain applications, particularly in autonomous vehicles and environmental monitoring
- Increasing investments in infrastructure development projects, including smart cities, transportation networks, and utility infrastructure, are driving the demand for LiDAR sensors.
- Expanding Applications across Industries across various industries such as environmental monitoring, urban planning, precision agriculture, forestry management, and infrastructure development and others.
- Ongoing advancements in LiDAR sensor technology, including improvements in sensor performance, accuracy, and reliability.
- Growing Demand for High-resolution Mapping
Opportunities:
- Rapid Growth in Autonomous Vehicles
- LiDAR sensors offer opportunities for precision agriculture applications such as crop monitoring, yield estimation, soil analysis, and agricultural machinery guidance.
- Opportunities exist for advancements in LiDAR technology, including improvements in sensor resolution, range, size, weight, and cost-effectiveness, enabling new applications and market expansion.
- The demand for LiDAR sensors is expected to grow with increasing investments in infrastructure development projects.
- Emergence of smart cities
Emergence of smart cities
The rise of smart cities presents a substantial growth opportunity for the LiDAR sensors market. Smart city initiatives are geared towards leveraging technology to enhance urban living standards, optimize infrastructure efficiency, and foster sustainability. LiDAR sensors are pivotal in this context, as they deliver precise and comprehensive 3D mapping of urban landscapes, enabling meticulous planning, management, and monitoring of infrastructure assets like buildings, roads, utilities, and green spaces.
In the realm of smart city development, LiDAR sensors find extensive application across various domains including urban planning, traffic management, infrastructure maintenance, environmental monitoring, and public safety. By integrating LiDAR technology into smart city solutions, municipalities can achieve optimized resource allocation, streamlined transportation systems, enhanced public services, and the establishment of safer and more sustainable urban environments.
The momentum behind smart city initiatives is gaining traction globally, thereby driving the demand for LiDAR sensors in urban planning and management applications. This surge presents lucrative opportunities for market growth, as cities increasingly recognize the value of LiDAR technology in facilitating data-driven decision-making, efficient infrastructure development, and the realization of their smart city objectives. As a result, the LiDAR sensors market stands poised to witness significant expansion in tandem with the continued advancement of smart city initiatives worldwide.
North America dominates the market for LiDAR Sensor.
North America dominates the market for LiDAR sensors, owing to several key factors that contribute to its market leadership and continued growth in this region. The prominence of North America in the LiDAR sensors market can be attributed to various aspects such as technological advancements, robust investment in research and development, widespread adoption of LiDAR technology across industries, and the presence of leading market players.
One of the primary drivers of North America's dominance in the LiDAR sensors market is its technological prowess and innovation ecosystem. The region is home to some of the world's most advanced technology companies, research institutions, and academic centers that are actively engaged in developing cutting-edge LiDAR sensor technologies. This ecosystem fosters innovation and drives the continuous improvement of LiDAR sensors, enhancing their performance, reliability, and cost-effectiveness.
Additionally, North America boasts a strong investment landscape, with significant funding allocated towards research, development, and commercialization of LiDAR technology. Government initiatives, private sector investments, and venture capital funding contribute to the robust growth of the LiDAR sensors market in the region. These investments support the expansion of LiDAR technology across diverse applications, ranging from autonomous vehicles and urban planning to environmental monitoring and precision agriculture.
Furthermore, North America's leading position in the LiDAR sensors market is reinforced by the widespread adoption of LiDAR technology across various industries. The region has witnessed extensive deployment of LiDAR sensors in applications such as autonomous vehicles, aerospace and defense, infrastructure development, and environmental monitoring. This broad adoption of LiDAR technology underscores the region's strong demand and market leadership in the LiDAR sensors market.
Lastly, North America is home to several key market players and industry leaders in the LiDAR sensors segment. These companies drive innovation, product development, and market expansion, further solidifying the region's dominance in the LiDAR sensors market. With a favorable ecosystem, robust investment landscape, widespread adoption, and presence of leading market players, North America continues to lead the global LiDAR sensors market and is poised for continued growth and innovation in the foreseeable future.
The Airborne Segment is anticipated to hold the Largest Market Share during the Forecast Period.
The airborne segment emerged as the dominant force in the LiDAR market, capturing a substantial revenue share. This segment's growth trajectory is anticipated to persist in the coming years, propelled by the escalating adoption of aerial mapping devices. Aerial LiDAR systems have become favored for their precise and comprehensive digital elevation modeling capabilities, supplanting traditional photogrammetry methods. Offering broader coverage and faster mapping intervals compared to terrestrial counterparts, aerial LiDAR systems are increasingly preferred for large-area mapping tasks. Meanwhile, terrestrial LiDAR, whether mobile or stationary, operates exclusively on Earth's surface, serving as a favored method for applications such as monitoring, topography surveys, forensics, and cultural heritage documentation.
The mobile and UAV LiDAR segment, operating in both mobile and aerial modes, is witnessing a surge in adoption alongside an influx of new product launches, attracting substantial investments from key industry players. Notably, RIEGL Laser Measurement Systems GmbH introduced a lightweight airborne LiDAR tailored for UAV applications in October 2019, catering to projects requiring precise data acquisition from smaller objects.
Furthermore, recent developments and support from the governments across the globe has led to the development and advancements in the market. YellowScan unveiled the YellowScan Explorer, a versatile UAV LiDAR solution designed for mounting on light manned aircraft or various UAV platforms, enhancing end-users' project versatility and capability.
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