Dublin, April 10, 2024 (GLOBE NEWSWIRE) -- The "Global LiDAR Solution Market (2024 Edition): Analysis By Solution (Software and Hardware), By LiDAR Type, By Application, By Region, By Country: Market Insights and Forecast (2020-2030)" report has been added to ResearchAndMarkets.com's offering.
The Global LiDAR Solution market showcased growth at a CAGR of 62.48% during 2020-2023. The market was valued at USD 2.84 billion in 2023 which is expected to reach USD 131.70 billion in 2030.
This report provides a complete analysis for the historical period of 2020-2023, the estimates of 2023 and the forecast period of 2025-2030. The report analyses the LiDAR Solution Market by Region (Americas, Europe, Asia Pacific, Middle East & Africa) and 9 Countries (United States, Canada, Germany, United Kingdom, France, Italy, China, Japan, India).
LiDAR technology has undergone significant advancements, leading to increased accuracy, efficiency, and cost-effectiveness. Innovations in laser technology, sensor miniaturization, and data processing algorithms have propelled LiDAR systems to new heights, making them more accessible and applicable across various sectors. These advancements have paved the way for the development of next-generation LiDAR solutions capable of delivering highly detailed 3D maps and precise object detection in real-time.
The global demand for infrastructure development, particularly in rapidly urbanizing regions, has fueled the need for LiDAR solutions. From building new transportation networks and smart cities to upgrading aging infrastructure, LiDAR technology plays a crucial role in planning, design, construction, and maintenance activities. Governments and private sector entities invest in LiDAR-based surveys and assessments to ensure the efficient and sustainable development of infrastructure projects.
Moreover, as cities become more technologically advanced, the demand for LiDAR grows alongside them. LiDAR plays a crucial role in creating 3D models of urban environments, which is essential for infrastructure development, traffic management, and even disaster preparedness. By providing a detailed understanding of cityscapes, LiDAR empowers urban planners to make informed decisions about resource allocation and infrastructure development.
Additionally, amid growing concerns about climate change and environmental degradation, there is an increasing emphasis on sustainable practices in various industries. LiDAR contributes to environmental sustainability by enabling precise resource management, conservation planning, and renewable energy development. For example, LiDAR-derived data supports the siting and design of wind farms, solar installations, and hydroelectric projects, optimizing their efficiency while minimizing environmental impact.
Furthermore, LiDAR's ability to create precise 3D models extends beyond the built environment. Environmental researchers utilize LiDAR to monitor deforestation, assess the health of forests, and map ecological features. Additionally, the technology plays a vital role in managing natural resources. LiDAR data helps with tasks like measuring stockpiles in mines, monitoring coastal erosion, and analyzing land cover for sustainable agriculture practices.
Autonomous Vehicles is expected that their number will surpass 54 million in 2024. Correspondingly, the global autonomous car market is projected to grow as well. While in 2021, the market was valued at over 24 billion U.S. dollars, it is projected to reach the size of nearly 62 billion U.S. dollars in 2026. The demand for LiDAR solutions has surged with the rise of AVs. LiDAR sensors are considered essential components in AVs for their ability to provide accurate and real-time 3D mapping of the vehicle's surroundings, enabling precise localization, object detection, and obstacle avoidance. As the AV industry expands, so does the demand for LiDAR sensors, driving growth in the LiDAR solutions market.
The need for LiDAR sensors optimized for AV applications has spurred significant advancements in LiDAR technology. Manufacturers are developing LiDAR sensors with improved range, resolution, reliability, and cost-effectiveness to meet the requirements of AV systems. Innovations such as solid-state LiDAR, multi-beam scanning, and MEMS-based LiDAR are a result of this technological evolution driven by the demands of the AV market.
The growing demand from the AV industry has intensified competition among LiDAR manufacturers. Companies are striving to develop cutting-edge LiDAR solutions that offer superior performance, reliability, and affordability to gain market share in the highly competitive AV market. This competition has led to increased investment in research and development, driving further innovation and technological advancement in the LiDAR solutions market.
Scope of the Report
- The report analyses the LiDAR Solution Market by Value (USD Million).
- The report presents the analysis of LiDAR Solution Market for the historical period of 2020-2023, the estimated year 2023 and the forecast period of 2025-2030.
- The report analyses the LiDAR Solution Market By Solution (Software and Hardware)
- The report analyses the LiDAR Solution Market By LiDAR Type (Mechanical and Solid-State)
- The report analyses the LiDAR Solution Market By Application (Topography, Automotive, Manufacturing, Logistics and Other Application).
- The key insights of the report have been presented through the frameworks of SWOT and Porter's Five Forces Analysis. Also, the attractiveness of the market has been presented by region, By Products, by mode of operation & by end users.
- Also, the major opportunities, trends, drivers, and challenges of the industry has been analysed in the report.
- The report tracks competitive developments, strategies, mergers and acquisitions and new product development.
Analyst Recommendations
- Integration of Cloud Based LiDAR Service
- Focus on Proliferation of Miniaturized LiDAR Technology
Competitive Positioning
- Companies' Product Positioning
- Market Position Matrix
- Market Share of Leading Companies
Company Profiling
- Ouster Inc.
- Luminar Technologies Inc
- Innoviz Technologies Ltd.
- LeddarTech Holdings Inc.
- Cepton Technologies Inc.
- Aeye Inc.
- Aeva Technologies Inc.
- Blickfeld LiDAR GmbH
- Livox Tech Co. Ltd.
- Quanergy Systems Inc.
For more information about this report visit https://www.researchandmarkets.com/r/h3adqx
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