Pune, Aug. 20, 2024 (GLOBE NEWSWIRE) -- LiDAR Market Size & Growth Outlook:
“As Per the SNS Insider Research, The LiDAR Market Size is valued at USD 1.77 Billion in 2023. It is estimated to reach USD 8.86 Billion by 2032, growing at a CAGR of 19.60% during 2024-2032.”
The rise in LiDAR market is being fueled by the growing use of autonomous vehicles. Over 2.5 million autonomous vehicles were sold worldwide in 2023, with that number expected to climb to around three and a half million units by the end of next year. Geographically, the USA remains world's largest market for AVs to 2023. Self-driving cars rely on LiDAR sensors to safely navigate, avoid collisions and create real-time 3D maps. The integration of the LiDAR system in ADASs (Advanced Driver-Assistance Systems) and autonomous vehicle platforms by leading automotive manufacturers as well technology firms like Tesla, Waymo or Ford has further underpinned demand for this tool.
Moreover, the increasing LiDAR applications in geospatial such as urban planning, topographic mapping and infrastructure monitoring is supporting market expansion. The use LiDAR for infrastructure development is becoming common among governments, environmental organizations everywhere. It is estimated that the U.S. federal government will allocate around USD 120 billion towards infrastructure initiatives. The Bipartisan Infrastructure Law passed in 2021 approved around USD 1.2 trillion for infrastructure spending in five years, focusing on roads, bridges, public transit, and expanding broadband access.
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Leading Market Players Listed in this Research Report are:
- Teledyne Optech
- Leica Geosystems
- RIEGL Laser Measurement
- Beijing SureStar Technology
- Geokno
- Leddartech Inc
- Trimble
- FARO Technologies
- Quantum Spatial
- Velodyne Lidar
- Phoenix LiDAR Systems
- Quanergy Systems
LiDAR Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 1.77 Billion |
| Market Size by 2032 | USD 8.86 Billion |
| CAGR | CAGR of 19.60% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Growth Drivers |
|
Segment Analysis
By Type
The mechanical segment held the largest share in 2023, accounting for more than 55% of the market. This LiDAR system that have to move around your environment in order for it do a full scan through scanning. Such systems often use mirrors or prisms that rotate or oscillate to steer the firing of laser pulses across a wide field, obtaining data from different angles. A typical mechanical LiDAR consists of a laser source that emits pulses, scanning mechanism with rotating or oscillating mirrors to direct the light, detectors capturing reflected pulses and control unit which handles both; scan process and data acquisition.
The solid-state segment is projected to become the fastest-growing segment during forecast period. This solid-state ranging system can be built on a silicon chip and does not require moving components. These include microelectromechanical systems (MEMS), electromagnetic light phase array ORPOPA and flash devices. The four systems are in the advanced end of development and architecture, a category predominantly favoured by various industry and defence sectors.
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LiDAR Market Segmentation:
By Type
- Mechanical
- Solid-state
By Technology
- 2D
- 3D
- 4D
By Service
- Aerial surveying
- Asset management
- GIS services
- Ground-based surveying
- Other services
By Component
- Laser Scanner
- Navigation and positioning systems
- Others
By Application
- Corridor mapping
- Engineering
- Environment
- ADAS and Driverless Cars
- Exploration
- Urban Planning
- Cartography
- Meteorology
- Others
Regional Insights
North America held a market share of 39% in 2023. This dominance id due to the increasing demand for specific automotive safety technologies in light and heavy vehicles in the region. The area, as a leader in technology, attracts significant funding for LiDAR research and development, driving innovation forward. Additionally, growth in the surveying & mapping industry for various sectors like agriculture and robotics is expected to drive the development of the commercial LiDAR market.
Asia Pacific is projected to have the fastest CAGR during the forecast period 2024-2032. Key players in expanding markets such as China and India are driving the high demand for LiDAR in these countries. The potential uses of this technology vary from surveying and mapping to its utilization in Returnable Aerial Vehicle (RAV), making it a significant factor in driving future growth prospects for these applications.
Recent Technological Developments and Market Innovations
- In April 2022, Velodyne Lidar launched the M1600, focusing on the industrial sector. It is extremely beneficial for robotics, logistics, and infrastructure management, providing high accuracy and a strong construction ideal for challenging conditions.
- In 2024, Innoviz Technologies introduced the InnovizTwo LiDAR sensor to cater to the requirements of self-driving vehicles and robotic uses. It provides greater range and resolution than the previous model, which is ideal for Level 4 and 5 autonomies.
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Key Takeaways
- Clients will gain an in-depth understanding of the LiDAR market, including key trends, growth drivers, and evolving market dynamics, enabling them to navigate the market landscape effectively.
- The report offers a thorough analysis of various LiDAR market segments, helping clients identify the most lucrative areas and make well-informed investment decisions.
- Insights from different regions highlight significant market growth opportunities, allowing clients to tailor their strategies to capitalize on emerging trends and regional demands.
- The report provides a detailed examination of the competitive environment, identifying key players, recent technological advancements, and potential strategic partnerships or acquisitions.
- Forecasts on future market growth and trends offer valuable guidance for clients in planning their business strategies and seizing new opportunities in the evolving LiDAR industry.
TABLE OF CONTENTS – Key Points Analysis
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
5.1 Wafer Production Volumes, by Region (2023)
5.2 Chip Design Trends (Historic and Future)
5.3 Fab Capacity Utilization (2023)
5.4 Supply Chain Metrics
6. Competitive Landscape
7. LiDAR Market Segmentation, By Type
8. LiDAR Market Segmentation, By Technology
8. LiDAR Market Segmentation, By Service
8. LiDAR Market Segmentation, By Component
8. LiDAR Market Segmentation, By Application
9. Regional Analysis
10. Company Profiles
11. Use Cases and Best Practices
12. Conclusion
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