LIDAR Market Size Set to Reach USD 13.74 Billion by 2033 | CAGR of 21.56%

Ottawa, Oct. 01, 2024 (GLOBE NEWSWIRE) -- The global LIDAR market size was valued at USD 1.95 billion in 2023 and is predicted to surpass around USD 13.74 billion by 2033 driven by the increasing adoption of LiDAR technology in various sectors. Light detection and ranging (LiDAR) is the remote sensing technology used for 3D mapping with great accuracy and distance measurement. It is a remote sensing method used to examine the Earth’s surface using laser light. The market encompasses LiDAR-based products, services, and applications.

The market is expected to witness significant growth in the coming years due to the increasing need for precise mapping solutions. Furthermore, the rising development of smart cities is likely to contribute to the market’s growth.

LiDAR (Light Detection and Ranging) technology can be classified into several types based on different criteria. First, it can be categorized by platform: airborne LIDAR is mounted on aircraft or drones and is used for large-scale mapping and topographic surveys; terrestrial LIDAR consists of ground-based systems utilized for detailed surveys in construction, architecture, and forestry; mobile LIDAR, integrated into vehicles, is employed for mapping roadways and infrastructure; and bathymetric LIDAR is specifically designed to measure underwater depths for coastal mapping and habitat assessments. Additionally, LIDAR can be differentiated by technology, including pulsed LIDAR, which emits laser pulses and measures the return time, and continuous wave LIDAR, which emits a constant beam and measures frequency shifts, though the latter is less common in mapping applications.

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Applications further define LIDAR types, such as topographic LIDAR for land surveying, geospatial LIDAR for creating geographic data, vegetation LIDAR for analyzing forest canopies, and hydrographic LIDAR for underwater measurements. The classification can also be based on wavelength, with near-infrared LIDAR being common for terrestrial uses, while green LIDAR is typically used for bathymetric applications due to its ability to penetrate water. Finally, LIDAR can be categorized by purpose, with mapping LIDAR focused on creating detailed maps and models, and scanning LIDAR capturing high-resolution details of objects or environments. This diverse range of LIDAR types highlights its versatility and broad applicability across various fields.

LiDAR Market Key Insights

• North America has captured highest share of 37.11% in 2023.
• Asia-Pacific is expanding at a fastest CAGR between 2024 and 2033.
• Based on type, the aerial segment accounted revenue share of 47% in 2023 and is expanding at the fastest CAGR of 8.2% over the projected period.
• Based on component, the laser segment has captured revenue share of 43% in 2023.
• Based on application, the corridor mapping segment has held highest revenue share of 39% in 2023.
• By application, the exploration & detection segment is expanding at the CAGR of 14.1% over the projected period.
• Based on end user, the civil engineering segment has held revenue share of 45% in 2023.
• Based on end user, the forestry & agriculture segment is expanding at a CAGR of 8.3% over the projected period.

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U.S. LiDAR Market Size and Forecast 2024 to 2033

The U.S. LiDAR market size was valued at USD 500 million in 2023 and is expected to reach USD 3,593 million by 2033, growing at a CAGR of 21.56% from 2024 to 2033.

North America dominated the global market with a large share in 2023, owing to the rising development of autonomous vehicles. Due to their real-time mapping and object detection capabilities, LiDAR sensors ensure that self-driving vehicles navigate securely. Due to increased funding for developing advanced technologies, North America is at the forefront of LiDAR development. Moreover, the demand for autonomous vehicles is increasing rapidly in the region, which significantly boosts the demand for LiDAR technology, contributing to the regional market growth.

• In January 2024, Aeva Technologies, a US-based leader in next-generation sensing and perception systems, unveiled the Aeva Atlas sensor at CES 2024. This 4D LiDAR sensor is designed for mass-production automotive applications.
  

Why Asia Pacific is expected to witness significant growth?

The market in Asia Pacific is expected to grow at the fastest rate during the forecast period. The need for Lidar technology in the region is rising due to smart city initiatives, rising infrastructure development, and urbanization. Advanced mapping and surveying technologies play a crucial role in infrastructure development. Furthermore, the rising usage of 4D LiDAR, 3D imaging technologies, and LiDAR systems in UAVs boosts the market.

• In January 2024, Kudan Inc., a Japan-based company, decided to commercially launch its product, KdLidar powered by Kudan Lidar SLAM.
  

Scope of LiDAR Market

LiDAR Market Segments Outlook

Type Insights

The aerial segment dominated the LIDAR market in 2023. Aerial LiDAR finds applications across various fields, including land surveying and mapping, archaeology, energy production, urban developments, transportation systems, forest preservation and conservation, and environmental monitoring. This cutting-edge remote sensing technology uses laser pulses to measure distance and generate 3D models of scanned objects or landscapes. It also provides precise topographical data. The increasing need for advanced surveying methods further contributed to the segment’s growth.

Component Insights

The laser segment led the market in 2023. Laser LiDAR offers higher precision, faster acquisition and processing, lower dependence on humans, and higher canopy penetration. It enables accurate data collection for forest structure modeling and surveys by detecting objects with vertical and horizontal dimensions. Moreover, due to its faster acquisition and processing, it is ideal for the military and aviation sectors.

• In October 2023, Nauticus Robotics Inc. acquired 3D at Depth Inc., a global leader in commercial subsea laser LiDAR inspection and data services, for US$ 34 million.
  

The inertial navigation system segment is anticipated to grow rapidly in the coming years. The capabilities of inertial navigation systems, such as autonomous navigation, high accuracy, reliability, compactness, jamming resistance, and adaptability to various conditions, make them suitable for various applications requiring precise navigation and positioning. They help achieve precise mapping and spatial awareness through compensating platform motion during data collection. Besides their capability of withstanding radar jamming, INSs can provide more accurate information than GPS.

Application Insights

The corridor mapping segment dominated the LIDAR market in 2023. LiDAR technology is used to effectively plan and map railway corridors, producing high-resolution, 3D maps of projects involving electrical lines, pipelines, roads, and railways. It provides precise data that is essential in infrastructure development and maintenance. Data gathered from corridor flights can be employed in topographic mapping, infrastructure inspections, maintenance planning, safety clearance checks, environmental condition resolutions, and assessing road surface damage.

The exploration & detection segment is expected to grow at the fastest rate in the coming years due to the rising exploration activities in the mining industry. LiDAR technology is revolutionizing the mining industry. It helps extract natural resources, map topography, identify geological features, and uncover buried structures. This technology improves the efficiency of exploration activities. Three-dimensional surface data generated by LiDAR technology helps in studying mining environments.

End User Insights

The civil engineering segment dominated the market in 2023, accounting for the largest market share. Numerous benefits of LiDAR technology in civil engineering include the development of digital elevation models (DEMs), regular updates on progress, detailed records keeping, and assistance for ecological and land classification (ELC) surveys. Digital elevation models (DEMs) enable civil engineers to identify terrain variations and potential issues during infrastructure developments. Periodic scanning yields three-dimensional project pictures before they start during construction and after completion, thus allowing extended work on expansions or resolving any disputes that may arise in future. ELC surveys provide biological and physical data, which would facilitate sustainable management. The ability of LiDAR technology to create precise 3D point clouds for structural analysis makes it an ideal tool for tunnel surveying.

The forestry & agriculture segment is anticipated to expand at its fastest rate in the LIDAR market during the forecast period. Light detection and ranging (LiDAR), a type of remote sensing sensor, utilizes laser bursts to measure distances and attains complex three-dimensional recreations. LiDAR helps in precision forestry. It is widely used for detailed surface modeling, accurate ecological and land use classification, mapping of forest structures, and fire pattern monitoring.

LiDAR Market Dynamics

Driver

Increased usage of LiDAR in the automotive and aerospace industry

LiDAR technology is revolutionizing the automotive industry with its advanced safety features, such as blind spot monitoring and lane centering. This technology is gaining popularity in autonomous vehicles and public transport. Due to its ability to measure distances accurately, LiDAR allows for easy movement in confined spaces, preventing traffic jams and accidents on the roads. Moreover, integrating LiDAR technology in unmanned aerial vehicles (UAVs) accelerates the surveying process and minimizes risk to personnel by reducing the need for an on-the-ground presence in potentially dangerous areas.

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Restraint

High cost

The high cost associated with LiDAR systems hampers the market. The major cause of increased prices is the specialized manufacturing process and advanced materials, such as high-quality sensors, that LiDAR devices require. Instability in the availability of these materials and a lack of sufficient resources lead to increased prices, thus impacting the market. However, attempts are ongoing to come up with cheaper alternatives.

Opportunity

Integrating AI in LiDAR system

Integrating AI in the LiDAR system improves data analysis, making it suitable for various industries. AI processes vast amounts of data, while LiDAR offers high-resolution 3D mapping capabilities. This combination enhances object recognition, anomaly detection, optimization, predictive maintenance, precision enhancement, real-time monitoring, and predictive analytics, allowing industries to gain valuable insights and make informed decisions. The rising trend of automation and the demand for quick data processing systems among industries increases the demand for this combined solution.

Browse More Insights:

Automotive LiDAR Market: The global automotive LiDAR market size was USD 1.04 billion in 2023, estimated at USD 1.30 billion in 2024 and is anticipated to reach around USD 10.51 billion by 2034, expanding at a CAGR of 23% from 2024 to 2034.

Laser Projection Market: The global laser projection market size surpassed USD 14.83 billion in 2023 and is estimated to increase from USD 17.52 billion in 2024 to approximately USD 92.79 billion by 2034. It is projected to grow at a CAGR of 18.14% from 2024 to 2034.

Global Positioning Systems (GPS) Market: The global positioning systems (GPS) Market size was USD 94.25 billion in 2023, estimated at USD 109.42 billion in 2024 and is anticipated to reach around USD 472.16 billion by 2034, expanding at a CAGR of 15.7% from 2024 to 2034.

Air Defense System Market: The global air defense system market size was valued at USD 41.15 billion in 2023, and it is expected to hit USD 70.28 billion by 2033 with a registered CAGR of 5.5% from 2024 to 2033.

IoT in Aerospace & Defense Market The global IoT in aerospace & defense market size was estimated at USD 47 billion in 2022 and is expected to hit around USD 255.9 billion by 2032, poised to grow at a compound annual growth rate (CAGR) of 19.0% from 2023 to 2032.

Monorail System Market: The global monorail system market size was estimated at USD 6.45 billion in 2023 and it is projected to be worth around USD 9.71 billion by 2033 and growing at a CAGR of 4.25% from 2024 to 2033.

Automotive 48V System Market: The global automotive 48V system market size was USD 6.59 billion in 2023, calculated at USD 8.34 billion in 2024 and is expected to reach around USD 87.48 billion by 2034, expanding at a CAGR of 26.5% from 2024 to 2034.

Automotive VVT System Market: The global automotive VVT system market size was USD 66.89 billion in 2023, estimated at USD 70.17 billion in 2024 and is anticipated to reach around USD 112.31 billion by 2034, expanding at a CAGR of 4.82% from 2024 to 2034.

LIDAR Market Key Companies

• Aerometrex
• LEOSPHERE (Vaisala)
• Velodyne Lidar, Inc.
• RIEGL Laser Measurement Systems GmbH
• Mira Solutions, Inc
• Yellowscan
• SICK AG
• Leica Geosystems AG
• FARO
• Firmatek

Recent News

• In September 2024, BYD launched the new version of its flagship sedan, the Han, with a LiDAR option.
• In September 2024, Aeva, a leading provider of next-generation sensing and perception systems, is set to showcase its advanced 4D LiDAR technology at IAA Transportation 2024.
• In August 2024, GeoCue and Swiss drone manufacturer Xer Technologies integrated their TrueView 720 LiDAR and imagery sensor with the Xer X8 UAV platform, advancing long-range LiDAR and imagery drone mapping technology.
• In July 2024, ideaForge Technology partnered with Inertial Labs to integrate RESEPI LiDAR solution into its unmanned aerial vehicles (UAVs).
• In April 2024, Hesai Technology, a global leader in LiDAR technologies for autonomous mobility systems, ADAS, and industrial robotics, introduced its ultra-wide field of view, long-range LiDAR, ATX.
  

Segments Covered in the Report

By Component

• GPS GNSS
• Laser
• Inertial Navigation System
• Camera
• Micro Electromechanical system
  

By Type

• Terrestrial
• Mobile
• Short Range
• Aerial

By End User

• Archaeology
• Forestry and Agriculture
• Mining
• Transportation
• Civil Engineering
• Defense and Aerospace

By Application

• Seismology
• Exploration and Detection
• Corridor Mapping
• Others

By Region

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Sweden
  • Denmark
  • Norway
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Thailand
• Latin America
  • Brazil
  • Mexico
  • Argentina
• Middle East and Africa (MEA)
  • South Africa
  • UAE
  • Saudi Arabia
  • Kuwait
    

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