LiDAR Market Worth $20.03 Billion by 2029

 

Meticulous Research® —a leading global market research company, published a research report titled, ‘LiDAR Market by Dimension Type (2D, 3D, 4D), Technology (Macro-mechanical LiDAR, Flash LiDAR), Installation Type, Wavelength, Range, Service, Application, End-use Industry, and Geography - Global Forecast to 2029’.

The global LiDAR market is projected to reach $20.03 billion by 2029 at a CAGR of 28.4% during the forecast period 2022–2029. The growth of this market is driven by the increasing adoption of LiDAR systems for developing UAVs, the growing use of LiDAR technology in autonomous vehicles, the emergence of 4D LiDAR, and increasing government investments in LiDAR technology. However, the safety risks associated with UAVs and autonomous vehicles restrain the growth of this market. Increasing OEM investments in LiDAR start-ups offer market growth opportunities. However, the high cost of installing LiDAR systems is a challenge for market growth.

The global LiDAR market is segmented by dimension type, technology, installation type, wavelength, range, service, application, end-use industry, and geography. The study also evaluates industry competitors and analyzes the market at regional and country levels.

Based on dimension type, the global LiDAR market is segmented into 2D, 3D, and 4D. In 2022, the 3D segment is expected to account for the largest share of the global LiDAR market. The major factors attributed to the growth of this segment include 3D visibility of the objects with real-time insights without collecting personally identifiable information. As LiDAR uses point clouds and not natural light, it does not capture information about the identity of individuals within its field of view. Furthermore, LiDAR sensors are unaffected by ambient light conditions. Applying analytics on a three-dimensional light cloud delivers higher accuracy and deeper insights than applying analytics on traditional two-dimensional video or image data.

Based on technology, the global LiDAR market is segmented into macro-mechanical LiDAR, flash LiDAR, MEMS LiDAR (micro-electromechanical systems), optical-phased array, and other technologies. In 2022, the macro-mechanical LiDAR segment is expected to account for the largest share of the global LiDAR market. The growth of this segment is driven by the widespread use of macro-mechanical LiDAR in various applications, such as corridor mapping, military, volumetric mapping, and engineering.

Based on installation type, the global LiDAR market is segmented into airborne and terrestrial. In 2022, the airborne segment is expected to account for the largest share of the global LiDAR market. The large market share of the segment is attributed to the increasing adoption of aerial mapping devices. The aerial LiDAR system is an accurate and thorough method of creating digital elevation models, thereby replacing photogrammetry. This system offers more extensive area coverage than its terrestrial counterparts and delivers large area mapping in short intervals.

Based on wavelength, the global LiDAR market is segmented into 885 nm, 905 nm,1064 nm, 1550 nm, and other wavelengths. In 2022, the 905 nm segment is expected to account for the largest share of the global LiDAR market. The large market share of this segment is attributed to performance superiority in wet weather conditions, power consumption, low cost, and availability.

Based on range, the global LiDAR market is segmented into short range (up to 10 m), medium range (10 m to 100 m), and long range (more than 100 m). In 2022, the short (up to 10 m) segment is expected to account for the largest share of the LiDAR market. The growth of this segment is attributed to the need for strengthening safety and improving mapping and navigation for industrial machinery, robots, and drones. Moreover, they can help improve augmented reality apps for smartphones.

Based on service, the global LiDAR market is segmented into aerial survey, asset management, GIS services, ground-based survey, and other services. In 2022, the aerial survey segment is expected to account for the largest share of the global LiDAR market. The growth of this segment is attributed to the accuracy and high resolution for mapping the environment. Continued technological advancements result in better usability, reliability, and sustainability while reducing cost, contributing to segment growth.

Based on application, the global LiDAR market is segmented into mapping and cartography, coastline & shoreline mapping, pollution tracking, wind speed measurement, exploration, advanced driver assistance system (ADAS), meteorology, and other applications. In 2022, the mapping and cartography segment is expected to account for the largest share of the global LiDAR market. The growth of this segment is attributed to the rising demand for LiDAR sensors in network and infrastructure management services in various sub-domains of industries such as oil & gas, utilities, roads, railways, and others.

Based on industry, the LiDAR market is segmented into automotive, defense & aerospace, oil & gas, mining, civil engineering, government bodies, transportation, and other industries. In 2022, the government bodies segment is expected to account for the largest share of the global LiDAR market. The growth of this segment is attributed to the need for surveying and monitoring environments, including forest management, coastline management, pollution modeling, agriculture, wind farms, and precision forestry.

Based on geography, the LiDAR market is segmented into five major regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2022, North America is expected to account for the largest share of the global LiDAR market. The growing advancements in LiDAR technologies, their applications in core 3D and 4D imaging, and the increasing adoption of technologies such as ADAS are expected to have a positive impact on the growth of this market in North America.

Key Players

The key players profiled in the Global LiDAR market study are Trimble Inc. (U.S.), Leica Geosystems AG - Part of Hexagon (Switzerland), SICK AG (Germany), Aeva Technologies, Inc. (U.S.), Velodyne Lidar, Inc. (U.S.), RIEGL Laser Measurement Systems GmbH (Austria), Zephire Ltd. (U.K.), Pepperl+Fuchs (India) Pvt. Ltd. (India), FARO Technologies, Inc. (U.S.), VALEO (France), Teledyne Optech (Canada), Shanghai Hesai Technology Co., Ltd. (China), LeddarTech Inc. (Canada), Suteng Innovation Technology Co., Ltd. (China), Hokuyo Automatic USA Corporation (U.S.) and Mirrorcle Technologies Inc.(U.S.).

Download PDF Brochure @ https://www.meticulousresearch.com/download-sample-report/cp_id=5323

Key Questions Answered in the Report:

  • Which are the high-growth market segments in terms of dimension type, technology, installation type, wavelength, range, service, application, end-use industry, and geography?
  • What is the historical market size for LiDAR across the globe?
  • What are the market forecasts and estimates for the period 2022–2029?
  • What are the major drivers, restraints, opportunities, and challenges in the LiDAR market?
  • Who are the major players in the market, and what are their market shares?
  • How is the competitive landscape for the global LiDAR market?
  • What are the recent developments in the global LiDAR market?
  • What are the different strategies adopted by the major players in the market?
  • What are the key geographic trends, and which are the high-growth countries?
  • Who are the local emerging players in the global LiDAR market, and how do they compete with other players?

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