LiDAR Market Is Anticipated To Witness A CAGR Exceeding 9.8% Till 2030, Due To Rising Automation To Reduce Human Efforts And Increase Efficiency | Grand View Research, Inc.

May 18 07:10 2022
LiDAR Market Is Anticipated To Witness A CAGR Exceeding 9.8% Till 2030, Due To Rising Automation To Reduce Human Efforts And Increase Efficiency | Grand View Research, Inc.
Grand View Research, Inc. – Market Research And Consulting
According to new report available with Grand View Research, the global LiDAR industry is anticipated to grow in order to the rising demand for 3D imagery in application areas such as military & defense, topographical surveys, civil engineering, and corridor mapping over the forecast period.

LiDAR Industry Overview

The global LiDAR market size was valued at USD 1.81 billion in 2021 and is expected to reach USD 4.71 billion by 2030, registering a CAGR of 9.8% during the forecast period.

The technological advancements in spatial resolution of LiDAR-based digital terrain models are providing better accuracy in applications such as change detection on hillsides, water runoff for agriculture or mining sites, and inland waterways. The growth of the market is attributed to the rising automation in LiDAR to reduce human efforts and increase efficiency.

Gather more insights about the market drivers, restrains and growth of the Global LiDAR Market

The rising demand for 3D imagery in application areas such as military & defense, topographical surveys, civil engineering, and corridor mapping is expected to drive the market growth over the forecast period. Textured 3D imagery is applied in applications such as 3D mapping, city planning, and corridor mapping. The installation of advanced safety features is increasing exponentially. Moreover, in countries such as the U.S., self-driving cars are approved by the government on the road; these vehicles are integrated with LiDAR for GPS and navigation applications.

Europe LiDAR market size, by product type, 2020 - 2030 (USD Million)

LiDAR is also used in monitoring weather conditions and environmental monitoring. For instance, the Canadian environment monitoring stations utilize LiDAR technology to monitor tropospheric pollution. LiDAR stations are crucial in monitoring the ash from volcanic eruptions that can interfere with air travel. The technology also finds its application in mapping the oil sand monitoring system. These multiple applications of LiDAR technology owing to its enhanced accuracy are expected to propel the growth of the market over the forecast period.

The lack of educated customers is considered a major restraint for the growth of the market. Ascertaining the scope of customer education is essential to reduce the costs of implementing and designing such customer awareness and education programs. Customer education and awareness are crucial for improving the capacity of the people to address development and environmental issues and for stimulating sustainable development.

LiDAR Market Segmentation

Based on the Application Insights, the market is segmented into Corridor Mapping, Engineering, Environment, Exploration, Advanced Driver Assistance Systems (ADAS) and Others.

  • The corridor mapping segment dominated the market with a revenue share of 38.1% in 2021.
  • The ADAS segment is anticipated to register the highest CAGR of 13.9% over the forecast period owing to the surging incorporation of LiDAR-based sensors in various automotive safety applications.

Based on the Product Type Insights, the market is segmented into Airborne, Terrestrial, Mobile & UAV.

  • The airborne segment dominated the market and accounted for a revenue share of 37.7% in 2021. The growth of the segment is expected to continue for the next few years owing to the increasing adoption of aerial mapping devices.
  • Terrestrial LiDAR can be both mobile and stationary and operated only on the surface of the Earth. Static terrestrial scanning is a frequently preferred survey method for monitoring, conventional topography, forensics, and cultural heritage documentation.
  • Mobile & UAV LiDAR operates in both mobile and aerial modes and works on Earth’s surface and surrounding environment. The rising adoption of mobile and UAV LiDAR systems and the increasing number of new product launches are expected to draw massive investment from critical participants, driving the growth of the LiDAR market.

Based on the Component Insights, the market is segmented into Laser Scanners, GPS, Navigation (IMU) and Others.

  • The laser scanner segment dominated the market with a revenue share of 45.5% in 2021. In 2021, aerial scanning and mapping operations were expected to witness increased demand owing to their higher adoption worldwide.

Based on the Regional Insights, the market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa.

  • North America dominated the market in 2021 with a revenue share of 36.6% owing to the increasing adoption of administrative regulations mandating the installation of specific automotive safety technologies in both lightweight and heavyweight vehicles in the region.
  • Asia Pacific is expected to emerge as the fastest-growing region with a CAGR of 14.4% from 2022 to 2030.

Market Share Insights

  • November 2021: Outer LiDAR collaborated with Kudan Inc. to expand its presence in Japan.
  • September 2021: Tower Semiconductor, an Israel-based manufacturer of integrated circuits, announced its breakthrough in LiDAR technologies for Advanced Driver Assistance Systems (ADAS) through the development of LiDAR IC technology.

Key Companies Profile:

The key players in the market face intense competition to dominate the market, enabling market consolidation through strategic initiatives such as mergers & acquisitions. Industry participants have entered into a strategic partnership with suppliers and distributors to strengthen their product portfolio and geographical presence.

Some prominent players in the global LiDAR market include,

  • Faro Technologies, Inc.
  • Leica Geosystems Holdings AG
  • Teledyne Optech Incorporated (A part of Teledyne Technologies)
  • Trimble Navigation Limited
  • RIEGL USA, Inc.
  • Quantum Spatial, Inc.
  • Velodyne LiDAR, Inc.
  • Sick AG
  • YellowsScan
  • GeoDigital

Order a free sample PDF of the LiDAR Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.

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