Seoul, South Korea, July 07, 2022 (GLOBE NEWSWIRE) — The global LiDAR market size is bound to reach US$ 6.29 Billion in 2032, marking a CAGR of 12.6% between 2022 and 2032. Technological advancements due to LiDAR-based digital terrain models are all set to provide better precision in the applications like inland waterways, water runoff for mining or agriculture sites, and change detection on the hillsides. This factor is bound to take the LiDAR market by storm in the forecast period.
As per Fact.MR, the global LiDAR market is set to reach a valuation of US$ 1.9 Billion in 2022. The market is expected to ride on the need to ascertain optimal utilization of land.
Advanced 4D and 3D LiDARS are employed on an extensive note in numerous smart city projects for creating maps and also exploring construction areas on an explicit note. This factor is also likely to drive the LiDAR market.
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The usual 3D imaging technologies that include radar, camera, and various others are incapable of detecting small objects up to a microscopic level. This is where LiDAR technology comes into the picture. It makes use of shorter wavelength for detecting these objects to the level mentioned above, that too, with utmost precision and replica of these objects in return.
North America holds the largest market share due to growing number of start-ups and adoption of the solid-state LiDAR systems across numerous applications. “Google Car” is one such project that uses LiDAR technology. Velodyne, in partnership with Nikon Corporation, provides LiDAR for advanced and autonomous safety applications. Europe and the Asia-Pacific are also expected to follow suit in the forecast period.
Which Market Factors are Influentially Shaping LiDAR Demand?
“Increasing Popularity of Autonomous Vehicles”
LiDAR sensors have proven remarkably accurate in autonomous driving technologies and hence have witnessed a substantial increase in deployment in the automotive industry.
Rising investments in the development of autonomous driving technologies are expected to fuel the adoption of LiDAR scanners and sensors across various automotive applications over the coming years.
“High Cost of Deployment”
LiDAR technology is still a relatively new technology in the world and this makes it an expensive technology to deploy or research on. This factor is majorly hindering the overall demand for LiDAR across the world.
However, as technology develops and advances it could potentially overcome the obstacle of high costs and become a mainstay in various applications.
Various LiDAR station manufacturers are focusing on reducing the cost of LiDAR technology to overcome this restraining factor.
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Key Segments Covered in the LiDAR Industry Survey
- LiDAR Market by Product Type :
- Solid-state LiDAR
- Mechanical LiDAR
- LiDAR Market by Technology :
- LiDAR Market by Component :
- Laser LiDAR Scanners
- Navigation and Positioning Systems
- LiDAR Market by Installation Type :
- LiDAR Market by Range :
- Short LiDAR
- Medium LiDAR
- Long LiDAR
- LiDAR Market by Service :
- Aerial Surveying
- Asset Management
- GIS Services
- Ground-based Surveying
- LiDAR Market by End-use Application :
- Corridor Mapping
- ADAS and Driverless Cars
- Urban Planning
- Other End-use Applications
The global LiDAR market is subject to organic as well as inorganic course of development.
- Japan-based Toshiba, in June 2022, did table novel advances on behalf of its LiDAR unit. This new-fangled laser projector unit has raised the detection range to close to 300 meters, which is the longest in the world.
- Luminar, in March 2022, announced the acquisition of Freedom Photonics (one of the high-performance laser manufacturers).
- Leica Geosystems AG, in February 2021, announced the Leica RTC360 3D laser scanner. It requires users’ monitoring, thereby rendering enhanced productivity, scanning efficiency, and flexibility on planning the reality capture activities.
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Key players in the LiDAR Market
- Faro Technologies Inc.
- Leica Geosystems Holdings AG
- Trimble Navigation Limited
- Velodyne LiDAR, Inc.
- RIEGL USA Inc.
- Sick AG
Key Takeaways from LiDAR Market Study
- Who are the leading players in the LiDAR market?
- Which region is anticipated to dominate the global LiDAR market during 2022-2032?
- What is the expected value of LiDAR market in 2022?
- Which are the challenges faced in the LiDAR market?
- What will be the market size of global LiDAR market during the forecast period (2022-2032)?
- At what rate will the global LiDAR market grow until 2032?
About the Technology Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned technology team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over a thousand reports and 1 million-plus data points, the team has analyzed the technology industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services.
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