The global LiDAR market was valued at $960 million in 2019, and is projected to reach $5.35 billion by 2030, growing at a CAGR of 16.9% from 2020 to 2030.
LiDAR, which stands for Light Detection and Ranging is a remote sensing method used for measuring distances by emitting laser light on a target. The system captures the reflection of the emitted laser with a sensor and calculate the distance by analysing the time taken by the laser beam to return back to the source. Apart from measuring distances, LiDAR systems are also capable of creating 3D representation of the objects. Other applications of LiDAR include capturing high-resolution micro topography of areas covered by trees and greenery, analysis and prediction of soil properties in agricultural landscapes, forest planning and many more. Higher image resolution and data processing capabilities of LiDAR systems over other technologies is the major factor that drives the growth of the LiDAR market.
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Top Companies: Velodyne, Airborne Hydrography AB, Leosphere SAS, Faro Technologies Inc., Leica Geosystems AG, GeoSLAM Ltd. (3D Laser Mapping), Firmatek LLC, RIEGL Laser Measurement Systems GmbH, Mira Solutions Inc., and Aerometric Surveys.
Market Dynamics and Trends:
Increasing adoption of LiDAR systems due to the rising demand of 3D imaging applications in various sectors has led to a lucrative growth in the LiDAR market. Also, its advantages like high accuracy, minimum human dependency, fast processing and acquisition of data and canopy penetration have contributed to this market growth.
On the contrast, less awareness about the advantages of LiDAR systems and costly components used in the systems such as laser scanner and high-resolution 3D cameras collectively increase the price of LiDAR systems. These factors limit the adoption of LiDAR systems. However, aggressive R&D to reduce cost, advertisements to create more awareness among people regarding LiDAR systems and its benefits will provide massive opportunities to the LiDAR system market players in the coming years.
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Market Segmentations and Scope of the Study:
The global LiDAR market is segmented based on type, component, application, end-user sector, and region. On the basis of type market is divided in terrestrial, aerial, mobile, and short range. By components the market is classified into laser scanner, inertial navigation system, camera, GPS receiver, and micro-electro-mechanical system. The applications covered in the study include corridor mapping, seismology, exploration & detection, and others. A study with respect to region is conducted to perform an analysis of LiDAR technology across various geographic locations. The regions analysed are North America, Europe, Asia-Pacific, and rest of the world (RoW).
According to the report, North America dominated the LiDAR market, contributing more than 40% share of the overall revenue, followed by Europe. Key impacting factors include automated systems in LiDAR, widening applications of LiDAR and rise in demand of LiDAR in 3D imaging. Also, consumer awareness along with better performance of LiDAR over alternatives technologies play a significant role in the LiDAR market growth.
Asia-Pacific is expected to witness steady market growth. This is expected due to the expanding industrial sector and adoption of modern technologies. Also, growing awareness among people in this region due to advertisements and programs highlighting the benefits of LiDAR system will contribute towards the market growth.
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