LiDAR market expected to reach $3.4 billion by 2026
Chicago, June 10, 2022 (GLOBE NEWSWIRE) — According to the MarketsandMarkets™ report, the “LiDAR Market by Technology (2D, 3D, 4D), Component (Laser Scanners, Navigation and Positioning Systems), Installation Type (Airborne and Ground-Based), Scope, Service, End-Use Application, and Region – Global Forecasts up to in 2026″ expected to grow by USD 1.3 billion in 2021 and reach USD 3.4 billion by 2026; it is expected to grow at a CAGR of 21.6% from 2021 to 2026.
The growing adoption of LiDAR in construction applications and engineering, the emergence of 4D LiDAR, the growing adoption of LiDAR systems in UAVs, the use of LiDAR in geographic information system applications ( GIS) and relaxation of regulations related to the use of commercial drones in different applications are some of the major drivers for the growth of the LiDAR market. However, the easy availability of low-cost, lightweight photogrammetry systems and security threats from drones and self-driving cars are restraining the growth of the LiDAR market. Increased investment in LiDAR startups by automotive giants, development of better geospatial solutions using sensor fusion, opportunities for long-term SWIR-based design, technological evolutions with the adoption of flash LiDAR, solid state, MEMS, and other LiDAR technologies, and Initiatives undertaken by governments of different countries to encourage the use of UAV LiDAR for large-scale surveys are expected to provide growth opportunities for LiDAR market players over the course of the forecast period. Additionally, the limited availability of geospatial data and the high cost of LiDAR services pose challenges to the LiDAR market.
Request a PDF brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1261
Ground-based LiDAR is expected to see the highest CAGR for the forecast period
In 2020, ground-based LiDAR accounted for a larger market share of the overall LiDAR market and is expected to witness a high CAGR from 2021 to 2026. The automotive sector is emerging as an application area for mobile ground-based LiDAR systems , and the number of high-end cars equipped with advanced driver assistance systems (ADAS) is increasing every year. Ground-based LiDAR systems are fixed or mobile and are also known as terrestrial laser scanning (TLS) technology. They are placed on a moving platform such as an all-terrain vehicle (ATV) or a sport utility vehicle (SUV) using a balance assembly and a tripod. Airborne LiDAR systems are more expensive than ground-based LiDAR systems. However, ground-based LiDAR systems are not able to scan every part of the surface. For example, vertical cliff faces cannot be scanned and rapidly changing surface conditions are difficult to track using this type of LiDAR systems. Ground-based LiDAR is also used for agricultural applications, for example, analyzing the properties of the oil palm canopy for the identification of various diseases. Ground-based mobile LiDAR systems are mounted on a mobile platform, preferably a ground vehicle. The advantage of being vehicle mounted is that it allows LiDAR to scan large areas accessible by road and the use of LiDAR in Geographic Information Systems (GIS) applications is expected to further fuel the growth of the LiDAR systems market.
Mechanical LiDAR type will account for the largest market share during the forecast period
On the basis of type, the LiDAR market has been segmented into solid-state LiDAR and mechanical LiDAR. In 2020, the mechanical LiDAR segment accounted for a larger market share of the overall LiDAR market compared to solid-state LiDAR. This growth is attributed to the high demand for mechanical LiDAR in applications such as ADAS and driverless cars, corridor mapping and environmental surveying. However, the semiconductor market is expected to grow at a higher CAGR from 2021 to 2026. The higher CAGR of the market is attributed to the increasing range of such applications in automotive and robotics industries. Mechanically scanned LiDAR by physically rotating a laser/receiver assembly, or using a rotating mirror to direct a light beam is used to collect data over a wide area of up to 360 degrees.
Browse in-depth TOC on “LiDAR Market”
259 – Tables
64 – Numbers
259 – Pages
Request sample pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=1261
3D LiDAR technology is estimated to hold a significant share of the market
Based on technology, the LIDAR market is segmented into 2D, 3D, and 4D LiDAR. In 2020, the 3D LiDAR segment accounted for the largest market share among other segments of the LiDAR market. The main factor contributing to the dominance of 3D LiDAR is the widespread adoption of 3D LiDAR in applications such as environmental, meteorology, corridor mapping, engineering and cartography. However, the 4D LiDAR market is expected to grow at the highest CAGR during the forecast period. This growth is attributed to the strong adoption of 4D LiDAR in applications such as ADAS, driverless cars and robotics. Use cases for 4D LiDAR are also the entertainment industry, architecture, engineering and construction (AEC), and AR/VR.
Main market players
Leica Geosystems AG (Sweden),
Trimble, Inc. (USA),
Teledyne Optech (Canada),
Teledyne Optech (Canada),
Sick AG (Germany),
FARO Technologies, Inc. (USA)
RIEGL Laser Measurement Systems GmbH (Austria).
End-use Application of ADAS and Driverless Cars Expected to Grow at Highest CAGR from 2021 to 2026
The LiDAR market is segmented, by Application, into Engineering, Corridor Mapping, Environment, Urban Planning, Mapping, Metrology, ADAS and Driverless Cars, Exploration and Other Applications. ADAS and driverless cars have provided attractive growth opportunities for the LiDAR market as automotive giants and other business leaders increasingly invest in ADAS and driverless cars. Fully autonomous cars are driven by advanced sensors that prevent collisions before they happen. At the head of this technology is LiDAR, a creator of 3D maps of the vehicle’s environment using light detection technology using a laser and a receiver.
For this reason, the ADAS and driverless car applications market is expected to grow at the highest CAGR during the forecast period. The increasing adoption of solid-state LiDAR in ADAS and driverless cars to provide security is expected to drive the market in the coming years. Automotive giants are adopting LiDAR systems for their level 3 and 4 autonomous vehicles, which is expected to boost the sales of these types of vehicles and subsequently positively impact the LiDAR market.
North America is expected to account for the largest market share of the LiDAR market during the forecast period
Consisting of United States, Canada, and Mexico, North America is the largest market share holder for LiDAR market in 2020 and is expected to stand firm on its position during the forecast period. Growing investments in driverless cars and ADAS and rising awareness about the benefits of LiDAR systems are driving the growth of the LiDAR market in North America. In addition, the major LiDAR market players comprising manufacturers, developers, distributors, and suppliers of LiDAR sensors and equipment are based in North America. Quantum Spatial (USA), Velodyne Lidar, Inc. (USA), Neptec Technologies Corp. (Canada) are some major LiDAR market players for the North America region.
In recent years, major LiDAR-related technology developments have taken place in the North American and European regions, which has enabled manufacturers in these regions to export high-end LiDARs to growing markets such as the Middle East and Asia-Pacific. These exports are one of the major factors expected to drive the LiDAR market in North America and Europe.
UAV LiDAR Market By Component (LiDAR Lasers, UAV Cameras), Type (Rotary Wing LiDAR Drones, Fixed Wing LiDAR Drones), Range (Short, Medium, Long), Application (Corridor Mapping, Archaeology, Environment), Region – Global Forecast to 2025
CONTACT: About MarketsandMarkets™ MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions. Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve. MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets. Contact: Mr. Aashish Mehra MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA: +1-888-600-6441 Email: [email protected]