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Trusted Business Insights presents an updated and Latest Study on LiDAR Market 2020-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the LiDAR market during the forecast period (2020-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Report Overview: LiDAR Market
The global LiDAR market size was valued at USD 1.1 billion in 2020 and is expected to register a CAGR of 12.1% over the forecast period 2021-2027. The technological advancements in spatial resolution of LiDAR-based digital terrain models provide incredible accuracy in applications such as change detection on hillsides, water runoff for agriculture or mining sites, and inland waterways. The market is estimated to grow significantly over the forecast period due to automation in Light Detection and Ranging (LiDAR), leading to reduced human efforts and increased efficiency. Furthermore, owing to the rising accuracy of LiDAR technology, it is expected to provide great advantages in various industrial applications.
The rising demand for 3D imagery in various application areas, such as military and defense, topographical surveys, civil engineering, and corridor mapping, is expected to significantly drive the market over the forecast period. Textured 3D imagery is applied in various applications such as 3D mapping, city planning, and corridor mapping. The installation base of advanced safety features is increasing exponentially. In countries such as the U.S., self-driving cars are approved by the government, which are integrated with LiDAR for GPS and Navigation.
LiDAR also finds varying applications in monitoring weather conditions and environmental monitoring. For instance, the Canadian environment monitoring stations utilize LiDAR technology to monitor tropospheric pollution. These LiDAR stations are also crucial in monitoring the ash from volcanic eruptions that can interfere with air travel. The technology is also expected to be incorporated to map the oil sands monitoring system.
The lack of awareness and knowledge about LiDAR among customers is recognized as a restraint for 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 stimulation of sustainable development.
Product Type Insights: LiDAR Market
On the basis of product type, the market is segmented as airborne, terrestrial, and mobile and UAV. The airborne segment accounted for the major share of the market, which is anticipated to increase in the next few years on account of increasing adoption of aerial mapping devices. Aerial LiDAR is an accurate and thorough method of creating digital elevation models, thereby replacing photogrammetry. This system delivers enhanced accuracy and larger area coverage as compared to its terrestrial counterparts. It provides more extensive area mapping in comparatively shorter time intervals.
Terrestrial LiDAR can be both mobile and stationary and takes place on the Earths surface. Stationary terrestrial scanning is a frequently preferred survey method for monitoring, conventional topography, forensics, and cultural heritage documentation. Mobile and UAV LiDAR operate in both mobile and aerial modes and works on the Earths surface and surrounding environment respectively.
Rising adoption of mobile and UAV LiDAR systems and increasing number of new product launches is expected to draw huge investments from key participants, thus driving the market demand in the years to come. For instance, in October 2019RIEGL Laser Measurement Systems GmbH launched the lightweight airborne LiDAR for UAVs. This miniaturized sensor is used for UAV-based applications, which require the acquisition of small objects.
Based on component, the LiDAR market is segmented into GPS component, laser scanners, navigation Inertial Measurement Unit (IMU) device, and other complementary LiDAR devices. Aerial scanning and mapping operations are expected to witness increased demand on account of higher adoption globally. The laser scanner components segment accounted for the major share of the overall industry in 2019 and is estimated to be one of the leading industry segments over the forecast period.
Laser scanners are used to record an intensity value to provide a return signal strength that can be helpful to distinguish objects of variable reflectivity. Laser scanner LiDAR produced 2D point cloud data, which can be used in localization, mapping, and object and environment modeling. The demand for laser scanners is expected to increase substantially with a CAGR of 14.1% during the forecast period. Decreasing costs of laser technology is expected to provide 3D scanning to discover new use, which is estimated to create significant growth opportunities over the forecast period. For instance, in December 2019 Pepperl+Fuchs launched an R2300 multi-layer scanner. This 3D object detection sensor offers high measurement density with the use of LiDAR laser measurement technology.
Application Insights: LiDAR Market
Based on application, the market is segmented into corridor mapping, exploration, engineering, advanced driver assistance systems (ADAS), environment, and other LiDAR applications. The corridor application segment accounted for the maximum share of the market in 2019. The ADAS application is anticipated to register the highest growth with a CAGR of 18.4% on account of surging incorporation of LiDAR-based sensors in numerous automotive safety applications.
The corridor mapping application is expected to register a moderate growth however witness a reduction in overall market share during the forecast period. Low-speed collision avoidance systems and driver assistance systems are anticipated to be among the more popular technologies. The integration of map-enabled systems also provides diverse application options leading to advantages such as lane departure systems, driver assistance systems, and intelligent front lighting systems enabled by the united adaptive front lighting. In the last few years assisted driving automobiles have gained traction in the market, these automobiles use camera and radar to sense the environment around and avoid the possibilities of accidents. To prevent such conditions, LiDAR services came as a potential solution for the market. For instance, in July 2019, Velodyne Lidar, Inc. announced the acquisition of a localization and mapping software from Mapper.ai, Inc., in order to boost the companys ADAS system production.
Regional Insights: LiDAR Market
Based on region, the market is segmented into North America, South America, Asia Pacific, Europe, and MEA. In 2019, The North American regional market accounted for maximum share in the global Light Detection and Ranging market, owing to growing adoption of administrative regulations, mandating the installation of specific automotive safety technologies in both lightweight and heavyweight vehicles in the region. Asia Pacific would emerge as the fastest-growing region with a CAGR of 19.3% from 2021 to 2027.
Airborne LiDAR system emerged as the dominant product segment in 2019. Also, alongside these products have made inroads in the U.S and Canada regions as well. The North American region is assured to witness immense growth opportunities from the automotive sector on account of increasing deployment in automotive safety technologies such as advanced driver-assistance systems (ADAS) and automatic emergency braking (AEB) systems.
China and India are estimated to remain lucrative markets in terms of increasing investment by the domestic and overseas players. The companies are expanding their foothold in Europe and Asia Pacific regions to enable better customer relations and enhance customer support. For instance: In August 2019, Ouster LiDAR announced the expansion into the Asia-Pacific and Europe regions with new offices in Shanghai, Paris, and Hong Kong.
LiDAR Market Share Insights: LiDAR Market
Some of the key industry participants include
- Faro Technologies Inc.
- Leica Geosystems Holdings AG
- Trimble Navigation Limited
- Velodyne LiDAR, Inc.
- Â RIEGL USA Inc.
The various competitors prevalent in the market are challenged to provide innovative offerings, which help consumers, address changing technologies, business practices, and security needs. A large number of notable players are based in Europe and are involved in offering advanced solutions for meeting the requirements across varied applications.
The current market environment is witnessing intense competition between the key players for achieving market domination via enhancement of quality and product differentiation, thereby enabling the growing market consolidation through strategic initiatives such as alliances, mergers, and acquisitions. Industry participants have entered into strategic partnerships with suppliers and distributors to strengthen their product portfolio and geographical presence.:
This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For this study, Trusted Business Insights has segmented the global LiDAR market report based on product type, application, component and region:
Product Type Outlook (Revenue, USD Million, 2016 – 2027)Â Â Â Â Â Â
- Mobile & UAV
Application Outlook (Revenue, USD Million, 2016 – 2027)
- Corridor Mapping
Component Outlook (Revenue, USD Million, 2016 – 2027)
- Navigation (IMU)
- Laser Scanners
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