LiDAR Market Insights: The Key to Unlocking Market Dynamics and Opportunities
Category - Semiconductor & Electronics
Report Code - OMR-SE-189
Format: PDF, PPT, and Excel
LiDAR Market to Expand at a Rate of 20.1% CAGR; Intermediatory Factors such as Rising Need for Automation, Increasing Demand in 3D Imaging, and Surging Application Within End Use Industries Will Widen Market Adoption
Light Detection and Ranging, or Lidar, is a type of remote sensing that measures ranges (various distances) to Earth using a pulsed laser emitting light. When combined with additional data collected by the aerial system, those light pulses generate precise, three-dimensional data regarding the structure and surface features of the Earth. The main components of a lidar apparatus are a laser, a scanner, and a specialized GPS receiver.
On the one hand, the pandemic caused project schedule delays. Due to disruptions in the supply chain and the manufacturing of LiDAR components and systems, prices rose for some businesses. After the epidemic, however, the need for increased security and efficiency while reducing the number of people directly engaged in certain industries accelerated the adoption of LiDAR. LiDAR technology was in high demand in the autonomous vehicle market during the pandemic. Eliminating requirements for human drivers assisted in reducing the number of individuals exposed to the virus.
Key Takeaways of the LiDAR Market
By Type
However, it is anticipated that mechanical LiDAR will hold a disproportionate market share in 2022. As a result of its high dependability and accuracy, mechanical LiDAR is widely utilized in autonomous vehicles.
By Installation
In 2022, the airborne sector was the most lucrative in revenue. The widespread application of aerial mapping technologies augurs well for the industry's sustained growth in the years to come. Photogrammetry has been supplanted as the gold standard for creating digital elevation models by the airborne LiDAR system.
By Application
The mapping and cartography subsegment held the largest share of the global LiDAR market in 2022. The increased demand for network and infrastructure management services in industries as diverse as oil and gas, utilities, roads, and railways has contributed to the growth of the mapping and cartography market.
By Region
The market for light detection and ranging is anticipated to grow quicker in North America than in any other region during the forecast period. North America's LiDAR market generated significant revenue in 2022. Contributing factors include the proliferation of new enterprises, the expanding use of 3D and 4D imagery, and the growing use of solid-state LiDAR systems.
3D and 4D Imaging Technology to Increase System Sales
The growing demand for high-quality 3D photography in various security and surveillance contexts is driving the widespread adoption of LiDAR. Aerial LiDAR systems are gaining popularity in the mapping and cartography industries as the need to discover and map previously uncharted areas and uncover previously unknown historical details increases. LiDAR can detect with unprecedented precision water discharge from farming or mining areas, changes in the climate on slopes, the inland flow of water, and other phenomena.
Environmental and meteorological monitoring are both enhanced by the application of LiDAR. For instance, environmental monitoring stations in Canada use LiDAR technology to track tropospheric pollution levels. LiDAR stations are indispensable for monitoring volcanic debris that could ground aircraft. The method is also utilized for plotting oil sand monitoring systems. The higher precision of LiDAR technology is finding various applications, which is expected to fuel market growth over the forecast period.
Technological Changes Adopting MEMs, Solid State LidARs, and Other Systems to Help Market
LiDAR generally uses mechanical scanning. However, several solid-state devices have advanced. Mirrors or MEMS can replace expensive rotating optical components. MEMS-based LiDAR solutions will grow substantially in the coming years. Sources and detectors are improving, notably in SWIR, which could boost flash LiDAR performance and cost.
Global positioning system-assisted laser scanners and sensitive cameras let engineers build project-specific designs and conduct detailed feasibility studies. Thus, LiDAR enterprises have increased. According to the U.S. Census Bureau, public residential building investment surged considerably between 2002 and 2021. The government spent over $9 billion on housing construction in 2021. Public residential spending peaked in 2020 at USD 9.19 billion, up from USD 6.89 billion. US homebuilding costs will climb in the next years.
Global LiDAR Market Prominent Players
• Teledyne Optech (Canada)
• Beijing SureStar Technology Co. Ltd. (China)
• Leica Geosystems AG (Sweden)
• Trimble, Inc. (U.S.)
• FARO Technologies, Inc. (U.S.)
• SICK AG (Germany)
• Quantum Spatial (U.S.)
• RIEGL Laser Measurement Systems GmbH (Austria)
• Velodyne Lidar, Inc. (U.S.)
• VALEO (France)
• Hokuyo Automatic USA Corporation (U.S.)
• Mirrorcle Technologies Inc.(U.S.)
Report Scope for LiDAR Market
Type
• Solid State
• Mechanical
Installation
• Mobile & UAV
• Airborne
• Terrestrial
Component
• GPS
• Laser
• Navigation
• Camera
• Others
Application
• ADAS
• Surveillance
• Exploration/Detection
• Mapping & Cartography
• Engineering
• Others
LiDAR Market Regional Segmentation
North America
o U.S.
o Canada
o Mexico
Europe
o Germany
o U.K.
o France
o Spain
o Italy
o Rest of Europe (RoE)
Asia Pacific (APAC)
o Japan
o China
o India
o South Korea
o Rest of APAC
Latin America
o Argentina
o Brazil
o Rest of Latin America
Middle East & Africa
o South Africa
o UAE
o Saudi Arabia
o Rest of MEA
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