PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1320202
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1320202
LiDAR Market size was valued at USD 1,810.2 Million in 2022, expanding at a CAGR of 9.8% from 2023 to 2030.
Light Detection and Ranging (LiDAR) system is a remote sensing technology that utilizes light rays to examine, detect, and map objects. It consists of a sender that emits light rays and a receiver that captures reflected light rays to create detailed maps. Compared to traditional surveying methods, LiDAR has become increasingly popular due to its exceptional ability to deliver highly accurate data and 3D images in a shorter timeframe.
The global LiDAR market is witnessing significant growth, primarily driven by two major factors. Firstly, LiDAR scanners and systems have improved automated processing capabilities, resulting in enhanced image resolution and swift data processing, surpassing other technologies in efficiency and precision.
The enhanced spatial resolution of LiDAR-based digital terrain models is leading to improved accuracy in various applications, including change detection on hillsides, assessing water runoff for agriculture or mining sites, and monitoring inland waterways. The increasing adoption of LiDAR automation is a key factor driving market growth, as it reduces human efforts and enhances overall efficiency. The market is projected to experience significant growth over the forecast period due to the increasing demand for 3D imagery in various application areas, such as military & defense, topographical surveys, civil engineering, and corridor mapping. Textured 3D imagery is particularly valuable in applications like 3D mapping, city planning, and corridor mapping. The rapid installation of advanced safety features is also contributing to market expansion.
Furthermore, the approval of self-driving cars integrated with LiDAR for GPS and navigation applications by the U.S. government is driving further adoption. LiDAR's utility extends to weather conditions and environmental monitoring, with Canadian environment monitoring stations utilizing the technology to monitor tropospheric pollution. Additionally, LiDAR stations play a vital role in monitoring volcanic ash, which can disrupt air travel. The technology's versatility also extends to mapping the oil sand monitoring system. The heightened accuracy of LiDAR technology across these diverse applications is anticipated to be a major driving force behind the market's growth in the foreseeable future.
The Global LiDAR Market is segmented on the basis of type, component, application, and Region.
The market is divided into four categories based on type: Airborne, Terrestrial and Mobile & UAV. The airborne segment dominated the market and is anticipated to witness significant market share during the forecast period. Over the next few years, the segment is anticipated to experience sustained growth due to the rising popularity of aerial mapping devices. The aerial LiDAR system has emerged as a precise and comprehensive method for generating digital elevation models, gradually replacing photogrammetry. This system provides wider coverage of areas compared to terrestrial alternatives and enables large-scale mapping in significantly shorter timeframes.
The market is divided into two categories based on component: GPS, Navigation (IMU), Laser Scanners and Others. Laser scanner leads the global LiDAR market by component.
Laser scanners have the capability to capture intensity values, enabling them to provide return signal strength measurements that can differentiate objects with varying reflectivity. LiDAR-based laser scanners produce 2D point cloud data, which finds applications in localization, mapping, and environmental modeling. The decreasing cost of laser technology has led to the widespread adoption of 3D scanning technology in various fields. In December 2019, Pepperl+Fuchs introduced the R2300 multi-layer scanner, which utilizes LiDAR laser technology to achieve high measurement density.
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
The LiDAR market is experiencing significant growth, driven by increasing demand. Numerous competitors in the market provide cutting-edge solutions that assist consumers in adapting to evolving technologies, business practices, and security demands. Within Europe, prominent players offer sophisticated solutions tailored to diverse application needs. The key market players are engaged in fierce competition to establish dominance, leading to market consolidation through strategic initiatives like mergers and acquisitions.
In July 2023, Cepton announced that it is developing groundbreaking LIDAR technology to make driving safer
The scope of this report covers the market by its major segments, which include as follows: