LiDAR Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 2.57 Trillion |
| Market Size (2029) | USD 6.38 Trillion |
| CAGR (2024 - 2029) | 19.93 % |
| Fastest Growing Market | Latin America |
| Largest Market | Latin America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
LiDAR Market Analysis
The Global LiDAR Market size is estimated at USD 2.57 trillion in 2024, and is expected to reach USD 6.38 trillion by 2029, growing at a CAGR of 19.93% during the forecast period (2024-2029).
One of the primary factors augmenting the LiDAR market growth is the increasing use of LiDAR systems in UAVs, the use of LiDAR in engineering and construction applications, the use of LiDAR in geographical information systems (GIS) applications, the emergence of 4D LiDAR, and the loosening of regulations surrounding the use of commercial drones in various applications. The market's expansion is being held back by safety concerns around UAVs and autonomous vehicles, as well as the accessibility of affordable and lightweight photogrammetry devices.
- Globally, and especially in developing nations, the size and scope of engineering and civil construction activities have greatly increased to accommodate the growing population. All stages of building activities, from surveying and mapping to conducting project feasibility studies, call for an increasing amount of technology. LiDAR technologies can easily and accurately give a detailed survey of vast areas. Additionally, global positioning system-assisted laser scanners and extremely sensitive cameras assist engineers in creating designs that meet project criteria and accurate feasibility assessments. Many LiDAR service providers have expanded as a result of this.
- In the oil and gas and mining sector, LiDAR technology allows scientists and mapping professionals to examine built and natural environments across a wide range of scales with greater accuracy, precision, and flexibility than ever before. The encouragement from the government in automation and the adoption of LiDAR in various government sector activities, like flood relief and management, are also driving the industry's growth. In India, the Transport Ministry mandated the use of LiDAR systems in surveying areas before constructing a new highway.
- Drones, or unmanned aerial vehicles (UAV鈥檚), are witnessing growing adoption across many industries, owing to their low cost and vast array of applications. LiDAR drones were first developed as an instrument for studies on atmospheric composition, clouds, earth structures, and aerosols. They remain a powerful tool for climate observations around the world. Collecting this data, NOAA and other such research organizations operate these instruments to enhance understanding of climate change.
- The growing technological developments in the automotive sector is the major driving factor of the LiDAR market. The companies are looking for an amalgamation of various technologies, and LiDAR technology might play a vital role.
- High costs associated with the deployment of this technology are restraining the growth of this market. LiDAR systems are expected to become standard installations in autonomous drones and cars, expected to be deployed over the coming years. With fast-moving innovations in autonomous vehicle technologies and increasing support from the government, the early deployment of Level 5 autonomous vehicles is expected by the end of the forecast period. With the industry moving toward the complete autonomous range of vehicles, the dependence on LiDAR systems is growing.
- The COVID-19 outbreak affected industries around the world. The automotive industry is one of the significant adopters of LiDAR. The outbreak has resulted in the shutdown of various production plants impacting the demand. Semiconductor materials scarcity has further aggravated the situation.
LiDAR Market Trends
Robotic Vehicles are among the Factors Driving the Market
- This segment is considering using LiDAR technology in robotic cars, automotive guided vehicles (AGVs), uncrewed vehicles, and drones. ADAS (Advanced Driver Assist System) is an acronym for Advanced Driver Assist System. LiDAR is one of the most advanced technologies currently being used to develop self-driving cars and autonomous vehicles. LiDAR (Light Detection And Ranging) can be used by autonomous drones, robots, and vehicles for navigation, obstacle detection, and collision avoidance.
- LiDAR enables self-driving vehicles, AGVs, and other drones to make precise judgments without human error, making them less susceptible to crashes. This has increased in recent years due to technological advancements and the relative cost reduction of LiDAR sensors. A self-driving car can see the world with a continuous 360-degree view thanks to LiDAR. It also allows for highly accurate depth information.
- When mounted on an AGV, a LiDAR sensor sends out a series of laser pulses that measure the distance between objects and the vehicle. This compiled data creates a full 360掳 environmental map of the operational area. The resulting mapping allows the AGV to navigate the facility without additional infrastructure.
- Using LiDAR in robotic vehicles entails using multiple LiDARs to map the vehicle's surroundings. The use of LiDAR is required for a high level of sensor redundancy to ensure the safety of its passengers. The proper development of fully autonomous or robotic vehicles for passengers is still in the works, and LiDAR is expected to play a significant role in these as well.
- LiDAR for robotic navigation provides critical distance measurement information about the environment and the vehicle's position on objects. Rapidly expanding e-commerce and a greater emphasis on workplace safety are driving massive growth in the Autonomous Mobile Robot (AMR) and Automatic Guided Vehicle (AGV) markets. Such factors will drive up demand for LiDAR applications in robotic vehicles.
- For example, RoboSense, a Smart LiDAR Sensor Systems provider, held a new product launch in November 2022, RS-LiDAR-E1 (E1), a flash solid-state LiDAR that sees 360掳 based on its in-house, custom-developed chips, and flash technology platform. E1 will help partners bridge the gap in smart driving perception and improve the all-scenario perception capability of automated and autonomous vehicles as a critical piece to realizing the core functions of autonomous driving.
- Furthermore, mobile robots operating outside can rely on geolocation capabilities such as GPS, as well as sensing technologies such as Lidar, to determine where they are and where they are going. LiDAR sensors are classified as navigation or obstacle avoidance sensors. The demand for Robot vehicles is expected to increase as E-commerce sales increase due to their wide range of applications. The market for LiDARs for robotic vehicle applications will be fueled by an increase in E-commerce sales.
- For instance, Velodyne Lidar Inc. announced in June 2022 that Boston Dynamics would use its lidar sensors in its robots as part of a multi-year agreement. According to the company, its Lidar sensors enable mobile robots (AMR) to operate autonomously in a variety of conditions, including changing temperatures and rainstorms. Robots can use their sensors to obtain real-time 3D perception data for localization, mapping, object classification, and object tracking.
Latin America is Expected to Hold Significant Market Share
- Latin America has dense forest cover and can be identified as a developing economy, indicating significant expansion and excavation opportunities. Owing to the native nature of the region, coupled with LiDAR technology, the region is expected to witness solid growth in the studied market.
- According to the Food and Agriculture Organization (FAO) of the United Nations, 49% of the total area of Latin America and the Caribbean is covered by forests. The region's forest cover includes 891 million hectares, representing approximately 22% of the global forest area. The region is home to 57% of the world's primary forests, which makes it vital for biodiversity and conservation.
- Furthermore, according to FAO, 14% of the total forest area has been earmarked for productive functions. The region's significant forest resources create a wide-open prospect for the adoption of the Lidar technology for its adoption in forestry. LiDAR-equipped drones can be used over these forest areas to create 3D models that illustrate the impact of human activity. Furthermore, owing to the capacity of LiDAR to penetrate tree cover makes it exceptionally useful for the region's thick forest-covered area.
- In addition to the applications of technology in forestry, the region is marked for its farming lands. FAO has titled Latin America and the Caribbean as the pillar for world food security with a mission of driving the necessary agri-food systems transformation to feed 10 billion people by 2050. Such ambitious goals, coupled with increasing regional agricultural exports, are expected to support the adoption of the technology in the sector.
LiDAR Industry Overview
The LiDAR Market is fragmented due to many large and small players churning the competition in the market. Through product and technology launches, strategic partnerships, acquisitions, expansion, and collaboration, these players try to gain a competitive edge in the market. Key players in the market are Sick AG, Teledyne Optech, Quanergy Systems Inc., Velodyne LiDAR, 3D Laser Mapping Ltd, Denso Corporation, etc.
- February 2024 - John Deere announced a strategic partnership with Leica Geosystems, part of Hexagon, to assist in accelerating the digital transformation of the heavy construction industry. The collaboration between John Deere and Leica Geosystems would leverage the strengths of both companies to bring new technologies and services to construction professionals worldwide.
- May 2023 - SICK AG announced that it would provide standardized information from over 40,000 SICK sensors in the form of Asset Administration Shells (AAS) to consumers and partners. SICK demonstrated its aspiration to contribute significantly to the advancement of industrial digitalization.
LiDAR Market Leaders
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Sick AG
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Velodyne LiDAR
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Leica Geoystems AG
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Faro Technologies Inc.
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Denso Corporation
*Disclaimer: Major Players sorted in no particular order
LiDAR Market News
- February 2024 - Inertial Labs, one of the leading advanced navigation and positioning technology providers, announced a strategic partnership with Stitch3D, a renowned cloud-optimized software startup specializing in advanced 3D data hosting and sharing solutions. This collaboration marks a significant milestone in expanding innovative LiDAR technology by distributing Inertial Labs' RESEPI LiDAR products.
- December 2023 - RoboSense, one of the leading innovators in LiDAR technology, unveiled the M Platform line of sensors at CES 2024. Join the company's executives and experts at the Las Vegas Convention Center.
LiDAR Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Threat of New Entrants
4.2.2 Bargaining Power of Buyers
4.2.3 Bargaining Power of Suppliers
4.2.4 Threat of Substitutes
4.2.5 Intensity of Competitive Rivalry
4.3 Market Drivers
4.3.1 Fast Paced Developments and Increasing Application of Drone
4.3.2 Increasing Adoption in the Automotive Industry
4.4 Market Challenges
4.4.1 High Cost of The LiDAR Systems
4.5 Industry Value Chain
4.6 Technology Snapshot
4.6.1 Measurement Process Options
4.6.2 Laser Options
4.6.3 Beam Steering Options
4.6.4 Photodetector Options
4.7 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 Application
5.1.1 Robotic Vehicles
5.1.2 ADAS
5.1.3 Environment
5.1.3.1 Topography
5.1.3.2 Wind
5.1.3.3 Agriculture and Forestry
5.1.4 Industrial
5.2 Type
5.2.1 Aerial (Topographic and Bathymetric)
5.2.2 Terrestrial (Mobile and Static)
5.3 Geography
5.3.1 North America
5.3.2 Europe
5.3.3 Asia Pacific
5.3.4 Latin America
5.3.5 Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Leica Geosystems AG (Hexagon AB)
6.1.2 Sick AG
6.1.3 Trimble Inc.
6.1.4 Quanergy Systems Inc.
6.1.5 Faro Technologies Inc.
6.1.6 Teledyne Optech
6.1.7 Velodyne LiDAR Inc.
6.1.8 Topcon Corp.
6.1.9 RIEGL Laser Measurement Systems GmbH
6.1.10 Leosphere (Vaisala)
6.1.11 Waymo
6.1.12 RoboSense LiDAR
6.1.13 Denso Corporation
6.1.14 Innoviz Technologies Ltd
6.1.15 Neptec Technologies Corp. (Maxar)
- *List Not Exhaustive
7. MARKET OUTLOOK
LiDAR Industry Segmentation
LiDAR, which stands for Light Detection and Ranging, is a remote sensing method that uses light in the form of a pulsed laser to measure ranges (variable distances) to the Earth. These light pulses-combined with other data recorded by the airborne system- generate precise, three-dimensional information about the shape of the Earth and its surface characteristics.
The LiDAR market is segmented by application (robotic vehicle, ADAS, environment [topography, wind, and agriculture and forestry], and industrial), type (aerial and terrestrial), and geography (North America, Europe, Asia Pacific, Latin America, Middle East and Africa). The report offers the market size in value terms in USD for all the abovementioned segments.
| Application | |||||
| Robotic Vehicles | |||||
| ADAS | |||||
| |||||
| Industrial |
| Type | |
| Aerial (Topographic and Bathymetric) | |
| Terrestrial (Mobile and Static) |
| Geography | |
| North America | |
| Europe | |
| Asia Pacific | |
| Latin America | |
| Middle East and Africa |
LiDAR Market Research FAQs
How big is the Global LiDAR Market?
The Global LiDAR Market size is expected to reach USD 2.57 trillion in 2024 and grow at a CAGR of 19.93% to reach USD 6.38 trillion by 2029.
What is the current Global LiDAR Market size?
In 2024, the Global LiDAR Market size is expected to reach USD 2.57 trillion.
Who are the key players in Global LiDAR Market?
Sick AG, Velodyne LiDAR, Leica Geoystems AG, Faro Technologies Inc. and Denso Corporation are the major companies operating in the Global LiDAR Market.
Which is the fastest growing region in Global LiDAR Market?
Latin America is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Global LiDAR Market?
In 2024, the Latin America accounts for the largest market share in Global LiDAR Market.
What years does this Global LiDAR Market cover, and what was the market size in 2023?
In 2023, the Global LiDAR Market size was estimated at USD 2.06 trillion. The report covers the Global LiDAR Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Global LiDAR Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What future trends are expected in the LiDAR market?
Future trends in the LiDAR Market include a) Miniaturization of LiDAR systems b) Integration with smartphones and drones c) Increased use in smart city projects and VR applications d) Reflecting broader technology adoption
What challenges does the LiDAR Market face?
Major challenges faced by the LiDAR Market are a) High costs b) Technological complexities c) Competition from alternative technologies like radar and computer vision
Light Detection and Ranging Industry Report
The global LiDAR market is experiencing significant growth, driven by the increasing demand for 3D imagery in smart cities, infrastructure, and environmental monitoring. The precision of LiDAR in 3D data collection is crucial for urban planning and smart grids, which are essential for sustainable development in smart cities. However, the market faces challenges such as high costs associated with testing and calibration. Despite these challenges, opportunities in advanced geospatial solutions and improvements in sensor technology are propelling the market forward.
The LiDAR market size is expanding, particularly in the Asia Pacific region, due to advancements in infrastructure and agriculture. Key segments such as corridor mapping and aerial surveying, along with the rise of autonomous vehicles and UAVs, highlight the importance of LiDAR in automation and digital mapping. For detailed statistics on the LiDAR market share, size, and revenue growth, 糖心vlog传媒鈩� provides comprehensive analysis and forecasts in their Global LiDAR market reports, available for free PDF download.
Industry analysis indicates that the LiDAR market is poised for substantial growth, with industry information pointing to a positive industry outlook. Industry reports and industry research highlight the increasing industry sales and industry size. Market data reveals a promising market forecast, with market growth driven by key market leaders. The market outlook and market overview suggest strong market predictions and a detailed market review. Market segmentation and market value are also covered extensively in the report example and report pdf provided by research companies.
In summary, the LiDAR market is set for robust growth, supported by detailed industry statistics and industry trends. The comprehensive market analysis, market cap, and market research provided in the report ensure a thorough understanding of the market dynamics and future prospects.
