Global LiDAR Market Report 2023: Increasing Adoption of 3D and 4D LiDAR Bolsters Growth
Global LiDAR Market
Dublin, Feb. 28, 2023 (GLOBE NEWSWIRE) -- The "Global LiDAR Market Size, Share & Industry Trends Analysis Report By Type, By Range, By Service, By Component, By Installation Type, By Application, By Regional Outlook and Forecast, 2022-2028" report has been added to ResearchAndMarkets.com's offering.
The Global LiDAR Market size is expected to reach $3.5 billion by 2028, rising at a market growth of 18.4% CAGR during the forecast period.
LiDAR can deliver precise information even in the presence of obstacles like walls, bridges, tunnels, and others owing to its qualities. In the geospatial sector, LiDAR is utilized to gather data in remote areas and is usable in any weather. LiDAR technology made it simpler to inspect, find, and map items than traditional techniques. This approach is preferred over traditional surveying techniques because it can quickly produce 3D images and highly accurate data.
The primary reason propelling the development of the LiDAR market is the improved automated processing capability of LiDAR systems in regard to picture resolution and data processing capabilities compared to other technologies. Similar to RADAR, LiDAR is utilized for ranging and detection applications. However, in terms of precision and response speed, it is more capable than RADAR. LiDAR can more accurately capture surface information and the position of the object.
Additionally, it can accurately obtain 3D topography data from the surface of an item. In contrast, RADAR relies on antennae for transmission and receiving, which causes a delay in some environments. This has increased the inclination of users towards LiDAR systems, which consequently accelerates the expansion of the market.
Market Growth Factors
Increasing Adoption of 3D and 4D LiDAR
LiDAR adoption is gaining traction as the need for sophisticated 3D imaging technology grows across a range of surveillance and security applications. One of LiDAR's key advantages is its outstanding precision in detecting water runoff for mining or agricultural areas, different climatic variations on slopes, inland water flow, and other phenomena. LiDAR computes a 3D real-time model of the physical world by measuring the laser points' time of flight (ToF). The LiDAR sensor can precisely determine the proximity to each object based on the time interval between the outgoing and the reflected pulse.
Growing employment of LiDAR sensors & technology in autonomous vehicles
The perception systems of AVs through sensors deliver sufficient data under optimal operating conditions to enable autonomous mobility. By incorporating LiDAR technology, self-driving cars can identify items in their immediate vicinity and make informed decisions. It is the most crucial element in making self-driving cars a reality since it serves as a vehicle's 'pair of eyes.' As they compete to create safe autonomous vehicles, many automakers are using this technology.
On the basis of type, the LiDAR market is divided into solid-state and mechanical. The solid-state segment recorded a significant revenue share in the LiDAR market in 2021. A silicon chip serves as the foundation of a solid-state LiDAR. Since there are no moving parts, it is smaller and more vibration-resistant, allowing for high production rates and lower costs. The widening array of uses for this form of LiDAR in autonomous vehicles, drones, and robots explains the segment's growth.
On the basis of range, the LiDAR market is fragmented into short range, medium range, and long range. The short range segment procured the highest revenue share in the LiDAR market in 2021. Short range LiDAR is widely employed in both airborne and ground-based applications. In addition, the short range is used in applications including robotics, security, and automotive.
Based on service, the LiDAR market is classified into aerial surveying, asset management, GIS service, ground-based surveying, and others. The GIS service segment witnessed a considerable growth rate in the LiDAR market in 2021. A Geographic Information System (GIS) may quickly and easily include items obtained by LiDAR for analysis and interpretation. With the help of this remote sensing technique, users may gather extremely dense point samples of characteristics in three dimensions.
Based on component, the LiDAR market is categorized into laser scanner, navigation & positioning system, and others. The laser scanner segment garnered the highest revenue share in the LiDAR market in 2021. The calculation of reflection time and the environment are scanned using laser scanners. Laser systems collect data and 3D photographs of the surroundings throughout the scanning process. Deflecting laser scanners use mirrors to give them a broad field of view.
Installation Type Outlook
Based on installation type, the LiDAR market is segmented into airborne and ground-based. The airborne segment garnered a remarkable growth rate in the LiDAR market in 2021. The aerial vehicles that carry airborne LiDAR systems are planes, helicopters, and drones. LiDAR is the right approach for inspection, surveying, and mapping since it allows for rapidly gathering 3D data. The expansion of the segment is attributed to the increased demand for topographic LiDAR in various surveying applications.
On the basis of application, the LiDAR market is divided into corridor mapping, engineering, environment, ADAS & driverless cars, exploration, urban planning, cartography, meteorology, and others. The engineering segment procured a significant revenue share in the LiDAR market in 2021. The segment's expansion is mostly attributable to the acceleration of urbanization and industrialization, which has increased the demand for effective town planning.
Based on region, the LiDAR market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America segment witnessed the highest revenue share in the LiDAR market in 2021. The region has become a focal point for significant investments and chances for corporate growth on a worldwide scale. The usage of LiDAR in fields including urban planning, meteorology, corridor mapping, and the environment is credited with driving the expansion of the regional market. The market is also credited to LiDAR's use in ADAS & driverless cars, which is anticipated to experience rapid growth in the ensuing years.
Key Market Players
FARO Technologies, Inc
Teledyne Optech, Inc
Hexagon AB (Leica Geosystems AG)
NV5 Global, Inc
RIEGL Laser Measurement Systems GmbH
No. of Pages
2021 - 2028
Estimated Market Value (USD) in 2021
Forecasted Market Value (USD) by 2028
Compound Annual Growth Rate
For more information about this report visit https://www.researchandmarkets.com/r/pc382k-lidar?w=12
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