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

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A precise 3-D virtual image of an item can be made using cutting-edge remote sensing technology known as light detection and ranging (LiDAR). It is a laser tool with high intensity with a MEMS scanner and a GPS transceiver, which are used in conjunction with LiDAR to produce 3D and 2D images.

New York, Feb. 22, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "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" - https://www.reportlinker.com/p06422526/?utm_source=GNW
Seismology, geomatics, aerial laser swath mapping, archaeology, atmospheric physics, geomorphology, and other fields employ LiDAR in various ways.

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.

COVID-19 Impact Analysis

The industries associated with the LiDAR ecosystem were adversely affected by the COVID-19 outbreak. LiDAR systems had a significant impact on producers as well as end users. The pandemic severely affected the oil & gas exploration solutions industry. LiDAR is used in the exploration industry for mining and oil & gas applications. Due to the COVID-19 pandemic, many consumers did not choose LiDAR products because of the high initial cost of the LiDAR systems and the production companies’ financial instability. These circumstances lessened the impact of the growth perspectives that the deployment of LiDAR systems and technologies in ADAS and autonomous cars was expected to generate.

Market Growth Factor

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.

Market Restraining Factor

Easy accessibility of other inexpensive and lightweight photogrammetry methods

It is projected that adopting portable, affordable photogrammetry technology for mapping and surveying will constrain the LiDAR industry’s expansion. Active sensors help LiDAR drones recognize objects on the ground, and they subsequently fire laser beams to measure their distance from ground targets. While photogrammetry systems allow users to view and compute the distance of entities in 3D, they also use photographs that are transferred from 3D and 2D cartometric models to give the impression that objects are below the surface of the earth.

Type Outlook

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.

Range Outlook

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.

Service Outlook

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.

Component Outlook

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.

Application Outlook

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.

Regional Outlook

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.

The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; Hexagon AB, Teledyne Optech, Inc. and Trimble, Inc. are the forerunners in the LiDAR Market. Companies such as Sick AG, FARO Technologies, Inc. and NV5 Global, Inc. are some of the key innovators in LiDAR Market.

The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Sick AG, FARO Technologies, Inc., Teledyne Optech, Inc., Trimble, Inc., Hexagon AB (Leica Geosystems AG), NV5 Global, Inc., YellowScans, SureStar, GeoDigital and RIEGL Laser Measurement Systems GmbH

Recent Strategies deployed in LiDAR Market

Partnerships, Collaborations & Agreements

Dec-2022: Hexagon partnered with ZF Group’s ProConnect connectivity platform. ZF Group is a supplier of systems used in cars and commercial vehicles. This partnership would allow vehicle communication in autonomous driving systems and advanced driver assistance systems. Additionally, this move would deliver the automotive safety integrity level ratings, ane-level positioning accuracy and required functional safety.

Aug-2022: SICK AG announced a partnership with Aeva, a company developing perception and sensing solutions for autonomous vehicles. This partnership would deploy 4D LiDAR for its application in the field of industrial sensing. Additionally, this would bring new opportunities for the company and customers in various industrial sensing applications where LiDAR technologies are questioned for their traditional flight time.

Jan-2022: YellowScan partnered with EcoTech Ltd., a company delivering monitoring systems. through this partnership, the company would extend the research and applications in ecological monitoring, forestry, agriculture, mapping and surveying. additionally, the company would serve the Chinese market.

Nov-2021: Hexagon partnered with Airbus, a company engaged in manufacturing and selling military and civil aerospace solutions. This partnership would allow the integration of Leica Chiroptera 4X bathymetric LiDAR sensors with Airbus’s Maritime Surveillance Aircraft, C295 MSA. Additionally, Hexagon would add new features to the maritime surveillance industry and would expand the company’s current systems. Moreover, this would lead to the addition of new applications in airborne bathymetry.

Jan-2021: SICK AG came into partnership with Ibeo Automotive Systems GmbH, a company providing 3D & 4D Solid State LiDAR systems. This partnership would allow the company to make use of highly developed and strong technology from the automotive segment for upcoming applications in industries.

Jul-2019: SureStar partnered with Applanix to launch Mini-LiDAR System with Trimble APX UAV. Applanix is a company engaged in manufacturing navigation system products. This partnership would enable the integration of products to provide a lightweight solution to allow surveying and mapping with the help of UAV to create quality-based deliverables efficiently and quickly.

Product Launches and Product Expansions

Oct-2022: Leica Geosystems, a subsidiary of Hexagon, launched Hexagon, a next-generation construction Smart Antenna having the ability to increase productivity at Jobsite. This product would allow exact measurement, solve challenges and avoid mistakes. This would ultimately help in working towards a sustainable future.

Sep-2022: Leica Geosystems, a subsidiary of Hexagon, unveiled Leica DMC-4, an efficient airborne imaging sensor which delivers matchless image quality for their application in complex mapping situations. This partnership would benefit customers by delivering a versatile and efficient large-format solution for various application uses.

Jul-2021: Trimble unveiled Trimble® MX50 mobile mapping system. This newly launched product lowers the complicatedness of mobile mapping and simultaneously allows the users to be efficient and productive in mapping the assets along with maintaining roads and highways. Additionally, MX50 allows the users to take control of the captured data from the safety and take control of their vehicles.

Dec-2020: SICK Sensors launched TiM2XX line of LiDAR sensors invented to operate with autonomous mobile robots. These newly launched sensors would be able to cover a long distance and sweep a larger area. Additionally, the high scanning rate assists fast-moving autonomous mobile robots. With the help of these LiDAR sensors, the robots can sense workers present far away and respond quickly.

Aug-2020: Teledyne Optech launched CM2000, a sensor particularly developed for corridor mapping. This launch would permit users to restrict the field of view to the exact width of their corridor and focus on the laser measurements on their specific targets. This integration of a measurement rate of 2 million points per second and an adjustable field of view would provide data resolution allowing decision-making, insights and advanced analytics.

Sep-2019: Teledyne Optech introduced CL-360. This is a new product in the line of compact lidar sensors used in UAV and mobile applications. This product would lay the foundation for numerous upcoming products by OEM partners for various platforms and applications.

Feb-2018: Teledyne unveiled ALTM™ Galaxy PRIME. This product ensures continuous operations by eliminating the density variations in multipulse transition zones and data gaps. This would allow surveyors to use high laser pulse repetition frequencies for generating data with high point density in variable terrain and at high altitudes without complex flight planning.

Acquisition and Mergers

Dec-2022: FARO Technologies, Inc. took over SiteScape, a LiDAR 3D scanner app used by Contractors and Architects. This acquisition would add a new population of customers for the reality capture solutions provided by FARO Technologies.

Aug-2021: NV5 Geospatial took over VMX-2HA dual scanner mobile mapping system from RIEGL, a company providing terrestrial, mobile, airborne and UAV-based laser scanning solutions. This acquisition would allow the company to perform more detailed surveys. Additionally, the platform’s flexibility would permit the combination of spherical cameras and other technology to analyse more creative survey applications.

Scope of the Study

Market Segments covered in the Report:

By Type

• Mechanical

• Solid-state

By Range

• Short Range

• Medium Range

• Long Range

By Service

• Ground-based surveying

• GIS Service

• Asset Management

• Aerial Surveying

• Others

By Component

• Laser Scanner

• Navigation & Positioning System

• Others

By Installation Type

• Ground-based

• Airborne

By Application

• Environment

• Exploration

• Meteorology

• Corridor Mapping

• Engineering

• Urban Planning

• ADAS & Driverless Cars

• Others

By Geography

• North America

o US

o Canada

o Mexico

o Rest of North America

• Europe

o Germany

o UK

o France

o Russia

o Spain

o Italy

o Rest of Europe

• Asia Pacific

o China

o Japan

o India

o South Korea

o Singapore

o Malaysia

o Rest of Asia Pacific

• LAMEA

o Brazil

o Argentina

o UAE

o Saudi Arabia

o South Africa

o Nigeria

o Rest of LAMEA

Companies Profiled

• Sick AG

• FARO Technologies, Inc.

• Teledyne Optech, Inc.

• Trimble, Inc.

• Hexagon AB (Leica Geosystems AG)

• NV5 Global, Inc.

• YellowScans

• SureStar

• GeoDigital

• RIEGL Laser Measurement Systems GmbH

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