LiDAR Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The global LiDAR market was valued at USD 1620. 89 million in 2020 and is expected to reach USD 7357. 63 million by 2026, recording a CAGR of 29. 55% over the forecast period of 2021 - 2026 (henceforth, referred to as the forecast period).

New York, May 19, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "LiDAR Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06074748/?utm_source=GNW


Over the years, advancements in LiDAR mapping systems and their enabling technologies penetrated into different verticals, like aerospace and defense, corridor mapping and topographical survey, automotive, mining, oil and gas, and other verticals, which are increasing the market scope of the lidar market.

- Light detection and ranging (LiDAR) mapping and detection are becoming an established system of generating detailed geo-referenced spatial information of the surrounding and its characteristics. Some of the benefits of using LiDAR include the ability to capture large amounts of area in a relatively small amount of time and the low requirement of manual labor
- In the agriculture industry, LiDAR is used for automated tractor steering solutions and surveying fields with drones. And Amazon already uses LiDARs, cameras, and photography to create digital maps of neighborhoods, which is also trying to utilize for its delivery robots.
- In the aerospace and defense industry, LiDARs are used for tracking low flying aircraft, as they can perform efficiently in all weather conditions and can accurately calculate the dimension and distance of the target. This increasing application in the different end-user industries is expected to boost the market’s growth over the forecast period.
- Governments in different countries are using lidar technology for topographical surveys, mapping, surveillance, and monitoring in the mining and oil and gas sectors. Due to low cost and enhanced features, when compared to conventional alternatives, lidar is easily accessible for the government sectors.
- However, the market is challenged by a relatively high cost of equipment and surveying applications, along with a lack of education and awareness about the technology, which hampers the market’s growth. However, growing innovation by the studied vendors is expected to bring down the prices and further expand the commercial scope of the technology.

Key Market Trends
Ground - based LiDAR is Expected to Register a Significant Growth Rate

- Although, The Aerial mapping of the terrain holds significant importance in many applications, such as mining, oil and gas exploration, forestry, coastal navigation, disaster management, etc., for planning before the execution of different strategies. The ground-based lidar systems are expected to hold a major share in the market during the forecast period, owing to the key factors, such as low cost and increasing applications in SUV. Ground lidar possesses an exceptional ability to produce 3D images of land at coastal and other areas and ground movements, such as landslides, and it can be analyzed and measured by satellite imagery.
- Ground-based lidar is commonly used to scan outcrop consisting of near-vertical cliffs and rocky slopes along canyon walls and hillsides. The first step in the acquisition process is to set up the scanner, aim at the outcrop, and define a scanning window and a scanning resolution.
- The use of technology has increased exponentially across the industry verticals, as they provide an efficient alternative to the manual labor with considerable positives, such as safety. As they are operated from remote locations, human bias and accuracy issues are eliminated and reduces the labor costs drastically
- Furthermore, EERI (Earthquake Engineering Research Institute), who partnered with GEER (Geotechnical Extreme Events Reconnaissance), can utilize ground-based lidar to collect damage morphology data at speeds, accuracies, and range that was previously unimaginable in the earthquake. Therefore, earth observation may significantly stimulate the market growth.

North America is Expected to Hold a Major Share in the Market

- North America, led by the United States and Canada, is the most technologically superior market in the world. IT Services and IT-based manufacturing are driving the market for LiDAR and LiDAR data across the continent. Applications in civil engineering and the smart automation industry, need LiDAR datasets to create innovative software, such as advanced game development. Being technologically advanced, they are the first ones to invest and develop drone technology and test it for various applications
- The increasing investments of business giants in North America, such as General Motors, Google Inc., and Apple Inc., toward ADAS and driverless cars are providing new opportunities for small, versatile, and low-cost lidar systems.
- Additionally, Stringent government regulations regarding safety, new power generation projects in the United States, and significantly growing automotive and aerospace industries are driving the LiDAR market in this region.
- The major companies in the market, such as Trimble, Faro, and Velodyne are based in the United States, which is another major factor for the large share of the North American market.
- Furthermore, The US military and civil government are increasing their operations, with respect to UAS sometimes referred to as drones). Federal Aviation Administration (FAA) established six UAS test sites and Center of Excellence for Unmanned Aircraft Systems, which has created opportunities for lidar to proliferate into the industry. Key players profiled include Quantum Spatial (Aerometric), Faro Technology, Trimble Navigation Limited, Leica Geosystems, etc.

Competitive Landscape
The lidar market is fragmented, due to many large and small players churning the competition in the market. Through product and technology launch, strategic partnership, acquisition, 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.

- January 2020- DENSO Corporation and Qualcomm Technologies, Inc., a subsidiary of Qualcomm Incorporated, announced that the companies will work joint together for developing next-generation cockpit systems. The companies are focused on achieving improved vehicle driver communication.?
- September 2019 -Teledyne Optech announced the next evolution of the Galaxy platform, the Galaxy T2000. A compact lidar-mapping sensor, the Galaxy T2000 provides a unique feature set for maximum collection efficiency and point density and is the next step in the evolution of modern aerial surveying. Coupled with a new G2 mounting system, the Galaxy T2000 leverages its compact size to co-mount two sensors over a single aircraft portal, making it quite simply the most flexible commercial lidar system.
- July 2019 - Quanergy did distribution partnership with Ingram Micro Brazil, a subsidiary of Ingram Micro, which is the technology distributor and global leader in the IT supply chain, services for mobile devices, cloud, automation, and logistics solutions. This partnership marks Quanergy’s entrance into the South American market.?

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