SAN FRANCISCO, May 31, 2022 /PRNewswire/ -- The global LiDAR market size is expected to reach USD 4.71 billion by 2030, registering a CAGR of 9.8% during the forecast period, according to a new report published by Grand View Research, Inc. The market growth is attributable to the rising adoption of LiDAR technology in environmental mapping, automobile safety application arenas, and construction and architectural sectors for monitoring 3D-modeling applications, among others. As this technology is one of the key sensing technologies for enabling hybrid and fully autonomous driving, the rapid development of self-driving vehicles is expected to propel market growth.
Key Insights & Findings from the report:
- The rising automation in various industries has reduced human efforts and increased efficiency. The technological superiority of LiDAR-based technology in several engineering projects is expected to propel the market growth over the forecast period.
- The airborne segment is expected to remain dominant over the forecast period. The growth of the segment is attributed to the increasing adoption of aerial mapping devices.
- North America is expected to emerge as one of the leading regional markets over the forecast period owing to the rising R&D investments and the high adoption of LiDAR solutions in the automotive sector and environmental scanning & modeling operations.
- The growing demand for this technology in emerging economies such as India, Japan, and China is driving the growth of the market in Asia Pacific. Additionally, a rise in demand for technology across the automotive industry is contributing to the growth of the market.
- The current market environment is witnessing intense competition among the key players for achieving market domination through product differentiation and quality enhancement.
Request a free sample copy or view the report summary, "LiDAR Market Size, Share & Trends Analysis Report By Product Type (Airborne, Terrestrial, Mobile & UAV), By Component, By Application, By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.
LiDAR Market Growth & Trends
Various organizations are focusing on enhancing their LiDAR technology to provide improved safe driving car technologies. For instance, in January 2022, Cepton, a US-based developer and manufacturer of LiDAR products, selected OSRAM's 905 nm edge-emitting lasers to combine high optical output power with low-power consumption light detection and ranging systems for providing enhanced ADAS solutions. The ADAS application segment is expected to witness notable growth owing to the rising incorporation of automotive safety and forward-collision avoidance systems.
The regulatory authorities in the U.K have mandated the installation of automotive safety technologies. The Euro NCAP Advanced forms clear guidance related to the safety benefits of technologies such as blind-spot monitoring, lane support, Autonomous Emergency Braking (AEB), speed alert, attention assist, vision enhancement, and pre-crash sensing. Rising developments in 3D scanning solutions are expected to propel market growth over the forecast period. For instance, in October 2018, Faro Technology, Inc., in partnership with STORMBEE, introduced a new cost-effective airborne LiDAR scanning solution.
The increasing environmental concerns have enforced the formulation of government regulations over the past decade. The authorities have been implementing strategies, activities, and policies to tackle the concerns. Furthermore, the industry faces constraints due to the high cost of these services and the limited availability of geospatial data; however, the technological advancements in spatial resolution of LIDAR-based digital terrain models are providing better accuracy in applications such as change detection on hillsides, water runoff for agriculture or mining sites, and inland waterways.
LiDAR Market Segmentation
Grand View Research has segmented the global LiDAR market based on product type, application, component, and region:
LiDAR Market - Product Type Outlook (Revenue, USD Million, 2017 - 2030)
- Airborne
- Terrestrial
- Mobile & UAV
LiDAR Market - Application Outlook (Revenue, USD Million, 2016 - 2027)
- Corridor Mapping
- Engineering
- Environment
- Exploration
- Advanced Driver Assistance Systems (ADAS)
- Others
LiDAR Market - Component Outlook (Revenue, USD Million, 2017 - 2030)
- Laser Scanners
- GPS
- Navigation (IMU)
- Others
LiDAR Market - Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Asia Pacific
- China
- India
- Japan
- South America
- Brazil
- Middle East & Africa
List of Key Players in the LiDAR Market
- Faro Technologies, Inc.
- Leica Geosystems Holdings AG
- Teledyne Optech Incorporated (A part of Teledyne Technologies)
- Trimble Navigation Limited
- RIEGL USA, Inc.
- Quantum Spatial, Inc.
- Velodyne LiDAR, Inc.
- Sick AG
- YellowsScan
- GeoDigital
Check out more related studies published by Grand View Research:
- LiDAR Services Market - The global LiDAR services market size is expected to reach USD 2.6 billion by 2025, registering a CAGR of 14.5% from 2019 to 2025, according to a new study by Grand View Research, Inc. LiDAR services find prominent applications in the automotive industry. Further, favorable government policies regarding self-driven vehicles and advanced driver-assistance systems (ADAS) are fueling market growth.
- Digital Map Market - The global digital map market size is estimated to reach USD 16.15 billion by 2027, registering a CAGR of 13.0% from 2020 to 2027, according to a new study by Grand View Research, Inc. The market is expected to witness significant rise in demand from navigational application developers and Geographical Information System (GIS) providers, driven by a growing end-user base. The prolific rise in the number of smartphone and internet users has further augmented market growth. Moreover, growth in the number of connected and semi-autonomous cars and anticipated developments in self-driving and navigation technology, among others is expected to drive the demand for digital maps.
- Collision Avoidance System Market - The global collision avoidance system market is expected to reach USD 18.97 billion by 2025, according to a new study conducted by Grand View Research, Inc. The updated ratings of safety agencies and incorporation of anti-collision systems in mass-market models are expected to propel the market growth over the next six years.
Browse through Grand View Research's Next Generation Technologies Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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