Emergence of 4D LiDAR Presents Lucrative Opportunities
The global market for light detection and ranging (LiDAR) technology should grow from $3.2 billion in 2023 to $7 billion by the end of 2028, at a compound annual growth rate (CAGR) of 16.5% during the forecast period of 2023-2028. Worldwide, especially in developing nations, the size and scope of engineering and civil construction activities have significantly increased to accommodate growing populations. All stages of building activities, from surveying and mapping to conducting project feasibility studies, call for advanced technology. LiDAR technologies can quickly and accurately provide a detailed survey of vast areas. Additionally, global positioning system-assisted laser scanners and susceptible cameras assist engineers in creating designs that meet project criteria and accurate feasibility assessments.
- The airborne segment of the global LiDAR market is expected to grow from $1.5 billion in 2023 to $3.2 billion by the end of 2028, at a CAGR of 15.9% during the forecast period of 2023-2028.
- The mobile and UAV segment of the global LiDAR market is expected to grow from $539.3 million in 2023 to $1.2 billion by the end of 2028, at a CAGR of 17.7% during the forecast period of 2023-2028.
Increasing demand for 3D imagery in areas such as military and defense, civil engineering, topographical surveys and corridor mapping is projected to drive market growth over the forecast period. Textured 3D imagery is used in city planning, 3D mapping and corridor mapping. The installation of advanced safety features in automobiles is also increasing. Market opportunities are being created by increasing investments in LiDAR startups by automotive giants, and technological shifts with the adoption of solid-state, flash LiDAR, micro-electronical mechanical system (MEMS) LiDAR and other LiDAR technologies. The rising use of LiDAR in geographical information system (GIS) applications and in engineering and construction are also driving the growth of the LiDAR market worldwide. However, safety risks related to UAVs and autonomous cars and the easy availability of low-cost and lightweight photogrammetry systems are restraining the market’s growth.
This report segments the global LiDAR market by component, product type, technology, range, application and region.
The airborne market segment accounted for the largest share among the product types. It was valued at $1.4 billion in 2022 and is expected to reach $3.2 billion by the end of 2028. The mobile and UAV segment is forecast to be the fastest-growing segment, growing at a CAGR of 17.7% to reach $1.2 billion by the end of 2028, up from $489.7 million in 2022.
Due to the emphasis on safety distance measures, demand for LiDAR technology is expected to continue to rise in the post-COVID-19 era over the next few years. Working from home has quickly become the new normal. Several manufacturers have repurposed their 3D LiDAR systems for product tracking, security, and monitoring employee behavior and distance remotely. Furthermore, LiDAR and video and thermal monitoring systems are being used to remotely sense employees’ temperatures and avoid manual temperature scanning to improve productivity while curbing the risk of viral transmission.
Report Scope
This report provides an overview of the global market for LiDAR and analyses market trends. Using 2022 as the base year, the report provides estimated market data for the forecast period 2023 through 2028. Revenue forecasts for this period are segmented based on component, product type, technology, range, application, and region.
The report also focuses on the major trends and challenges that affect the market and the competitive landscape. It explains the current market trends and provides detailed profiles of the major players and their strategies to enhance their market presence. The report estimates the size of the global LiDAR market in 2022 and provides projections of the expected market size through 2028.
The report includes:
- 42 data tables and 38 additional tables
- An up-to-date overview and analysis of the global market for LiDAR
- Analyses of the global market trends, with historical market revenue data (sales figures) for 2022, estimates for 2023, forecasts for 2024 and 2026, and projections of compound annual growth rates (CAGRs) through 2028
- Estimates of the actual market size and revenue forecast for the global LiDAR market in USD millions, and a corresponding market share analysis based on component, product type, range, application and geographic region
- In-depth information (facts and figures) pertaining to market drivers, opportunities, challenges and prospects; technologies; regulatory scenarios; and the impacts of COVID-19 and the Russia-Ukraine war on the global LiDAR market
- An industry value chain analysis that provides a systematic study of the key intermediaries, with emphasis on OEM manufacturers, raw materials suppliers and major types of end users
- Holistic reviews of Porter’s Five Forces and PESTLE analyses, which take into account the prevailing micro
- and macro-environmental factors in the market
- A description of ESG developments and company practices in the LIDAR market
- A look at the major vendors in the global LiDAR market, and an analysis of the industry’s competitive landscape, including market shares and recent mergers and acquisitions (M&A) activity
- A review of emerging technologies and innovations in the market
- An analysis of recent patent activity
- Profiles of the leading companies
Table of Contents
Executive Summary
LiDAR enables the collection of a wealth of information for numerous applications and delivers several advantages over traditional methods of aerial mapping. This technology is changing the paradigm of terrain mapping and attaining popularity in several applications such as floodplain mapping, forest inventory, geomorphology, hydrology, landscape ecology, urban planning, survey assessments, volumetric calculations, and coastal engineering. These applications can benefit from a combination of LiDAR and geographic information systems (GIS) in order to manage and conduct analysis, and disseminate and visualize LiDAR data.
Due to these and many other factors, the LiDAR market is expected to grow between 2020 and 2025. Many alternatives to LiDAR can be considered as failed technologies; it follows, then, that the need for more accurate, more reliable and easier methods of collecting data, and the resulting growth of LiDAR technology.
The growth of the LiDAR market is limited by factors such as lack of industry standards of operations and non-interoperability of technologies, as well as the high cost associated with it. If the LiDAR market were at a different stage of its evolution, these restraints could hinder the market growth. However, it is expected that further technological advances will bring cost corrections and that standards of operation will improve. The key opportunities for the market are in the adoption of LiDAR by small and medium-sized enterprises (SMEs) and superior growth potential in emerging economies. Once the cost of LiDAR is reduced, SMEs and emerging economies are forecast to deploy these devices in various application sectors in big numbers.
Geographically, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World (RoW). North America had the highest revenue in the market in 2019 and it is expected to continue to dominate the revenue share. Since North America is a technologically advanced region, the LiDAR technology initially formed a strong base in the region. However, the Asia-Pacific region is expected to have the best market potential to grow. This growth potential is due to the fact that emerging nations in this region are involved in heavy industrialization.
Companies Mentioned
- Aerometrex
- Faro Technologies Inc.
- Firmatek
- Genesys International Corp. Ltd.
- Hesai Group
- Indie Semiconductor
- Infineon Technologies AG
- Innoviz Technologies Ltd.
- Luminar Technologies Inc.
- Microvision
- Riegl Usa
- Sick AG
- Teledyne Optech
- Trimble Inc.
- Valeo
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 162 |
| Published | October 2023 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value ( USD | $ 3.2 Billion |
| Forecasted Market Value ( USD | $ 7 Billion |
| Compound Annual Growth Rate | 16.5% |
| Regions Covered | Global |
| No. of Companies Mentioned | 15 |
