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LiDAR Market to Reach $20.03 Billion by 2029 – Market Size, Share, Forecasts, & Trends Analysis Report with COVID-19 Impact by Meticulous Research® – PR Newswire UK

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01 Sep, 2022, 14:00 BST
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REDDING, Calif., Sept. 1, 2022 /PRNewswire/ — According to a new market research report titled, “LiDAR Market by Dimension Type (2D, 3D, 4D), Technology (Macro-mechanical LiDAR, Flash LiDAR), Installation Type, Wavelength, Range, Service, Application, End-use Industry, and Geography – Global Forecast to 2029“, the global LiDAR market is projected to reach $20.03 billion by 2029 at a CAGR of 28.4% from 2022 to 2029.
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Light Detection and Ranging (LiDAR) is a technology used to create high-resolution models of ground elevation with a vertical accuracy of 10 centimeters (4 inches). Lidar equipment, which includes a laser scanner, a global positioning system (GPS), and an inertial navigation system (INS), is typically mounted on a small aircraft. LiDAR is used to examine environments across many industries such as automotive, defense & aerospace, oil & gas, mining, civil engineering, forestry & agriculture, and transportation.
The growth of the LiDAR market is driven by the rising adoption of LiDAR systems in unmanned aerial vehicles (UAVs), increasing adoption of LiDAR in engineering and construction applications, use of LiDAR for automated driving cars, the emergence of 4D LiDAR, and initiatives undertaken by government bodies of different countries to promote LiDAR Usage. Safety threats related to UAVs and autonomous cars and the easy availability of low-cost and lightweight photogrammetry systems may restrain the growth of this market.
Furthermore, the increasing investments in LiDAR startups by OEMs, technological shifts with the adoption of solid-state, flash LiDAR, and other LiDAR technologies are expected to create significant growth opportunities for the players in this market. However, the high cost of LiDAR services and scarcity of geospatial data pose a challenge to the growth of this market.
The Impact of COVID-19 on the LiDAR Market
The rapid spread of COVID-19 impacted several industries across the globe. Following the directives of the W.H.O., governments of various countries imposed lockdown and trade restrictions to minimize the spread of the virus, disrupting large-scale manufacturing and leading to the closure of multiple operations such as construction and aerial survey. Along with disruptions in initial supply and manufacturing processes, multiple industries are now experiencing a setback with an uncertain recovery timeline due to the decreased demand. The light detection and ranging (LiDAR) sensors market was negatively impacted due to the COVID-19 pandemic. However, the pandemic is expected to indirectly affect the market.
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LiDAR sensors can detect objects within a range of 300 meters. The data scanned by these sensors are recorded by software tools that can be used to create a model of the vehicle’s surroundings. The LiDAR sensors also connect close-range and far-range sensor systems. The reduced production of automobiles due to the temporary shutdown of manufacturing plants is expected to negatively impact the demand for LiDAR sensors in the automotive sector. The slowdown in the development and demand for autonomous vehicles is expected to impact the demand for LiDAR sensors. Furthermore, the disruptions in supply chains may restrict the market growth. Moreover, the economic downturn following the pandemic has compelled automotive giants to reduce their spending on research & development activities for offering advanced features and capabilities, which is expected to further hamper the market growth.
Rising adoption of LiDAR systems in UAVs
The rising adoption of LiDAR-based unmanned aerial vehicles (UAVs) provides ample opportunities for surveying applications, which is done at a low cost compared to manual surveying methods. The increasing use of UAVs has provided an impetus to airborne LiDAR-based surveying and mapping applications. LiDAR systems mounted on unmanned vehicles provide portability and versatility, enabling them to approach hard-to-reach terrains and situations. Professionals are increasingly adopting UAVs for low-altitude photography, terrain mapping, and survey applications. In recent years, LiDAR has become one of the most important tools used in the commercial drone industry to capture high-quality and accurate evaluation data.
Many LiDAR manufacturers are developing and advancing LiDAR drones for multiple tasks. For instance, in May 2022, the Swiss company Flyability SA unveiled its LiDAR drone Elios 3. The drone has an integrated Ouster OS0-32 LiDAR sensor, allowing inspectors to collect data to create survey-grade 3D models using the software. Collision-tolerant drones are equipped with a LiDAR sensor for indoor 3D mapping. Such drones address the companies’ need for reliable inspection tools. As industries worldwide scale up their use of drones, they need consistent, stable, and easy-to-use technology when working inside highly sensitive assets.
The LiDAR market is segmented by dimension type, technology, installation type, wavelength, range, service, application, end-use industry, and geography. The study also evaluates industry competitors and analyzes the market at regional and country levels.
Based on dimension type, in 2022, the 3D segment is expected to account for the largest share of the global LiDAR market. The major factors attributed to the growth of this segment include 3D visibility of the objects with real-time insights without collecting personally identifiable information. As LiDAR uses point clouds and not natural light, it does not capture information about the identity of individuals within its field of view. Furthermore, LiDAR sensors are unaffected by ambient light conditions. Applying analytics on a three-dimensional light cloud delivers higher accuracy and deeper insights than applying analytics on traditional two-dimensional video or image data. However, the 4D segment is expected to grow at the highest CAGR during the forecast period.
Based on technology, in 2022, the macro-mechanical LiDAR segment is expected to account for the largest share of the global LiDAR market. The growth of this segment is driven by the widespread use of macro-mechanical LiDAR in various applications, such as corridor mapping, military, volumetric mapping, and engineering. However, the flash LiDAR segment is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is attributed to emerging usage and high preferences for autonomous vehicles and defense.
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Based on installation type, in 2022, the airborne segment is expected to account for the largest share of the global LiDAR market. However, the terrestrial segment is expected to grow at the highest CAGR during the forecast period. Terrestrial LiDAR can be mobile and stationary and operated only on the surface of the Earth. Static terrestrial scanning is a frequently preferred survey method for monitoring, conventional topography, forensics, and cultural heritage documentation. Mobile & UAV LiDAR operates in both mobile and aerial modes and works on Earth’s surface and surrounding environment.
Based on wavelength, in 2022, the 905 nm segment is expected to account for the largest share of the global LiDAR market. However, the 1550 nm segment is expected to grow at the highest CAGR during the forecast period. Utilization of the 1550 nm wavelength is growing due to its ability to promote higher eye safety and detect low reflectivity targets within a radius of 300 m.
Based on range, the medium range segment is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is attributed to its growing usage across engineering and environment applications such as ecological land and classification and archaeology. Medium range LiDAR is widely used to capture the building structure.
Based on service, the ground-based survey segment is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is attributed to the potential of collecting a million points of data per second over the ground area, making it an exceptionally fast surveying method. The ground-based survey gives more accurate information for ecological and land use classification. This survey is then used to map the forests by measuring the vertical structures of the canopy and its density.
Based on application, the advanced driver assistance system (ADAS) segment is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is attributed to the surging incorporation of LiDAR-based sensors in various automotive safety applications. In the last few years, assisted driving automobiles have gained traction in the market; these automobiles use cameras and LiDAR to sense the surroundings and avoid accidents. For instance, in July 2019, Velodyne Lidar Inc., a California-based Lidar technology company, announced the acquisition of localization and mapping software from Mapper.ai, Inc. This development was aimed at boosting the company’s ADAS system production.
Based on end-use industry, in 2022, the government bodies segment is expected to account for the largest share of the global LiDAR market. The growth of this segment is attributed to the surveying and monitoring environments, including forest management, coastline management, pollution modeling, agriculture, wind farms, and precision forestry.
Based on geography, the global LiDAR market is segmented into five major regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2022, North America is expected to account for the largest share of the global LiDAR market. The growing advancements in LiDAR technologies, their applications in core 3D and 4D imaging, and the increasing adoption of technologies such as ADAS are expected to have a positive impact on the growth of this market in North America. However, Asia Pacific is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is attributed to the increased focus on LiDAR modernization programs in the region. China, India, and Japan are expected to become the major markets in the region, as developed countries are expected to increasingly outsource their LiDAR mapping and surveying services to these countries in the near future.
Some of the key players operating in the LiDAR market are Trimble Inc. (U.S.), Leica Geosystems AG – Part of Hexagon (Switzerland), Sick AG (Germany), TOPCON CORPORATION (Japan), Velodyne Lidar, Inc. (U.S.), RIEGL Laser Measurement Systems GmbH (Austria), BEA SA (Belgium), Pepperl+Fuchs (India) Pvt. Ltd. (India), FARO Technologies, Inc. (U.S.), VALEO (France), Teledyne Optech (Canada), Shanghai Hesai Technology Co., Ltd. (China), LeddarTech Inc. (Canada), Suteng Innovation Technology Co., Ltd. (China), and Hokuyo Automatic USA Corporation (U.S.).
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/lidar-market-5323
Scope of the Report
LiDAR Market, by Dimension Type
LiDAR Market, by Technology
LiDAR Market, by Installation Type
LiDAR Market, by Wavelength
LiDAR Market, by Range
LiDAR Market, by Service
LiDAR Market, by Application
LiDAR Market, by End-use Industry
LiDAR Market, by Geography
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About Meticulous Research®
Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.
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Content Source: https://www.meticulousresearch.com/pressrelease/547/lidar-market-2029
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SOURCE Meticulous Market Research Pvt. Ltd
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