Global LiDAR Market

Lidar Market Size, Share, Growth Analysis, By Product(Airborne, Terrestrial, Mobile & UAV), By Application(Corridor Mapping, Engineering, Environment, Exploration), By Component(GPS, Navigation (IMU), Laser Scanners, Others), By Technology(2d LiDAR, 3d LiDAR, 4d LiDAR), By Region - Industry Forecast 2024-2031


Report ID: SQMIG45M2006 | Region: Global | Published Date: June, 2024
Pages: 157 |Tables: 121 |Figures: 77

Lidar Market Insights

Lidar Market size was valued at USD 1.5 billion in 2019 and is poised to grow from USD 1.7 billion in 2023 to USD 4.83 billion by 2031, growing at a CAGR of 13.8% in the forecast period (2024-2031).

Light Detection and Ranging (LiDAR) is a tool that helps to determine, recognize and create virtual images of an object. It is thus the latest remote sensing equipment, which comes in both 2D and 3D formats. The tool is now used in various applications such as GIS mapping, construction, engineering, archaeology, etc. This LiDAR Market segment is witnessing tremendous growth mainly because of small-sized sensors on vehicles, which capture images efficiently. For instance, key players such as Velodyne, RoutesceneYellowScan, and Riegl have made huge investments in making small drones.Considering the functional capabilities of each of LiDAR systems, the gadget can produce photos of the greatest quality. Hence, it's widely employed in a variety of industries, including automotive, healthcare, aerospace, and military. The growing demand for LiDAR owing tothe extensive applications will contribute to the growth of the global LiDAR market in the coming years.

The ultimate result of LiDAR drone surveys is a 3D point cloud, which depends on the features of the sensors mounted on these drones as well as flight factors such as LiDAR drone flight height and distances travelled. The data acquired by LiDAR sensors produces a monochromatic dataset that is difficult to analyses. Photogrammetry technologies allow for the creation of fully colored 2D or 3D models that can be readily seen and comprehended. In terms of data collecting and processing speed, LiDAR drones outperform photogrammetry technologies. LiDAR drones, on the other hand, are more costly than photogrammetry devices. The cheap cost of photogrammetry systems can be due to the utilization of drones outfitted with a single camera to transport them. These drones’ range in price from USD 5,000 to USD 20,000. LiDAR drones require LiDAR sensors, which range in price from USD 50,000 to USD 300,000. These high-priced sensors are mounted on very dependable drones that cost between USD 25,000 and USD 50,000. As a result, the overall cost of LiDAR drones is increased by this hefty hardware. Thus, the ready availability of low-cost and lightweight photogrammetry equipment works as a barrier for the expansion of the LiDAR sector.

US Lidar Market is poised to grow at a sustainable CAGR for the next forecast year.

Market Snapshot - 2024-2031

Global Market Size

USD 1.5 billion

Largest Segment

Airborne

Fastest Growth

Airborne

Growth Rate

13.8% CAGR

Global Lidar Market, 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)

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Lidar Market Segmental Analysis

The Global LiDAR market is segmented based on Product, Application, Component, Technology, Type and Region. Based on Product it is categorized into: Airborne, Terrestrial, Mobile & UAV. Based on Application it is categorized into: Corridor Mapping, Engineering, Environment, Exploration, ADAS, Others. Based on Component it is categorized into: GPS, Navigation (IMU), Laser Scanners, Others. Based on Technology it is categorized into: 2D LiDAR, 3D LiDAR, 4D LiDAR. Based on region it is categorized into: North America, Europe, Asia-Pacific, South America, and MEA.

Lidar Market Analysis by Product Type

Based on Product type, The airborne segment accounted for the largest share of the LiDAR Market, which is expected to grow during the forecast period due to the increased adoption of aerial mapping devices. Aerial LiDAR is a precise and comprehensive method of creating digital elevation models, which has largely replaced photogrammetry. When compared to terrestrial counterparts, this system provides greater accuracy and a larger coverage area. It provides more extensive area mapping in shorter time intervals. Terrestrial LiDAR is used on the Earth's surface and can be both mobile and stationary. For monitoring, conventional topography, forensics, and cultural heritage documentation, stationary terrestrial scanning is a popular survey method. Mobile and UAV LiDAR work on the Earth's surface and in the surrounding environment in both mobile and aerial modes.

Lidar Market Analysis by Application

In 2021, the corridor application segment held the largest LiDAR Market share. The ADAS application is expected to grow at a fastest pace, with a CAGR of 18.4%, due to the increasing incorporation of LiDAR-based sensors in a variety of automotive safety applications. The corridor mapping application is expected to grow moderately, but its overall LiDAR Market share will decrease during the forecast period. Low-speed collision avoidance systems and driver assistance systems are expected to be popular technologies. The integration of map-enabled systems also opens up new application possibilities, such as lane departure systems, driver assistance systems, and intelligent front lighting systems enabled by the united adaptive front lighting.

Global Lidar Market By Product , 2021(%), 2019 (%)

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Lidar Market Regional Insights

Based on regional analysis, North America accounted for the largest revenue share in 2021. The region is using LiDAR technology for several applications such as urban planning, environment monitoring, weather forecasts, etc. Estimates also state that the adoption of technology in the heavy and lightweight automobile will also increase in the region, thus boosting the further LiDAR Market growth. The second position is bagged by the Asia Pacific that will see a growth rate of 20% between 2022-2028. The LiDAR Market in this region is growing opportunities for use in various sectors such as agriculture, corridor mapping, etc. India, China, and Japan will emerge as the hubs of drone technology and thus promote the growth of LiDAR technology.

Global Lidar Market By Geography, 2021 - 2028, 2024-2031
  • Largest
  • Fastest

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Lidar Market Dynamics

Lidar Market Driver

  • The extent and scope of engineering and civil construction operations throughout the world have grown drastically to service an ever-increasing population, particularly in emerging nations. Technology is becoming increasingly important in all aspects of building activity, from surveying and mapping to project feasibility evaluations. LiDAR technologies can give an accurate and simple scan of big regions. Furthermore, laser scanners led by global positioning systems and very sensitive cameras assist engineers in conducting precise feasibility studies and preparing designs that meet project criteria. This has resulted in the expansion of various LiDAR service providers.
  • LiDAR maps the earth's surface using fast laser pulses. The growing use of LiDAR-based unmanned aerial vehicles (UAVs) opens up new options for surveying applications that may be completed at a lower cost than manual surveying methods. The growing usage of unmanned aerial vehicles (UAVs) has given a boost to airborne LiDAR-based surveying and mapping applications. Unmanned vehicle-mounted LiDAR systems not only give mobility and adaptability, but also allow them to reach terrains and conditions where people cannot. Professionals are increasingly using unmanned aerial vehicles (UAVs) for low-altitude photography, landscape mapping, and surveying.
  • LiDAR has been one of the most essential instruments utilized in the commercial drone business in recent years to acquire high-quality and accurate assessment data. With the growth of automation in various sectors, which reduces the need to employ labor forces and saves time, will increase the demand for the LiDAR Market. Technological advancements in various LiDAR resolutions can be used efficiently for different purposes such as change identification of water runoff in agriculture or mining sites. Apart from these conventional applications, the product is also used in weather and environment forecasting and monitoring. For instance, in Canada, LiDAR is used to measure tropospheric pollution.

Lidar Market Restraint

  • The use of low-cost and lightweight photogrammetry systems for mapping and surveying applications is expected to limit the LiDAR market's growth. LiDAR drones detect objects on the ground with active sensors and emit laser beams to evaluate their distance from the targets on the ground. Photogrammetry systems, on the other hand, use images transferred from 2D and 3D carto metric models to create depth perception of objects on the ground, allowing users to view and measure the distance between objects in 3D. The final output of LiDAR drone surveys is a 3D point cloud, which depends on the characteristics of the sensors deployed on these drones as well as flight parameters such as LiDAR drone flight altitude. The data collected by LiDAR sensors produces a monochrome dataset that is difficult to interpret. Photogrammetry systems allow for the creation of fully colored 2D or 3D models that can be easily visualized and interpreted. In terms of data acquisition and processing speed, LiDAR drones outperform photogrammetry systems. LiDAR drones, on the other hand, are more expensive than photogrammetry systems.

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Lidar Market Competitive Landscape

The LiDAR Market various competitors are challenged to provide innovative offerings that enable communication in addressing changing technologies, business practices, and security needs. A large number of prominent players are based in Europe and are involved in providing advanced solutions to meet the needs of a wide range of applications. The current market environment is characterized by intense competition among key players for LiDAR Market dominance through improved quality and product differentiation, allowing for growing LiDAR Market consolidation through strategic initiatives such as alliances, mergers, and acquisitions. Industry participants have formed strategic alliances with suppliers and distributors to expand their product portfolio and geographical presence.

Lidar Market Top Player's Company Profiles

  • Leica Geosystems AG 
  • Teledyne Optech
  • FARO Technologies Inc.
  • Velodyne Lidar Inc.
  • Quanergy Systems, Inc.
  • Luminar Technologies, Inc.
  • LeddarTech Inc.
  • Innoviz Technologies Ltd.
  • Ouster, Inc.
  • Cepton Technologies, Inc.
  • AEye, Inc.
  • RoboSense LiDAR
  • Ibeo Automotive Systems GmbH
  • Livox Tech Co., Ltd.
  • Blackmore Sensors and Analytics, Inc.
  • Hexagon AB
  • Sick AG
  • Topcon Corporation
  • RIEGL Laser Measurement Systems GmbH
  • Z+F GmbH

Lidar Market Recent Developments

  • In May 2022, Hyundai Motor Group and SOSLAB, a South Korean firm, signed a memorandum of understanding (MOU) to collaborate on the development of LiDAR sensors for mobile robots. Hyundai's Mobile Eccentric Droid (MobED) was launched in December 2021, and the goal is to produce a high-resolution 3D LiDAR for autonomous navigation performance optimization.
  • In May 2022, Flyability unveiled the Elios 3, the world's first collision-tolerant drone with an indoor 3D mapping LiDAR sensor. The drone is powered by a new SLAM engine called FlyAware, which generates 3D models as it flies, and it comes with Flyability's Inspector 4.0 software.

Lidar Key Market Trends

  • The ongoing COVID-19 pandemic has affected the business of key players in the LiDAR market. Both the producers and the end consumers of the market had to suffer owing to the lockdowns and various other measures undertaken by the authorities. As LiDAR technology is used in mining and exploration activities, especially within the oil and gas industry, this industry was affected largely. Thus, the region of the Middle East has been the most affected as it is a dominant producer of oil. The demand and price of oil declined due to the travel restrictions, which reduced the demand for the LiDAR technology.
  • Another trend that is ongoing in the LiDAR Market is the growth of start-ups, mainly because of the investments from automobile giants. The automotive sector is now at the forefront to adopt and demand LiDAR technology for different applications. Within the automotive industry, LiDAR technology can be used in driverless taxis, carpooling, ride-hailing services, and mobility-on-demand services. There is a rising trend among car manufacturers to produce autonomous and driverless cars. Therefore, they are making huge investments in startups such as Uber, Lyft, etc. These investments are estimated to drive the LiDAR technology. For instance, in 2019, the two giants of the automobile industry, Volkswagen and, Ford entered into a collaboration with Argo AI. The startup will provide car-sharing and autonomous taxi services.
  • The usage of low-cost and lightweight photogrammetry devices for mapping and surveying applications is projected to limit the LiDAR market's growth. LiDAR drones detect things on the ground using active sensors and produce laser beams to determine their distance from the targets on the ground. Photogrammetry systems, on the other hand, employ photos transferred between 2D and 3D cartometric models to construct depth perception of items on the ground, allowing users to observe and quantify the distance between objects in 3D.

Lidar Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.

Skyquest has identified that the LiDAR uses rapid laser pulses to map the surface of the earth.  The growing use of LiDAR-based unmanned aerial vehicles (UAVs) opens up new opportunities for surveying applications that can be completed at a lower cost than manual surveying methods. The growing use of unmanned aerial vehicles (UAVs) has given a boost to airborne LiDAR-based surveying and mapping applications. Unmanned vehicle-mounted LiDAR systems not only provide portability and versatility but also allow them to reach terrains and situations that humans cannot. Professionals are increasingly using unmanned aerial vehicles (UAVs) for low-altitude photography, terrain mapping, and surveying. LiDAR has become one of the most important tools used in the commercial drone industry in recent years to capture high-quality and accurate evaluation data.

Report Metric Details
Market size value in 2019 USD 1.5 billion
Market size value in 2031 USD 4.83 billion
Growth Rate 13.8%
Base year 2023
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Product
    • Airborne, Terrestrial, Mobile & UAV
  • Application
    • Corridor Mapping, Engineering, Environment, Exploration, Adas, Others
  • Component
    • GPS, Navigation (IMU), Laser Scanners, Others
  • Technology
    • 2d LiDAR, 3d LiDAR, 4d LiDAR
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Leica Geosystems AG 
  • Teledyne Optech
  • FARO Technologies Inc.
  • Velodyne Lidar Inc.
  • Quanergy Systems, Inc.
  • Luminar Technologies, Inc.
  • LeddarTech Inc.
  • Innoviz Technologies Ltd.
  • Ouster, Inc.
  • Cepton Technologies, Inc.
  • AEye, Inc.
  • RoboSense LiDAR
  • Ibeo Automotive Systems GmbH
  • Livox Tech Co., Ltd.
  • Blackmore Sensors and Analytics, Inc.
  • Hexagon AB
  • Sick AG
  • Topcon Corporation
  • RIEGL Laser Measurement Systems GmbH
  • Z+F GmbH
Customization scope

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Lidar Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Lidar Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Lidar Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Lidar Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Lidar Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Lidar Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Lidar Market size was valued at USD 1.5 billion in 2019 and is poised to grow from USD 1.7 billion in 2023 to USD 4.83 billion by 2031, growing at a CAGR of 13.8% in the forecast period (2024-2031).

The LiDAR Market various competitors are challenged to provide innovative offerings that enable communication in addressing changing technologies, business practices, and security needs. A large number of prominent players are based in Europe and are involved in providing advanced solutions to meet the needs of a wide range of applications. The current market environment is characterized by intense competition among key players for LiDAR Market dominance through improved quality and product differentiation, allowing for growing LiDAR Market consolidation through strategic initiatives such as alliances, mergers, and acquisitions. Industry participants have formed strategic alliances with suppliers and distributors to expand their product portfolio and geographical presence. 'Leica Geosystems AG ', 'Teledyne Optech', 'FARO Technologies Inc.', 'Velodyne Lidar Inc.', 'Quanergy Systems, Inc.', 'Luminar Technologies, Inc.', 'LeddarTech Inc.', 'Innoviz Technologies Ltd.', 'Ouster, Inc.', 'Cepton Technologies, Inc.', 'AEye, Inc.', 'RoboSense LiDAR', 'Ibeo Automotive Systems GmbH', 'Livox Tech Co., Ltd.', 'Blackmore Sensors and Analytics, Inc.', 'Hexagon AB', 'Sick AG', 'Topcon Corporation', 'RIEGL Laser Measurement Systems GmbH', 'Z+F GmbH'

The extent and scope of engineering and civil construction operations throughout the world have grown drastically to service an ever-increasing population, particularly in emerging nations. Technology is becoming increasingly important in all aspects of building activity, from surveying and mapping to project feasibility evaluations. LiDAR technologies can give an accurate and simple scan of big regions. Furthermore, laser scanners led by positioning systems and very sensitive cameras assist engineers in conducting precise feasibility studies and preparing designs that meet project criteria. This has resulted in the expansion of various LiDAR service providers.

The ongoing COVID-19 pandemic has affected the business of key players in the LiDAR market. Both the producers and the end consumers of the market had to suffer owing to the lockdowns and various other measures undertaken by the authorities. As LiDAR technology is used in mining and exploration activities, especially within the oil and gas industry, this industry was affected largely. Thus, the region of the Middle East has been the most affected as it is a dominant producer of oil. The demand and price of oil declined due to the travel restrictions, which reduced the demand for the LiDAR technology.

Based on regional analysis, North America accounted for the largest revenue share in 2021. The region is using LiDAR technology for several applications such as urban planning, environment monitoring, weather forecasts, etc. Estimates also state that the adoption of technology in the heavy and lightweight automobile will also increase in the region, thus boosting the further LiDAR Market growth. The second position is bagged by the Asia Pacific that will see a growth rate of 20% between 2022-2028. The LiDAR Market in this region is growing opportunities for use in various sectors such as agriculture, corridor mapping, etc. India, China, and Japan will emerge as the hubs of drone technology and thus promote the growth of LiDAR technology.

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Global LiDAR Market

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