What is the global market size of Lidar Market?

Lidar Market size was valued at USD 1.5 billion in 2021 and is poised to grow from USD 1.7 billion in 2022 to USD 4.83 billion by 2030, growing at a CAGR of 13.8% in the forecast period (2023-2030).

Who are the key vendors in the Global Lidar Market?

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'.

What is the key driver of Global Lidar Market?

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.

What is the key market trend for Global Lidar Market?

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.

Which region accounted for the largest share in Global Lidar Market?

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.

LiDAR Market Size, Share, Growth Analysis, By LiDAR Technologies (2D, 3D), By Component (Laser Scanners, Navigation & Positioning Systems), Type (Mechanical, Solid-state), By Installation (Airborne, Ground-based), By End-use Application (Corridor Application, ADAS and Driverless Cars), By Region - Industry Forecast 2024-2031

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

Lidar Market Dynamics

Drivers

Rapid Growth in Construction Industry

The increasing adoption of mid-and high-level precision GPS receivers in large-scale construction projects, such as megaprojects, is a major driver for the growth of the global LiDAR market. For instance, the construction of the Burj Khalifa in Dubai, the world's tallest building, utilized advanced GPS technology and LiDAR scanning to ensure precise measurements and accurate 3D modeling during the planning and execution phases

Rising Demand for Unmanned Aerial Vehicles (UAVs) or Drones

The rising demand for unmanned aerial vehicles (UAVs) or drones is driven by their diverse applications in sectors such as photography, construction, and threat identification. In construction, drones are used for site inspections, surveying, and monitoring progress, enhancing efficiency and reducing costs. Similarly, in photography, drones equipped with high-resolution cameras capture stunning aerial shots for films, commercials, and real estate marketing.

Restraints

Difficulties in Bad Weather Conditions

LiDAR's inability to function properly in adverse weather conditions such as heavy rain, snow, and fog hinders its market growth. The technology relies on visible lasers to estimate distance, which are severely impacted by these conditions, making it difficult for LiDAR to accurately detect and measure distances. This limitation significantly affects its performance and reliability in various applications.

Cybersecurity Risks

Cybersecurity risks are a significant challenge in the LiDAR market, particularly in applications where data security is paramount. This poses a threat to the integrity of LiDAR data, potentially compromising safety and security. As a result, the market growth is hindered by the need for robust cybersecurity measures to protect LiDAR systems from cyber-attacks and data breaches

Lidar Market Report Snapshots

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FAQs

Global LiDAR Market size was valued at USD 1.5 Billion in 2022 and is poised to grow from USD 1.7 Billion in 2023 to USD 4.83 Billion by 2031, growing at a CAGR of 13.18 % in the forecast period (2024-2031).

Many competitors in the LiDAR market are offering solutions that can assist the consumers to address changing technologies, business practices, and security requirements. Europe has many prominent market players who are constantly offering advanced solutions to meet various applications requirements. The key player also must deal with intense competition to market their presence and dominate the market. Such fierce competition is also leading to strategic initiatives like mergers & acquisitions and the launch of new innovative products. This is also strengthening the product portfolio of the companies and increasing their presence in the market. 'Leica Geosystems AG (Switzerland)', 'Teledyne Optech (US)', 'FARO Technologies Inc. (US)', 'Velodyne LiDAR Inc. (US)', 'Quanergy Systems, Inc. (US)', 'Luminar Technologies, Inc. (US)', 'LeddarTech Inc. (Canada)', 'Innoviz Technologies Ltd. (Israel)', 'Ouster, Inc. (US)', 'Cepton Technologies, Inc. (US)', 'AEye, Inc. (US)', 'RoboSense LiDAR (China)'

Rapid Growth in Construction Industry

Increasing Demand for Solid-State LiDAR

North America is dominating the global LiDAR market with the maximum number of shares. This is primarily because of its emphasis on autonomous vehicles, geospatial mapping, and infrastructure development. Many companies in the region are investing conducting significant R&D to get better and advanced solutions. However, the string presence of tech firms in the region is also boosting innovations in the LiDAR technology, particularly for advanced vehicle navigation and precise mapping. Furthermore, the region’s infrastructure projects also get benefits from LiDAR’s detailed surveying and tracking abilities. Supportive regulatory structures are also further improving adoption and integration of LiDAR systems. The mix of technological advancement, investment, and favorable regulations strengthens North America's position as a hub for cutting-edge LiDAR applications.

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Lidar Market Dynamics

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FAQs

What is the global market size of Lidar Market?

Who are the key vendors in the Lidar Market?

What is the key driver of Lidar Market?

What is the key market trend for Lidar Market?

Which region accounted for the largest share in Lidar Market?

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