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).

Global Lidar Market Size, Share, Growth Analysis, By Product(Airborne, Terrestrial), By Application(Corridor Mapping, Engineering), By Component(GPS, Navigation (IMU)), By Technology(2d LiDAR, 3d LiDAR) - Industry Forecast 2024-2031

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

Global 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.

Global Lidar Market Report Snapshots

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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 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.

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 Size, Share, Growth Analysis, By Product(Airborne, Terrestrial), By Application(Corridor Mapping, Engineering), By Component(GPS, Navigation (IMU)), By Technology(2d LiDAR, 3d LiDAR) - Industry Forecast 2024-2031

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