Global Light Detection and Ranging (LiDAR) Market Report and Forecast 2024-2032

Global Light Detection and Ranging (LiDAR) Market Outlook

The global light detection and ranging (LiDAR) market size reached a value of USD 1.93 billion in 2023. The market is further expected to grow at a CAGR of 22.90% in the forecast period of 2024-2032 to attain a value of USD 12.30 billion by 2032.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

According to the LiDAR market report, the market is expected to grow as a result of LiDAR being increasingly automated to save labour and boost productivity. Throughout the forecast period, the increased demand for 3D images in sectors such as military and defence, topographical surveys, civil engineering, and corridor mapping are expected to be key LiDAR market trends driving the market growth.

Applications like 3D mapping, city planning, and corridor mapping use textured 3D imaging. The improved spatial resolution of LiDAR-based digital terrain models enables them to be more accurate in applications such inland waterways, change detection on hillsides, and water runoff for mining and agricultural areas, which is expanding the LiDAR market share. LiDAR is used to track environmental changes and track weather patterns while self-driving cars utilise LiDAR integration for GPS and navigational purposes. The growing applications of LiDAR are increasing the LiDAR market value.

LiDAR technology has extended to several domains of application, including in autonomous vehicles for object recognition and road detection, object recognition for autonomous navigation in the maritime sector, observing ocean ecosystems, mapping coastal regions, and several other applications. At a regional level, the Asia-Pacific LiDAR market is expected to witness steady growth in the coming years.

Global Market Likely to be Driven by Advancements in Technology and Applications Across Domains

LiDAR is an active remote sensing technology that employs light as a pulsed laser to gauge distance. Light pulses, in combination with other data points created by the system, generate precise 3-D info about an object in association with its environment. According to the LiDAR market analysis, LiDAR is very effective in dimension and depth for determining the distance between objects and is quicker than cameras or RADAR. LiDAR can enable visibility through dense surroundings, such as forest canopies. It is capable of generating high-resolution digital elevation models that exhibit vertical accuracy of up to 1 cm. Such advantages are expected to boost the global LiDAR market. Components of a LiDAR device include GPS, laser scanner, and an Inertial Navigation System (INS). The gear may be mounted on a mobile vehicle, like a drone, automobile, or UAV. Research and development activities by key market players are further expanding the LiDAR market share by company, and increasing the capabilities of LiDAR.

By Function, LiDAR Systems May be Airborne or Terrestrial

As per LiDAR market research, LiDAR systems may be terrestrial or airborne. Airborne LiDAR is installed on a helicopter or drone and used in applications that warrant a bird’s eye view of an extensive area. Topographic and bathymetric are the two types of standard LiDAR; While topographic employs a near-infrared laser to plot land areas, bathymetric employs green water-penetrating light to plot underwater terrain.

Terrestrial LiDAR acts on ground and could be static or mobile. Mobile LiDAR systems are set up on moving platforms like autonomous vehicle AI applications to recognize objects in the driving environment. Static LiDAR systems in the other hand, are mounted on stationary structures like tripods; such LiDAR is commonly used in surveying, archaeology, engineering, and mining.

LiDAR data are quick and accurate, and helpful for any site that warrants the determination of shape and structure of objects, advantages which are likely to increase the global LiDAR market size.

Applications of LiDAR Across Domains Likely to Boost Market Growth

As per the LiDAR market forecast, LiDAR will increasingly be used in computer vision to train autonomous vehicles, examine power lines, identify crops for fertilization, and other applications. Important LiDAR applications include:

Autonomous Vehicles – For applications in self-driving vehicles, LiDAR offers a longer-range alternate to video cameras and still images (these are less effective in demanding conditions like fog and rain). LiDAR systems mounted on vehicles gather info such as traffic signs, road markings, road obstructions, pedestrians, and other vehicles. LiDAR is generally employed with vision-based systems for wholly autonomous (Level 5) vehicles.

Aerial Inspection – Drones/UAV LiDAR data offer important aerial insights into such industrial assets that are challenging to inspect, including civil infrastructure, power lines, and other industrial assets, to decrease operational maintenance costs.

Precision Agriculture – LiDAR can help agriculture technology (agtech) companies ascertain areas to optimize water, fertilizer, and herbicides or manage pest control to enhance crop yield.

Forestry and Land Management – LiDAR may be employed to gauge vertical structures and forest canopy density. The data could be analysed to determine environmental impact, and for land management and fire prevention planning.

Survey and Mapping – LiDAR generates precise maps and digital elevation models for geographic information systems (GIS) for commercial and civil surveying and mapping applications.

Renewable Energy – LiDAR may help determine requirements to harness wind and solar energy; it can help calculate wind speed and direction to enable operators of wind farms to erect and place turbines.

Robotics – LiDAR is employed to arm robots with navigation and mapping capacities; it enables an autonomous system to determine the distance between the vehicle and other objects in the surroundings.

Such applications are expected to boost the global LiDAR market growth.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

LiDAR Market Segmentation

By type, the market is segmented into:

• Mechanical

• Solid States

By product, the market is divided into:

• Terrestrial

• Aerial

• Mobile

By component, the market is classified into:

• Navigation Systems

• Laser Scanners

• Positioning Systems

• Others

By application, the global LiDAR market is segmented into:

• ADAS (Advanced Driver-Assistance System)

• Mapping and Cartography

• Environment

• Surveillance

• Exploration and Detection

• Others

By end user, the market is divided into:

• Civil Engineering

• Defence and Aerospace

• Forestry and Agriculture

• Archaeology

• Transportation

• Mining

By region, the market is segmented into:

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

Key Players in the Market

The report extensively analyses the following major players in the global Light Detection and Ranging (LiDAR) market; it observes their capacity and newest happenings like mergers and acquisitions, capacity expansions, and plant turnarounds:

• Faro Technologies, Inc.

• Jabil Inc.

• Trimble Inc.

• Velodyne Lidar, Inc.

• Innoviz Technologies Ltd

• Leica Geosystems AG

• Teledyne Geospatial

• Luminar Technologies, Inc.

• Quanergy Systems, Inc.

• Ouster, Inc.

• Others

Through Porter’s Five Forces model and SWOT analysis, the EMR report offers deep insights into the market.

Key Highlights of the Report