LiDAR Market Analysis, By Product (Solid-state, Mechanical LiDAR), By Technology (2D, 3D, 4D), By Component (Laser Scanners, Navigation & Positioning Systems), By Installation Type (Airborne, Ground-based), By Range, By Service, By End-use, By Region - Global Insights 2032
LiDAR Market Outlook (2022-2032)
As of 2022, the global LiDAR market stands at a valuation of US$ 1.9 billion and is estimated to surge to US$ 6.29 billion by the end of 2032. LiDAR demand is projected to rise rapidly across the world at a CAGR of 12.6% between 2022 and 2032.
Mobile & UAV LiDAR, terrestrial LiDAR stations, and aerial LiDAR systems are all expected to witness high demand across the forecast period as technology advances and the scope of application increases.
LiDAR Market Size (2022)
US$ 1.9 Billion
Projected Market Value (2032F)
US$ 6.29 Billion
LiDAR Market Forecasted Growth Rate (2022-2032)
China LiDAR Market Share (2022)
Key Companies Profiled
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LiDAR Demand Survey (2017-2021) Vs. Market Growth Forecasts (2022-2032)
Sales of LiDAR are anticipated to witness high demand across several industry verticals as the technology gains popularity around the world. LiDAR mapping has been used in various agricultural applications to survey land and map territories to ensure optimal land utilization.
LiDAR drones are also expected to be popular in agriculture and delivery applications over the years to come. The increasing scope of application will result in high demand for LiDAR services. The increasing popularity of autonomous vehicles is also predicted to prominently drive demand for LiDAR products through 2032.
However, high costs associated with the deployment of LiDAR technologies are expected to have a constraining effect on the overall LiDAR market potential throughout the forecast period.
From 2022 to 2032, consumption of LiDAR products is anticipated to expand at an impressive CAGR of 12.6%.
Which Market Factors are Influentially Shaping LiDAR Demand?
“Increasing Popularity of Autonomous Vehicles”
LiDAR sensors have proven remarkably accurate in autonomous driving technologies and hence have witnessed a substantial increase in deployment in the automotive industry.
Rising investments in the development of autonomous driving technologies are expected to fuel the adoption of LiDAR scanners and sensors across various automotive applications over the coming years,
“High Cost of Deployment”
LiDAR technology is still a relatively new technology in the world and this makes it an expensive technology to deploy or research on. This factor is majorly hindering the overall demand for LiDAR across the world.
However, as technology develops and advances it could potentially overcome the obstacle of high costs and become a mainstay in various applications.
Various LiDAR station manufacturers are focusing on reducing the cost of LiDAR technology to overcome this restraining factor.
An Adaptive Approach to Modern-day Research Needs
What Trend are New Entrants Expected to Target to Gain Maximum Revenue Potential?
“Start-up Companies Expected to Focus on Automotive LiDAR Market”
The light detection and ranging market has been governed by a diverse array of applications across various industry verticals but automotive LiDAR applications have led the growth potential across the world.
LiDAR-based sensors have found an immense scope of application in autonomous vehicle technologies and systems and this is what new entrants and start-ups are focusing on to make a mark in the global landscape.
- In June 2022, Vueron Technology, a LiDAR technology-based startup, started focusing on autonomous vehicles in South Korea and obtained an autonomous vehicle permit using just one LiDAR sensor. This will make the adoption of LiDAR sensors affordable, which was a major challenge for market players over the past few years.
Such innovative product innovations are expected to be the prime focus of several start-ups and new entrants across the world. These new companies are expected to have a substantial impact on the overall market landscape if they get their strategies right and launch novel products for automation in LiDAR.
Why North America is a Region of Prominence in the Global LiDAR Market?
“Increasing Popularity of Autonomous Vehicles in North America”
The North America LiDAR market is anticipated to be a dominant market in the global industry landscape across the forecast period. At present, the LiDAR industry in the region accounts for a valuation of US$ 506 million while holding a significant market share of 26.5% in the global landscape.
Early adoption of novel LiDAR technologies in this region and increasing demand for autonomous vehicles are prime factors expected to drive LiDAR market potential through 2032.
The presence of key automotive manufacturers and increasing investments in research and development of autonomous technologies will further enhance the demand for LiDAR sensors and scanners in this region over the coming years.
Increasing use of LiDAR drones for aerial surveillance and mapping in defense and agricultural applications is also expected to propel LiDAR demand through 2032.
Fact.MR, a market research and competitive intelligence provider has listed a detailed assessment of the complete market scenario across various geographies in this latest LiDAR market analysis.
Key LiDAR companies are focusing on launching new products to enhance their business scope and improve their revenue generation potential.
LiDAR market leaders are also expected to eye mergers and acquisitions to increase their market presence across various geographies.
- In June 2022, Toshiba, a Japanese multinational organization, revealed new advances in its LiDAR (Light Detection and Ranging) unit. The new laser projector unit has now increased the detection range to 300 meters, which is the world’s longest. This is anticipated to increase the scope of application across various industry verticals.
- In March 2022, Luminar, an organization manufacturing vision-based LiDAR and machine perception technologies for autonomous vehicles, announced the acquisition of Freedom Photonics, a high-performance laser manufacturer. The acquisition transaction was all-stock and aimed at bringing low-cost products into the market.
Key Segments Covered in LiDAR Industry Research
LiDAR Market by Product Type :
- Solid-state LiDAR
- Mechanical LiDAR
LiDAR Market by Technology :
- 2D LiDAR
- 3D LiDAR
- 4D LiDAR
LiDAR Market by Component :
- Laser LiDAR Scanners
- Navigation and Positioning Systems
LiDAR Market by Installation Type :
LiDAR Market by Range :
- Short LiDAR
- Medium LiDAR
- Long LiDAR
LiDAR Market by Service :
- Aerial Surveying
- Asset Management
- GIS Services
- Ground-based Surveying
LiDAR Market by End-use Application :
- Corridor Mapping
- ADAS and Driverless Cars
- Urban Planning
- Other End-use Applications
LiDAR Market by Region :
- North America
- Latin America