Light Detection and Ranging (LiDAR) Market to Worth USD 6.71 Billion by 2026 | At a CAGR of 22.7%
The light detection and ranging (LiDAR) market covered major segments by type (mechanical and solid-state), by deployment (ground-based and airborne), by application (mapping and cartography, adas (advanced driver-assistance system), surveillance, environment, exploration and detection and others), by industry (automotive, aerospace and defense, healthcare, it & telecom, oil & gas and others) and regional forecast, 2023-2026.
Pune, India, June 13, 2023 (GLOBE NEWSWIRE) — The light detection and ranging (LiDAR) market had a global size of USD 1.32 billion in 2018 and is projected to reach USD 6.71 billion by 2026, with an impressive CAGR of 22.7% throughout the forecast period. LiDAR technology finds applications across various fields, such as geomorphology, atmospheric physics, geomatics, archaeology, airborne laser swath mapping, and more.
The Light Detection and Ranging (LiDAR) market is a rapidly growing industry, with applications ranging from mapping and surveying to autonomous vehicles and drones. LiDAR technology uses laser beams to create 3D representations of objects and landscapes, making it a valuable tool for a wide range of industries. As the demand for LiDAR technology continues to grow, we can expect to see even more innovative applications and advancements in the technology, further driving its impact and growth.
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List of Key Players Mentioned in the Report:
- Teledyne Technologies
- FARO Technologies, Inc.
- SICK AG
- Beijing SureStar Technology Co. Ltd.
- Trimble Inc.
- YellowScan
- HEXAGON
- RIEGL Laser Measurement Systems GmbH
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2019-2026 |
| Forecast CAGR | 22.7% |
| 2026 Value Projection | USD 6.71 Billion |
| Market Size in 2018 | USD 1.32 Billion |
| Historical Data | 2015-2017 |
| No. of Pages | 160 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
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| Regions Covered |
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| Light Detection and Ranging (LiDAR) Market Growth Drivers | Rising Emergence of Innovative 3D and 4D imaging technology to Offer Traction for the Adoption of LiDAR |
| Rising Demand for LiDAR from UAVs, Engineering, and Construction Applications Will Facilitate Growth of the Market |
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/light-detection-and-ranging-lidar-market-101969#summary
COVID-19 Impact:
The COVID-19 pandemic has had a significant impact on the Light Detection and Ranging (LiDAR) market. The lockdowns and restrictions on travel and outdoor activities have resulted in a slowdown in the adoption of LiDAR technology in industries like transportation and construction. However, the pandemic has also highlighted the importance of autonomous vehicles and remote monitoring, driving demand for LiDAR technology in these areas. Additionally, the development of solid-state LiDAR technology has continued despite the pandemic, which is expected to further drive down costs and increase the adoption of LiDAR in new industries. While the pandemic has caused disruptions in the LiDAR market, the long-term outlook remains positive, with projections indicating significant growth in the coming years.
Segmentation:
Solid-State LiDAR to Register Substantial Growth Owing to Flexibility of Deployment Across Various Sectors
Based on type, the market is categorized into solid-state and mechanical LiDAR systems. Of these, the solid-state LiDAR segment is anticipated to record a commendable CAGR over the estimated period. The solution does not need any moving parts for functioning and is fabricated on a silicon chip, which favors its adoption across various sectors. Based on region, the industry is fragmented into Europe, Asia Pacific, North America, Latin America, and the Middle East & Africa.
Ground-based LiDAR to Gain Traction Due to Rising Usage in Corridor Mapping & Meteorology
The ground-based light detection and ranging (LiDAR) segment is poised to record notable expansion through the study period. The technology is widely implemented in an array of applications including corridor mapping, meteorology, and ADAS (Advanced Driver Assistance Systems) & driverless cars. Ground-based solutions are deployed for the detection, scanning, and creation of the projection analysis of vertical foothills.
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Detailed Table of Content:
- Introduction
- Definition, By Segment
- Research Approach
- Sources
- Executive Summary
- Market Dynamics
- Drivers, Restraints, and Opportunities
- Emerging Trends
- Key Insights
- Macro and Micro Economic Indicators
- Consolidated SWOT Analysis of Key Players
- Global LiDAR Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights, and Forecast – By Type
- Mechanical
- Solid-state
- Market Analysis, Insights, and Forecast – By Deployment
- Ground-based
- Airborne
- Market Analysis, Insights, and Forecast – By Applications
- Mapping and Cartography
- ADAS (Advanced Driver-Assistance System)
- Surveillance
- Environment
- Exploration and Detection
- Others (Meteorology, etc.)
- Market Analysis, Insights, and Forecast – By Industry
- Automotive
- Aerospace and Defense
- Healthcare
- IT & Telecom
- Oil & Gas
- Other (Manufacturing, Mining, etc.)
- Market Analysis, Insights, and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- North America LiDAR Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights, and Forecast – By Type
- Mechanical
- Solid-state
- Market Analysis, Insights, and Forecast – By Deployment
- Ground-based
- Airborne
- Market Analysis, Insights, and Forecast – By Applications
- Mapping and Cartography
- ADAS (Advanced Driver-Assistance System)
- Surveillance
- Environment
- Exploration and Detection
- Others (Meteorology, etc.)
- Market Analysis, Insights, and Forecast – By Industry
- Automotive
- Aerospace and Defense
- Healthcare
- IT & Telecom
- Oil & Gas
- Other (Manufacturing, Mining, etc.)
- Market Analysis, Insights, and Forecast – By Country
- U.S.
- Canada
TOC Continued…!
Report Coverage:
This report provides a comprehensive analysis of the factors driving the expansion of the industry during the forecast period. It also covers the crucial strategies and measures taken by leading companies to maintain their position in the market. The insights presented in the report are the result of extensive research, data collection, and engagement with major stakeholders.
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Drivers and Restraints:
The Light Detection and Ranging (LiDAR) market is influenced by several drivers and restraints. The primary driver for the market is the increasing adoption of LiDAR technology in various industries, such as transportation, construction, and environmental monitoring, among others. The demand for LiDAR technology is also driven by advancements in technology, making it more affordable and accessible to a wider range of industries. Additionally, the expansion of LiDAR applications in industries like agriculture, mining, and oil and gas exploration is further driving market growth.
However, the LiDAR market faces certain restraints, such as the high cost of LiDAR sensors and the complexity of integrating them into existing systems. Moreover, the lack of standardization and regulations for LiDAR technology is hindering its widespread adoption. The COVID-19 pandemic has also impacted the market, causing disruptions in supply chains and project timelines, which has slowed down the adoption of LiDAR technology in certain industries.
Regional Insights:
Surging Number of Emerging Startups to Propel North America as Leader in the LiDAR Market
The LiDAR market in North America is expected to experience significant growth during the study period, driven by several factors. These include the increasing adoption of solid-state LiDAR solutions, the deployment of core 3D and 4D imaging technologies, and the growing number of emerging startups in the region. Furthermore, the market growth is being supported by the rising investments in research projects by prominent companies. These factors collectively are expected to contribute to the appreciable valuation of the LiDAR industry in North America in the coming years.
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Competitive Landscape:
Leading Players Develop and Launch New Solutions for Sustaining Industry Position
Leading companies in the Light Detection and Ranging (LiDAR) market are taking various strategic measures to maintain their position in the market. These include mergers, acquisitions, and product developments to stay ahead of the competition. Additionally, many industry players are actively participating in trade conferences and engaging in research activities to enable the launch of advanced LiDAR solutions. These efforts are geared towards staying at the forefront of the market and meeting the evolving needs of customers.
Key Industry Development:
September 2021 – YellowScan announced the launch of its innovation, dubbed YellowScan Explorer. The solution could be switched to a range of UAV platforms along with the capability of being mounted on a light manned aircraft.
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