The global light detection and ranging (LiDAR) market size was USD 1.32 billion in 2018 and is expected to hit USD 6.71 billion by 2026, exhibiting a CAGR of 22.7% during the estimated period. LiDAR is used in a wide range of applications including geomorphology, atmospheric physics, archaeology, geomatics, airborne laser swath mapping, and others.
This information has been furnished by Fortune Business Insights™ in its research report, titled “Light Detection and Ranging (LiDAR) Market, 2019-2026”.
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.
List of Key Players Mentioned in the Report:
- Teledyne Technologies
- FARO Technologies, Inc.
- SICK AG
- Beijing SureStar Technology Co. Ltd.
- Trimble Inc.
- RIEGL Laser Measurement Systems GmbH
Browse Detailed Summary of Research Report with TOC:
The LiDAR (Light Detection and Ranging) market has experienced significant growth in recent years and is expected to continue expanding. LiDAR technology uses laser sensors to measure distances and create detailed 3D maps of environments. It finds applications in various industries such as automotive, aerospace, forestry, urban planning, and archaeology.
Driving Factors in the LiDAR Market:
- Increasing demand in the automotive industry: LiDAR has gained prominence in autonomous vehicles and advanced driver-assistance systems (ADAS). The need for accurate real-time mapping and object detection has propelled the demand for LiDAR sensors in the automotive sector.
- Rising adoption in mapping and surveying applications: LiDAR enables highly accurate and efficient mapping and surveying of terrains, urban areas, and infrastructure projects. The growing need for precise geospatial data for urban planning, construction, and infrastructure development has driven the demand for LiDAR systems.
- Technological advancements: Continuous advancements in LiDAR technology, such as the development of solid-state LiDAR and enhanced sensor capabilities, have improved the performance and affordability of LiDAR systems. These advancements have widened the range of applications and attracted more industries to adopt LiDAR technology.
- Government initiatives and regulations: Governments across various countries have recognized the potential of LiDAR technology and are promoting its adoption. For instance, regulations mandating the use of LiDAR in autonomous vehicles and initiatives promoting LiDAR-based mapping for urban development have stimulated market growth.
Regional Analysis of the LiDAR Market:
North America: North America has been a significant market for LiDAR due to the presence of leading technology companies and automotive manufacturers in the region. The United States, in particular, has witnessed substantial growth in LiDAR adoption for autonomous vehicles, mapping, and other applications.
Europe: Europe has been actively investing in LiDAR technology, primarily driven by the automotive industry's demand for autonomous vehicles and ADAS. Countries like Germany, France, and the United Kingdom are key contributors to the European LiDAR market.
Asia Pacific: The Asia Pacific region is expected to witness rapid growth in the LiDAR market. Increasing infrastructure development, smart city initiatives, and automotive advancements in countries like China, Japan, and South Korea are propelling the demand for LiDAR technology.
Rest of the World: Other regions, including Latin America, the Middle East, and Africa, are also witnessing a gradual increase in LiDAR adoption. Infrastructure development projects, natural resource management, and archaeological studies are driving the demand in these regions.
It's important to note that the LiDAR market is dynamic, and the driving factors and regional analysis may evolve over time as technology progresses and new applications emerge.