According to the latest analysis conducted by Reports and Data, the market size of Light Detection and Ranging (LiDAR) reached USD 2,061.7 Million in 2022. It is projected that the market will experience a compound annual growth rate (CAGR) of 12.5% during the forecast period. Several factors contribute to this growth, including the increased utilization of LiDAR systems in Unmanned Aerial Vehicles (UAVs), advancements in 4D LiDAR technology, and the relaxation of regulations concerning the use of commercial drones across various applications. Additionally, automotive giants investing in LiDAR startups, the long-term potential of Short-Wave Infrared (SWIR)-based designs, the adoption of solid-state, Microelectromechanical Systems (MEMS), flash LiDAR, and other LiDAR technologies, the development of enhanced geospatial solutions through sensor fusion, and government initiatives promoting the use of LiDAR drones for large-scale surveys are all anticipated to contribute to the market's revenue growth.
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Top Companies Operating in the Global Light Detection and Ranging (LiDAR) Market Report:
Teledyne Geospatial, Leica Geosystems AG, Xenomatrix, Riegl Laser Measurement Systems GmbH, Sick AG, SURESTAR, Yellowscan, Valeo, Trimble Inc, and NV5 Inc.
Some Key Highlights From the Report
- The 2D segment accounted for largest revenue share in 2022. Light moves through air at a steady speed, enabling accuracy. A single plane of lasers is used by 2D sensors to record the X and Y dimensions. This might be accomplished by a single revolving laser beam or a continuous ring of light emission. The same type of X and Y-dimensional data is gathered by both ring lasers and 2D LiDAR sensors. The most effective sensors to utilize for tasks such as range and detection are 2D sensors, which is the key factor driving revenue growth of the segment. Active optical sensors, such as 2D LiDAR Online, 360-degree cameras, and virtual tours are also used to scan and identify the environment around the robot. Unlike other surveying methods, LiDAR pulses can be utilized to create virtual 2D representations of a location that can be used to create virtual tours.
- The laser scanner segment accounted for largest revenue share in 2022. This is as a result of major efforts made in the production of affordable, high-volume scanning components and addressing LiDAR system shortcomings. LiDAR subsystem components with a larger Field of View (FoV) than conventional LiDAR components are designed and produced by market firms operating in several nations. In addition, expenditures are made to manage applications for harsh, high-vibration automotive and aerial products. Robust design to better withstand temperature variation, decreased production costs, and increased operational reliability is a major factor driving revenue growth of the segment.
- The mechanical segment accounted for largest revenue share in 2022. Mechanical scanning LiDARs can physically rotate a laser/receiver system or utilize a rotating mirror to direct a light beam in order to gather data across a wide area of up to 360 degrees. Mechanical scanning LiDARs use strong, collimated lasers to focus the return signal through tightly focused optics onto the detector. These provide a full mapping of the environment, but due to their high cost (between several and tens of thousands of dollars), complexity, reliability issues, and vast size, they are not a favoured solution for industrial installations in automotive and mobility applications. The auto industry is anxiously anticipating automotive-grade LiDAR technologies that will provide the best cost-performance ratio and enable significant degrees of automation in production automobiles.
- The market in Asia Pacific is expected to register fastest revenue CAGR during the forecast period. The Internet penetration has increased with developments in telecommunications technology. Even the government has stepped in to ensure that telecommunications carriers share Advanced Driver Assistance Systems (ADAS) held by them so that all operators' users have the threshold bandwidth everywhere, and these new technologies are generally more utilized in the region.
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The global Light Detection and Ranging (LiDAR) market is segmented into:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Further market segmentation
Technology Outlook (Revenue, USD Million; 2019-2032)
- 2D
- 3D
- 4D
Component Outlook (Revenue, USD Million; 2019-2032)
- Laser Scanner
- Sensors
- Navigation and Positioning Systems
- Others
Type Outlook (Revenue, USD Million; 2019-2032)
- Solid-state
- Mechanical
Range Outlook (Revenue, USD Million; 2019-2032)
- Short
- Medium
- Long
Application Outlook (Revenue, USD Million; 2019-2032)
- Corridor Mapping
- Environment
- Engineering
- ADAS and Driverless Cars
- Law Enforcement
- Others
End-use Outlook (Revenue, USD Million; 2019-2032)
- Automotive
- Defense and Aerospace
- Healthcare
- Agriculture
- Mining
- Entertainment
- Others
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