The global LiDAR Market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.
Market Overview:
The global LiDAR market size is anticipated to be worth USD 3.7 billion by 2027 and registering 13.2% CAGR during the forecast period from 2020 to 2027, as per a new report by Million Insights. Increasing use of LiDAR system in automobile safety, environmental mapping and corridor mapping is attributing to its growth. In addition, increasing adoption of autonomous vehicles is likely to spur product demand. LiDAR plays a vital role in sensing and it is integrated with ADAS technologies to ensure vehicle safety.
Key Players:
- Faro Technology, Inc.
- Leica Geosystem Holdings AG
- Teledyne Optech Incorporated (A part of Teledyne Technologies)
- Trimble Navigation Limited
- RIEGL USA, Inc.
- Quantum Spatial, Inc.
- VelodyneLiDAR, Inc.
- Sick AG
- YellowScan
- GeoDigital
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Growth Drivers:
The demand for three-dimensional imagery is gaining traction in various applications such as topographical surveys, corridor mapping, military & defense, civil engineering and others. LiDAR ability to provide an accurate digital 3-D representation of a target makes it an ideal choice for these applications. Various applications where 3D imagery is used include city planning, corridor mapping and 3D mapping. Further, LiDAR is vital for autonomous mobility. Operation of self-driving cars is approved in countries like the United States. For accurate navigation, LiDAR systems are integrated with the GPS system in autonomous cars.
The use of LiDAR in the monitoring environment and weather condition is prevented. In addition, LiDAR technology is useful in monitoring the ash flow during the volcano eruptions to figure out how ash can causes a problem to air travel. Further, the technology is likely to find its application in monitoring oil sand.
End-use Outlook:
- Corridor Mapping
- Engineering
- Environment
- Exploration
- Advanced Driver Assistance Systems (ADAS)
Regional Outlook:
North America dominated the LiDAR market in 2019 due to the regulations that mandate the use of LiDAR technology to ensure enhanced safety in automotive. The use of LiDAR system is prevalent in both heavy-duty and light-duty vehicles. Airborne LiDAR systems are widely used in varieties of application in Canada and the United States. Increasing adoption of the LiDAR system in automatic emergency braking (AEB) and ADAS is expected to offer lucrative growth opportunity for market.
On the other hand, Asia Pacific is estimated to register the highest growth of over 19.0% CAGR over the forecast duration. Emerging countries such as India and China are likely to emerge as the lucrative investment destination owing to the rise in investment made by both domestic and international players. For example, Ouster LiDAR, in 2019, opened its new centers in Hong Kong, Shanghai and Paris as part of its expansion strategy in Europe and Asia Pacific.
COVID-19 Impact Insights:
The outbreak of COVID-19 has negatively affected the market. LiDAR technology is mostly used in engineering, automotive, exploring and corridor mapping. Following the virus outbreak in late 2019, these industries were either forced to shut down or operated with limited capacity, thereby leading to significant fall in the demand of LiDAR technology in the first and second quarter of 2020. Moreover, manufacturers restrain themselves for making huge investment amid low demand, thereby, delaying the introduction of new products. However, with resumption in various industrial operations in the third quarter of 2020, the market is projected to recover to some extent. However, reaching to pre-COVID levels is likely to take a few more years. Financial support from the government is expected to help the market to recover faster.
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