LiDAR Industry Overview
The global LiDAR market size was valued at USD 1.81 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 9.8% from 2022 to 2030. The technological advancements in spatial resolution of LiDAR-based digital terrain models are providing better accuracy in applications such as change detection on hillsides, water runoff for agriculture or mining sites, and inland waterways. The growth of the market is attributed to the rising automation in LiDAR to reduce human efforts and increase efficiency.
The rising demand for 3D imagery in application areas such as military & defense, topographical surveys, civil engineering, and corridor mapping is expected to drive the market growth over the forecast period. Textured 3D imagery is applied in applications such as 3D mapping, city planning, and corridor mapping. The installation of advanced safety features is increasing exponentially. Moreover, in countries such as the U.S., self-driving cars are approved by the government on the road; these vehicles are integrated with LiDAR for GPS and navigation applications.
Gather more insights about the market drivers, restraints, and growth of the Global LiDAR Market
LiDAR is also used in monitoring weather conditions and environmental monitoring. For instance, the Canadian environment monitoring stations utilize LiDAR technology to monitor tropospheric pollution. LiDAR stations are crucial in monitoring the ash from volcanic eruptions that can interfere with air travel. The technology also finds its application in mapping the oil sand monitoring system. These multiple applications of LiDAR technology owing to its enhanced accuracy are expected to propel the growth of the market over the forecast period.
The lack of educated customers is considered a major restraint for the growth of the market. Ascertaining the scope of customer education is essential to reduce the costs of implementing and designing such customer awareness and education programs. Customer education and awareness are crucial for improving the capacity of the people to address development and environmental issues and for stimulating sustainable development.
Browse through Grand View Research's Next Generation Technologies Industry Related Reports
Automated Guided Vehicle Market - The global automated guided vehicle market size was valued at USD 3.81 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 10.2% from 2022 to 2030.
Machine Control System Market - The global machine control system market size was valued at USD 4.3 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 11.2% from 2020 to 2027.
LiDAR Market Segmentation
Grand View Research has segmented the global LiDAR market based on product type, application, component, and region:
LiDAR Product Type Outlook (Revenue, USD Million, 2017 - 2030)
- Airborne
- Terrestrial
- Mobile & UAV
LiDAR Application Outlook (Revenue, USD Million, 2017 - 2030)
- Corridor Mapping
- Engineering
- Environment
- Exploration
- Advanced Driver Assistance Systems (ADAS)
- Others
LiDAR Component Outlook (Revenue, USD Million, 2017 - 2030)
- Laser Scanners
- GPS
- Navigation (IMU)
- Others
LiDAR Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- Europe
- Asia Pacific
- South America
- MEA
Market Share Insights:
November 2021: Outer LiDAR collaborated with Kudan Inc. to expand its presence in Japan.
August 2019: Ouster LiDAR expanded in Asia Pacific and Europe with new offices in Shanghai, Paris, and Hong Kong.
Key Companies profiled:
Some prominent players in the global LiDAR market include
- Faro Technologies, Inc.
- Leica Geosystems Holdings AG
- Teledyne Optech Incorporated (A part of Teledyne Technologies)
- Trimble Navigation Limited
- RIEGL USA, Inc.
- Quantum Spatial, Inc.
- Velodyne LiDAR, Inc.
- Sick AG
- YellowsScan
- GeoDigital
Order a free sample PDF of the LiDAR Market Intelligence Study, published by Grand View Research.
No comments:
Post a Comment