Lidar Market Set to Grow at a Stellar CAGR of 20.1% during FY, 2021–2028 | Growth Market Reports


Posted April 25, 2022 by MarketResearch7

The global lidar market size was valued at USD 1.1 billion in 2020 and is projected to reach USD 2.90 billion by 2028, expanding at a CAGR of 20.1% during the forecast period, 2021–2028.
 
The global lidar market size was valued at USD 1.1 billion in 2020 and is projected to reach USD 2.90 billion by 2028, expanding at a CAGR of 20.1% during the forecast period, 2021–2028. The growth of the market is attributed to growing adoption of lidar system in engineering and construction application, geographical information system, its easy regulation, and in various industries for different purpose.

Light detection and ranging (LIDAR) is a remote sensing method which uses light in form of laser to measure variable distances or ranges to the Earth. It is used to make high-resolution maps which are applied in archeology, geology, forestry, laser guidance, surveying, geodesy, geography, seismology, atmospheric physics, geomatics, and laser altimetry. It enables the detection, examination, and mapping of the objects easier.

The demand for 3D imagery is increasing which are used in corridor mapping, 3D mapping, and city planning. Various manufacturers’ as-well-as end-users have been impacted due to covid-19. Lidar market of exploration which include oil & gas and mining is mainly impacted due to lockdown imposed across the globe and impacted the economies of the countries.

Market Trends, Drivers, Restraints, and Opportunities
• Increasing demand from various industries and end-users is estimated to drive the market in the coming years.
• Rapid growth of the automotive industry is major factor spurring the market during the forecast period.
• High cost of lidar systems due to expensive components used is anticipated to hamper the market growth.
• Lack of skilled awareness and knowledge about the technology act as key challenge that can restrict the market growth.
• R&D investment and technological advancement and innovation in the system is expected to offer immense opportunities for the market players.

Market Segment Insights:

The ground-based lidar segment is projected to account for a large market share
Based on products, the global lidar market is bifurcated into ground-based lidar and aerial lidar. The ground-based lidar segment is expected to represent a key share of the market during the forecast period owing to low cost and they are mostly placed on moving platforms including vehicles is rising the demand from automotive sector. Scanning of outcrop consisting of near vertical cliffs and hillsides, ground-based lidar is used.

The laser scanner segment is projected to hold a key market share
On the basis of components, the global lidar market is segmented into laser scanner, global positioning system, inertial measurement unit, and other components. The laser scanner segment is expected to constitute a key share of the market in the coming years due to reducing cost of laser technology and high usage of laser scanning in mapping and object, localization, and environment modeling.

The advanced driver assistance systems segment is projected to constitute a major market share
In terms of applications, the global lidar market is segregated into exploration, corridor mapping, advanced driver assistance systems, and other applications. The advanced driver assistance systems segment is expected to register a CAGR of 18.4% in the market during the forecast period owing to surging incorporation of sensors in various automotive safety applications. It uses radar and camera to sense the environment and avoid the chances of accidents. However, the corridor mapping segment is anticipated to expand at a moderate pace during the forecast period.

The aerospace & defense segment is estimated to expand at a rapid pace
Based on end-users, the global lidar market is bifurcated into automotive, aerospace and defense, engineering, transportation, and industrial. The aerospace and defense industry lidar is used to track low flying aircraft, dimensions and distance of target, and weather condition. Lidar is used for surveying fields with drones and automatic tractor steering solutions in the agriculture industry.

North America is anticipated to dominate the market
On the basis of regions, the global lidar market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of North America is anticipated to expand at an impressive CAGR during the forecast period. The regional market growth can be attributed to mandating the installation of automotive safety technologies and adopting administrative regulations. High usage of lidar in various applications including corridor mapping, urban planning, environment, meteorology, and advanced driver assistance systems and driverless cars is expected to fuel the market. However, the market of Asia Pacific is expected to exhibit a rapid growth rate in the coming years owing to increasing investment by the market players.

Compititive Landscape
Key players competing in the global lidar market include Mira Solutions, Inc., Faro Technologies Inc., Aerometric Surveys, Firmatek, LLC, Veldoyne, Leosphere SAS, Lecia Geosystems AG, and GeoSLAM Ltd. (3D Laser Mapping). Some of these players are engaged in several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to enhance their market shares and strengthen their position. For instance,
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Issued By Growth Market Reports
Country United States
Categories Business , Electronics , Telecom
Tags lidar market , lidar market cagr , lidar market share , lidar market size , north america , south america , uae , usa
Last Updated April 25, 2022