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The LiDAR market size is forecast to increase by USD 4,289.97 million and is estimated to grow at a CAGR of 24.45% between 2023 and 2027. The report includes historic market data from 2017 to 2021. This technology is growing rapidly due to advancements in CWFM-based sensors, the emergence of single-photon LiDAR (SPL), and continuous innovation through new product launches and collaborations among vendors. These factors are driving widespread adoption across industries and fueling market growth.
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Continuous-wave frequency modulation (CWFM) technology is revolutionizing the market. Unlike traditional time-of-flight LiDAR sensors, CWFM LiDAR continuously transmits a laser beam, offering better resistance to background light interference. This innovative approach enables precise detection of an object's speed and distance, making it a key trend driving market growth. The next-generation sensor manufacturers is embracing CWFM to enhance performance and expand applications during the forecast period.
The market share growth by the airborne LiDAR segment will be significant during the forecast period. The segment of the market includes sensors installed on aircraft and unmanned aerial vehicles (UAVs). Airborne light detection and ranging sensors are increasingly being used in a variety of applications, including disaster management and defense operations related to national security issues. The market is expected to witness significant growth during the forecast period owing to increasing efforts to deploy aerial systems to ensure aircraft safety in commercial aviation.
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Industries such as mining, construction, utilities, and agriculture use massive amounts of data transmitted via sensors embedded in airborne platforms to improve efficiency in service delivery and improve safety standards. Proper analysis of collected data is essential to gain critical insights. With the help of algorithms, the collected data is analyzed to give a detailed overview of the overall situation and create an effective action plan to achieve the desired outcome. Airborne sensors are therefore increasingly accepted in the above applications that require high-precision data acquisition.
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North America is estimated to contribute 39% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The expanding application field is one of the key factors driving the market in North America. The US contributes a large share of the market revenue. In North America, the solutions are primarily used for mapping applications in areas where accurate topographic maps do not exist. This technology is also used for disaster management and mapping of ground displacements caused by earthquakes, landslides, and storms. Additionally, these solutions are being used for archaeological surveys throughout North America. Increasing adoption of these sensors in automotive applications, in addition to geospatial mapping and disaster management applications, is expected to be the major driver market in this region during the forecast period.
The expanding application areas of this technology are driving market growth. It's gaining traction in construction and engineering, improving productivity and cost estimates. Their versatility extends to public safety, agriculture, utilities, and mining, leading vendors to develop application-specific solutions. These advancements are expected to propel the market in the forecast period.
The high cost of these sensors poses a significant challenge to the market's growth. For example, a single Velodyne HDL-64 LiDAR sensor costs around USD 75,000, making mass adoption in various industries difficult. Although costs have decreased in recent years, mass production is needed to further reduce prices. End users, including automakers like Tesla Inc., have opted for other sensors due to the high cost, hindering market growth in the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
GEOKNO: The company is involved in the installation of these systems in helicopters, vehicles, and airplanes.
The market research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the market growth and trends opportunities from 2017 to 2027.
The Market is experiencing growth across various sectors, including mining sites and inland waterways, driven by the need for efficient water runoff management. Automation is increasingly replacing human efforts in topographical surveys and civil engineering, with advancements like 3D imagery enhancing safety features in self-driving cars and GPS-enabled navigation applications.
In military & defense, this is crucial to monitor weather conditions and environmental factors, such as those monitored by Canadian environment monitoring stations, including tropospheric pollution and the aftermath of volcanic eruptions. This also plays a key role in air travel and the oil sand monitoring system, highlighting its importance in various industries. The market's growth is hindered by the lack of educated customers, emphasizing the need for customer education. However, the adoption of this in aerial mapping devices and ADAS segment applications, such as automotive safety applications, is driving market expansion.
LiDAR Market Scope |
|
Report Coverage |
Details |
Page number |
178 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 24.45% |
Market growth 2023-2027 |
USD 4,289.97 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
20.37 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 39% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
DENSO Corp., FARO Technologies Inc., GMR Infrastructure Ltd., Hexagon AB, Innoviz Technologies Ltd., LeddarTech Inc., Luminar Technologies Inc., Ouster Inc., Phoenix LiDAR Systems, Quanergy Systems Inc., RIEGL Laser Measurement Systems GmbH, Robert Bosch GmbH, RoboSense, SICK AG, SureStar, Teledyne Technologies Inc., Trimble Inc., Valeo SA, YellowScan, and Zephir Ltd. |
Market dynamics |
Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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