The LiDAR market size is projected to grow from USD 844 million in 2019 to USD 2,273 million by 2024, at a CAGR of 18.5% from 2019 to 2024. Rising adoption of LiDAR systems in UAVs, engineering, and construction applications; increasing use of LiDAR in geographical information systems (GIS) applications; and emergence of 4D LiDAR are the major factors driving the growth of the LiDAR market.
Download PDF Brochure:
Medium-range LiDAR is used to detect objects in the range of 200–500 m. This LiDAR is used in engineering, mapping, environment, and exploration applications. Medium-range LiDAR is used where precision and cost-effectiveness are the primary concerns. These LIDAR sensors are used to provide 2D and 3D real-time data to easily identify objects within the range of 200–500 m. The market for medium-range LIDAR is expected to grow at the highest rate, driven by the use of medium-range LiDAR in engineering and construction applications.
GIS services capture and analyze geospatial data of applications, including forestry and vegetation mapping. GIS can help in data analysis, topological modeling, geometric networks, hydrological monitoring, and cartographic modeling. There has been an increasing demand from governments, which would help the further growth of GIS services.
Ground-based LiDAR is expected to dominate the LiDAR market, by installation type. Ground-based LiDAR is adopted widely in applications such as environment, meteorology, corridor mapping, and ADAS & driverless cars, among others. Ground-based LiDAR systems cost less and have less stringent approval criteria for mapping and surveying applications, which leads to the larger size of these systems in the market.
Short range LiDAR is expected to dominate the LiDAR market, by range. LiDAR is widely adopted in environmental applications for the surveying and monitoring of environmental resources. Laser scanning systems are suited for environmental monitoring applications from airborne carbon mapping to coastal monitoring surveys. LiDAR is widely adopted to survey and monitor environments in various applications, including forest management, coastline management, pollution modeling, agriculture, wind farms, and precision forestry.
North America is expected to dominate the LiDAR market, by region. The growth of the North American market is attributed to the use of LiDAR in applications such as environment, corridor mapping, meteorology, and urban planning. The market growth is also attributed to the use of LiDAR in ADAS and driverless cars, which is expected to grow significantly in the coming years.
Request Free Sample Pages:
Teledyne Technologies (US), Hexagon (Sweden), Trimble (US), FARO (US), RIEGL (Austria), SICK AG (Germany), Quantum Spatial (US), Beijing Beiketian Technology Co., Ltd. (SureStar, China), Velodyne Lidar (US), and YellowScan (France) are some of the key players in the LiDAR market.
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledge Store” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.