LiDAR Market (2022-2029)
Market is expected to reach $20.03 billion by 2029 at a CAGR of 28.4% from 2022 to 2029.
- Published
- Oct 2024
- Pages
- 227
- Format
- PDF + Excel
- Report ID
- MRSE - 104637
- Base year
- 2021
- 2029 · FORECAST
- $20.03B
- 2029
- $20.03B
- CAGR 2022–2029
- 28.4%
2021 baseline · 2022–2029 forecast at 28.4% CAGR · hover a bar for the value
Key highlights
The 4D Segment Expected to Register the Highest CAGR During the Forecast Period
The Flash LiDAR Segment Expected to Register the Highest CAGR During the Forecast Period
The Terrestrial Segment Expected to Register the Highest CAGR During the Forecast Period
The 1550 nm Segment Expected to Register the Highest CAGR During the Forecast Period
Asia-Pacific to be the Fastest-growing Regional Market
Report summary
| Particulars | Details |
|---|---|
| Base Year | 2021 |
| Estimated Year | 2022 |
| Forecast Period | 2022–2029 |
| Market Size (2029) | USD 20.03 billion |
| CAGR (2022–2029) | 28.4% |
| Format | PDF, Excel & Cloud Portal · 227 pages |
| Segments Covered | By Dimension Type: 2D, 3D, 4D · By Technology: Macro-mechanical LiDAR, Flash LiDAR · By Installation Type · By Wavelength · By Range · By Service · By Application · By End-use Industry |
| Key Companies | Trimble Inc., Leica Geosystems AG, SICK AG, Aeva Technologies, Inc., Velodyne Lidar, Inc., RIEGL Laser Measurement Systems GmbH, Zephire Ltd., Pvt. Ltd., FARO Technologies, Inc., Shanghai Hesai Technology Co., Ltd., LeddarTech Inc., Suteng Innovation Technology Co., Ltd., Hokuyo Automatic USA Corporation, Mirrorcle Technologies Inc. |
Report overview
Segments covered: dimension type, technology, installation type, wavelength, range, service, application, end-use industry.
The growth of this market is driven by the increasing adoption of LiDAR systems for developing UAVs, the growing use of LiDAR technology in autonomous vehicles, the emergence of 4D LiDAR, and increasing government investments in LiDAR technology. However, the safety risks associated with UAVs and autonomous vehicles restrain the growth of this market. Increasing OEM investments in LiDAR start-ups offer market growth opportunities. However, the high cost of installing LiDAR systems is a challenge for market growth.
The COVID-19 pandemic negatively impacted the companies involved in the LiDAR ecosystem. LiDAR technology had a widespread impact on both manufacturers and end users. The COVID-19 pandemic highly impacted the market for oil & gas exploration applications. The exploration application of LiDAR includes the use of LiDAR for oil & gas and mining purposes. The restrictions on public transportation led to a decrease in fuel use and impacted oil prices worldwide. The slowdown in oil & gas production also affected exploration applications, thereby limiting the market for LiDAR.
LiDAR sensors can detect objects within a range of 300 meters. The data scanned by these sensors are recorded by software tools that can be used to create a model of the vehicle’s surroundings. The LiDAR sensors also connect close-range and far-range sensor systems. The reduced production of automobiles due to the temporary shutdown of manufacturing plants is expected to negatively impact the demand for LiDAR sensors in the automotive sector. The slowdown in the development and demand for autonomous vehicles is expected to impact the demand for LiDAR sensors. Furthermore, the disruptions in supply chains may restrain the market growth. Moreover, the economic downturn following the pandemic has compelled automotive giants to reduce their spending on research & development activities for offering advanced features and capabilities, which is expected to further hamper the market growth.
Report infographic
Market dynamics
1 factors across 1 forceUse of LiDAR for Automated Driving Vehicles
Autonomous vehicles (AVs) rely on various sensor technologies to perceive the environment and make logical decisions based on the gathered information, similar to humans. Under ideal operating conditions, the perception systems (sensors onboard AVs) provide enough information to enable autonomous transportation and mobility. Integrating LiDAR technology allows self-driving vehicles to make calculated decisions with the ability to detect objects in their immediate environment. It is a vehicle’s ‘set of eyes’ and the most important component in making self-driving vehicles a reality. Automakers are leveraging this technology as they compete to develop self-driving vehicles which are safe.
Implementing LiDAR in self-driving vehicles is instrumental in bringing the concept to life without compromising safety. A LiDAR system uses laser pulses to form 3D mapping and envisions its surroundings. These lasers are invisible to the eye. The capabilities of LiDAR are extensive, with the technology’s ability to see in all directions and calculate accurate distances. With safety a top concern, LiDAR enables self-driving vehicles to make precise judgments without human error, making them less susceptible to crashes. Many OEMs are developing strategies to develop autonomous vehicles. For instance, in March 2022, the U.S.-based Luminar Technology partnered with the German automotive player, Mercedes-Benz Group AG, to improve its autonomous driving technology using Luminar’s Iris laser LiDAR.
Table of contents
17 chapters · 121 sections · 227 pages · click to expandSegmental analysis
| Segment | Largest share (2022) | Fastest growth (2022–2029) |
|---|---|---|
| By Dimension Type | — | Rapid growth of this |
| By Technology | — | Flash LiDAR |
| By Installation Type | — | Terrestrial |
| By Wavelength | — | 1550 nm |
| By Range | — | Medium range |
| By Service | — | Ground-based survey |
| By Application | — | Advanced driver assistance system (ADAS) |
| By End-use Industry | Government | — |
By Dimension Type
- The 4D Segment Expected to Register the Highest CAGR During the Forecast Period
- The 4D segment is expected to register the highest CAGR during the forecast period.
- The rapid growth of this segment is attributed to the high adoption of 4D LiDAR in applications such as self-driving cars, robots, and other autonomous systems.
- Besides automobiles, 4D LiDAR has architecture, engineering, construction (AEC), entertainment, and AR/VR applications.
By Technology
- The Flash LiDAR Segment Expected to Register the Highest CAGR During the Forecast Period
- The flash LiDAR segment is expected to register the highest CAGR during the forecast period.
- The rapid growth of this segment is attributed to emerging usage and high preferences for autonomous vehicles and defense.
- Flash LiDAR is widely deployed in autonomous cars with ADAS capabilities and robotics application where high speed and precision is required to create infographics.
- According to McKinsey Insights, by 2030, around 15% of vehicles are expected to be autonomous.
- Furthermore, the National Ocean and Atmospheric Administration (NOAA) plans to implement flash LiDAR to increase accuracy in the weather forecast.
By Installation Type
- The Terrestrial Segment Expected to Register the Highest CAGR During the Forecast Period
- The terrestrial segment is expected to register the highest CAGR during the forecast period.
- Terrestrial LiDAR can be mobile and stationary and operates only on the surface of the Earth.
- Static terrestrial scanning is a frequently preferred survey method for monitoring, conventional topography, forensics, and cultural heritage documentation.
- Mobile & UAV LiDAR operates in both mobile and aerial modes and works on Earth's surface and surrounding environment.
By Wavelength
- The 1550 nm Segment Expected to Register the Highest CAGR During the Forecast Period
- The 1550 nm segment is expected to register the highest CAGR during the forecast period.
- Utilization of the 1550 nm wavelength is growing due to its higher eye safety and potential to detect low reflectivity targets within a radius of 300 m.
By Range
- The medium range segment is expected to register the highest CAGR during the forecast period.
- The rapid growth of this segment is attributed to the growing usage across engineering and environmental applications such as ecological land and classification and archaeology.
- Medium range LiDAR is widely used to capture the building structure.
By Service
- The ground-based survey segment is expected to register the highest CAGR during the forecast period.
- The rapid growth of this segment is attributed to its potential to collect a million points of data per second over the ground area, making it an exceptionally fast method of surveying.
- The ground-based survey gives much more accurate information for accurate ecological and land use classification.
- This survey is used to map the forests by measuring the vertical structures of the canopy and its density.
By Application
- The advanced driver assistance system (ADAS) segment is expected to register the highest CAGR during the forecast period.
- The rapid growth of this segment is attributed to the surging incorporation of LiDAR-based sensors in various automotive safety applications.
- In the last few years, assisted driving automobiles have gained traction in the market; these automobiles use cameras and LiDAR to sense the environment around them and avoid accidents.
- For instance, in July 2019, Velodyne Lidar Inc., a California-based Lidar technology company, announced the acquisition of localization and mapping software from Mapper.ai, Inc. This development aimed to boost the company's ADAS system production.
By End-use Industry
- The Government Segment is Expected to Account for the Largest Market Share
- The government bodies segment is expected to account for the largest share of the global LiDAR market.
- The large market share of this segment is attributed to the need for surveying and monitoring surroundings, including forest management, coastline management, pollution modeling, agriculture, wind farms, and precision forestry.
Geographic analysis
Asia-Pacific
Fastest growthAsia Pacific is expected to register the highest CAGR during the forecast period. The rapid growth of this segment is attributed to the increased focus on LiDAR modernization programs in the region. China, India, and Japan are expected to become the major markets in the region, as developed countries are expected to increasingly outsource their LiDAR mapping and surveying services to these countries in the near future. Asia-Pacific to be the Fastest-growing Regional Market
Competitive landscape
- Trimble Inc.
- Leica Geosystems AG
- SICK AG
- Aeva Technologies, Inc.
- Velodyne Lidar, Inc.
- RIEGL Laser Measurement Systems GmbH
- Zephire Ltd.
- Pvt. Ltd.
- FARO Technologies, Inc.
- Shanghai Hesai Technology Co., Ltd.
- LeddarTech Inc.
- Suteng Innovation Technology Co., Ltd.
- Hokuyo Automatic USA Corporation
- Mirrorcle Technologies Inc.
Frequently asked questions
The global LiDAR market report covers the market sizes & forecasts for the LiDAR market based on dimension type, technology, installation type, wavelength, range, service, application, end-use industry, and geography. The market study provided in this report involves the value analysis of various segments and sub-segments of the global LiDAR market at the regional and country levels.
Cite this report
Meticulous Research. (2024). LiDAR Market - Global Opportunity Analysis and Industry Forecasts (2022-2029) (Report No. MRSE - 104637). Meticulous Market Research Pvt. Ltd. https://www.meticulousresearch.com/product/lidar-market-5323