LiDAR Market To Witness Significant Growth Of $3.7 Billion By 2027 Registering A CAGR Of 13.2% | Grand View Research, Inc.

LiDAR Market To Witness Significant Growth Of $3.7 Billion By 2027 Registering A CAGR Of 13.2% | Grand View Research, Inc.

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The global LiDAR market size is projected to reach USD 3.7 billion by 2027, progressing at a CAGR of 13.2% over the forecast period, as per a report by Grand View Research, Inc.

The global LiDAR market size was valued at USD 1.1 billion in 2019 and is expected to register a CAGR of 13.2% over the forecast period. LiDAR stands for Light Detection and Ranging, and is a remote sensing technology utilizing light in a pulsed laser form to measure variable distances, or ranges, to the Earth. It finds use primarily in airborne, terrestrial, and mobile applications. The major factors driving market growth for LiDAR include increasing acceptance in environmental mapping, automobile safety application, construction and architectural sectors for monitoring, and 3D-modeling applications. Additionally, the exponential growth in the popularity and adoption of self-driving cars and trucks is expected to propel market growth, as LiDAR is one of the key sensing technologies that is required to enable hybrid to full autonomous driving.

Advanced driver assistance systems (ADAS) have witnessed a surging incorporation in automotive safety and forward-collision avoidance systems, which is expected to positively develop the LiDAR industry. In the U.K., regulatory authorities have mandated installation of certain automotive safety technologies, while the Euro NCAP Advanced aims to provide buyers with clear guidance regarding the safety benefits offered by technologies such as blind spot monitoring, lane support, Autonomous Emergency Braking (AEB), speed alert, attention assist, vision enhancement, and pre-crash sensing. Rising developments in 3D scanning solutions is anticipated to boost the market growth over the forecast period. The ability to store large LiDAR point files has been a stumbling block for new users; however, the technological advancements in spatial resolution of LIDAR-based digital terrain models offer excellent accuracy in applications such as change detection on hillsides, water runoff for agriculture or mining sites, and inland waterways.

The relative lack of customer knowledge and awareness regarding LiDAR and its advantages presents numerous opportunities to the industry to develop novel applications for piquing consumer interest. The major types of product include terrestrial, airborne, and mobile and UAV (Unmanned Aerial Vehicle). The major components in LiDAR consist of laser scanners, GPS, and navigation (IMU), among others. Notable areas of application for LiDAR include engineering, exploration, environment, corridor mapping, and ADAS, among numerous others. Notable industry players such as Faro Technologies Inc., Leica Geosystems Holdings AG, Trimble Navigation Limited, Velodyne LiDAR, Inc., and RIEGL USA Inc., have invested heavily in R&D to launch innovative products catering to major industries.

Europe LiDAR market size, by product type, 2016 - 2027 (USD Million)

 LiDAR Market Report Highlights

1        There has been a great market demand for 3D imagery from various application areas such as military and defense, topographical surveys, city planning, and corridor mapping, which has propelled the demand for LiDAR across the globe

2        The LiDAR market has seen countless developments on the innovation front, with companies such as Ford and General Motors having more than 100 patents each published in the period 2010-2019; such developments have positively driven the industry

3        As per data by AAA, till May 2018, 92.7% of new vehicles in the United States have had at least 1 ADAS feature integrated; the number of features per vehicle are expected to increase in the coming years, as major automobile companies continue to embrace this field, which is expected to drive the LiDAR market over the forecast period

4        The LiDAR market is estimated to grow significantly due to automation in industries, leading to reduced human efforts and increased efficiency. Technological superiority of LiDAR in engineering projects of large magnitude is estimated to trigger the demand further

5        Airborne systems are expected to remain the dominant product segment over the forecast period on account of the surging adoption of aerial mapping devices, as it offers greater accuracy for a larger area coverage, when compared to terrestrial systems

6        In terms of application, the corridor mapping segment accounted for the majority of the revenue share in the LiDAR market in 2019; however, it is expected to grow moderately in coming years and cede share to the ADAS segment

7        The ADAS application segment is expected to show substantial growth at 18.4% CAGR over the forecast period, aided by the exponential rise in integration of LiDAR-based sensors in numerous automotive safety applications

8        North America is expected to emerge as one of the leading regional markets owing to rising R&D spending coupled with high adoption in the automotive sector and environmental scanning and modeling operations

9        Growing demand in emerging economies, such as India, Japan, and China, is driving the industry growth in the Asia Pacific region. The surge in the demand across the automotive industry is one of the reasons boosting the market demand

10With industries around the globe slowly returning to normalcy during the coronavirus pandemic, managements have begun repurposing their 3D LiDAR systems for the purpose of monitoring employee distancing at the workplace

11LiDAR, in conjunction with thermal monitoring and video systems, can aid in sensing employee temperature, thus removing the need for any manual scan, while also helping to detect potential COVID-19 positive people

12The current market environment is witnessing an intense competition between the key players for achieving market domination through product differentiation and quality enhancements

13In January 2021, Velodyne signed a multi-year sales agreement with Emesent, wherein the latter will utilize Velodyne’s Puck LITE sensors to power its Hovermap mobile scanning system to map hazardous & GPS-denied environments

14In December 2020, Leica Geosystems announced that its BLK247 Smart 3D Surveillance System has been made available in two versions, the Leica BLK247 i5 and the Leica BLK247 x5, thus expanding the application scope

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LiDAR Market Segmentation

Grand View Research has segmented the global LiDAR market on the basis of product type, application type, component type, and region:

LiDAR Product Type Outlook (Revenue, USD Million, 2016 – 2027)

  • Airborne

  • Terrestrial

  • Mobile & UAV

LiDAR Application Outlook (Revenue, USD Million, 2016 – 2027)

  • Corridor Mapping

  • Engineering

  • Environment

  • Exploration

  • Advanced Driver Assistance Systems (ADAS)

  • Others

LiDAR Component Outlook (Revenue, USD Million, 2016 – 2027)

  • Laser Scanners

  • GPS

  • Navigation (IMU)

  • Others

LiDAR Regional Outlook (Revenue, USD Million, 2016 – 2027)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • France

    • U.K.

  • Asia Pacific

    • China

    • India

    • Japan

  • South America

    • Brazil

  • Middle East & Africa

List of Key Players of LiDAR Market

  • Faro Technologies Inc.
  • Leica Geosystems Holdings AG
  • Trimble Navigation Limited
  • Velodyne LiDAR Inc.
  • RIEGL USA Inc.

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