“The LiDAR market is estimated to grow at a CAGR of 17.2% between 2018 and 2023”
The overall LiDAR market is expected to reach USD 1,809.5 million by 2023 from USD 819.1 million by 2018, at a CAGR of 17.2% between 2018 and 2023. The increasing use of drones equipped with LiDAR for greater accuracy in surveying applications and the introduction of technologically enhanced LiDAR are the key factors contributing to the growth of the LiDAR market. However, environmental traits, such as clouds, rain, and snow, affecting the performance of LiDAR systems is the key restraints for the growth of the LiDAR market. The deployment of LiDAR components in the automotive sector and vertical forward integration are the major opportunities for the studied market.
“The market for solid-state LiDAR is expected to grow at the highest CAGR”
Among the types of LiDAR, the market for solid-state LiDAR is expected to grow at the highest CAGR during the forecast period. This growth is mainly attributed to the increasing range of applications of solid-state LiDAR in the automotive and robotics industries. In a solid-state LiDAR, the entire components, such as scanner and precision clock, are integrated on one or two chips to reduce its size and cost. The low cost of these systems enables combining two or more sensors to increase the area coverage and meet the specific requirements of the planned application.
“The LiDAR market in APAC expected to grow at the highest CAGR during the forecast period”
APAC is expected to be the fastest-growing market for LiDAR during the forecast period. The LiDAR market in APAC is segmented into India, China, Japan, South Korea, and Rest of APAC. This growth is mainly attributed to the increasing awareness among governments and customers regarding the benefits and applications of the LiDAR technology in APAC. For instance, the Indian Transport Ministry has mandated the use of LiDAR systems in surveying areas before constructing a new highway. Such initiatives from the governments of the countries in APAC are the driving growth of the LiDAR market in APAC region.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key industry experts.
The breakup of the profiles of primary participants has been given below:
- By Company Type: Tier 1-45%, Tier 2-30%, and Tier 3-25%
- By Designation: Managers-60% and C-Level Executives-40%
- By Region: Americas-45%, APAC-35%, Europe-15%, and RoW-5%
The key market players profiled in this report are as follows:
• Teledyne Optech (Canada)
• Leica Geosystems (Switzerland)
• Reigl Laser Measurement Systems (Austria)
• Trimble (US)
• Faro Technologies (US)
• Quantum Spatial (Aerometric) (US)
• Velodyne LiDAR (US)
• Beijing Surestar Technology (Isurestar) (China)
• Geokno (India)
• Sick AG (Germany)
The report on the LiDAR market covers the market segmented on the basis of the following segments: type, installation, service, component, range, application, and geography. The market has been segmented on the basis of type into mechanical LiDAR and solid-state LiDAR. Based on installation, the LiDAR market has been classified into airborne and ground-based. Based on component, the LiDAR market has been classified into laser scanners, navigation and positioning systems, and other components. The market has been segmented on the basis of service, the LiDAR market has been classified into aerial surveying, asset management, GIS services, ground-based surveying, and other services. The market has been segmented on the basis of range, short, medium, and large. The market, on the basis of application, has been segmented into corridor mapping, engineering, environment, ADAS & driverless cars, exploration, urban planning, cartography, meteorology, and other applications.
Key Benefits of Buying the Report:
Illustrative segmentation, analysis, and forecast for the market on the basis of type, installation, service, component, range, application, and geography have been conducted to give the overall view of the LiDAR market.
The value chain analysis is provided to provide an in-depth insight into the LiDAR market.
Major drivers, restraints, opportunities, and challenges for the LiDAR market have been detailed in this report.
The report includes a detailed competitive landscape and revenue of the key players.