“Rising adoption of LiDAR systems in UAVs to drive the growth of LiDAR market”
The LiDAR market is projected to grow from USD 844 million in 2019 to USD 2,273 million by 2024, recording a CAGR of 18.5% between 2019 and 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. However, safety threats related to UAVs and autonomous cars acts as a restraint for the market growth.
“Based on technology, 4D LiDAR to be the fastest-growing technology segment between 2019 and 2024”
The growth of 4D LIDAR is attributed to the widespread adoption of 4D LiDAR in applications such as ADAS, driverless cars, and robotics. Autonomous vehicles require detailed understanding regarding the physical world around them, which can be achieved using 4D LiDAR. The adoption of 4D LiDAR would help in gaining a high level of automation in self-driving cars, robots, and other autonomous systems.
“Based on installation type, ground-based LiDAR to be the fastest-growing installation type between 2019 and 2024”
Ground-based LiDAR scanning technology is widely used across a wide range of applications, such as mapping, engineering, environment, and meteorology. Ground-based LiDAR systems are either stationary or movable and are further segmented into static LiDAR and mobile LiDAR. Ground-based LiDAR is typically mounted on a tripod or placed on a moving platform, for example, vehicles. These systems are less costly as compared to airborne-LiDAR systems.
“Based on application, ADAS & driverless cars to be the fastest-growing application between 2019 and 2024”
The automotive industry is looking forward to autonomous vehicles and assisted technologies. Automotive companies are coming up with innovative technologies in advanced driver assistance systems (ADAS) using new and affordable sensors. Rising adoption of solid-state LiDAR in ADAS and driverless cars for assuring safety is expected to boost the market in the coming years. Moreover, automotive giants are adopting LiDAR systems for their L3 level vehicles, which is expected to have a positive impact on the sales of these vehicle types.
“APAC LiDAR market to record highest growth rate during forecast period”
The LiDAR market in the APAC region is expected to grow at the highest CAGR during the forecast period. The growth of this market can be attributed to the increase in surveying and mapping operations due to increasing infrastructural development, focus on forest management, and mining activities in the region. The increasing applications of airborne and ground-based LiDAR systems and the growing number of surveying and mapping activities in the region are anticipated to drive the demand for LiDAR in APAC.
In-depth interviews have been conducted with chief executive officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the LiDAR marketplace.
- By Company Type: Tier 1 – 52%, Tier 2 – 25%, and Tier 3 – 23%
- By Designation: C-Level Executives – 55%, Directors – 27%, and Managers – 18%
- By Region: North America – 40%, Europe – 20%, APAC – 28%, and RoW – 12%
Teledyne Technologies (US), Hexagon (Sweden), Trimble (US), FARO (US), RIEGL (Austria), SICK AG (Germany), Quantum Spatial (US), Beijing Beiketian Technology Co., Ltd. (China), Velodyne Lidar (US), and YellowScan (France) are some of the key players in the LiDAR market.
The study includes an in-depth competitive analysis of these key players in the LiDAR market, with their company profiles, recent developments, and key market strategies.
The report defines, describes, and forecasts the LiDAR market based on component, type, installation type, range, service, technology, application, and region. It provides detailed information regarding factors such as drivers, restraints, opportunities, and challenges influencing the growth of the LiDAR market. It also analyzes product launches, acquisitions, expansions, and partnerships carried out by the key players to grow in the market.
Key Benefits of Buying the Report
- This report will help market leaders/new entrants in this industry with information on the closest approximations of the revenue numbers for the overall LiDAR market and the subsegments.
- The report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
- The report will also help stakeholders to understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.