The LiDAR market is projected to grow from USD 1.4 billion in 2023 to USD 3.7 billion in 2028; it is expected to grow at a CAGR of 19.4% during the forecasted period. Using LiDAR systems, scientists and professionals can investigate natural and human-made environments. LiDAR can provide digital elevation models (DEMs) and imaging. DEMs are used to create a 3D representation of a surface, while imaging includes 3D imaging, which is used in autonomous cars and robotics.
“Market for ground-based LiDAR is expected to grow at highest CAGR during the forecasted period.”
The LiDAR market is segmented into two types of installation of LiDAR, ground-based and airborne. Ground-based LiDAR systems cost less and have less stringent approval criteria for mapping or survey, which leads to the larger market size of these systems. This growth is attributed to the low cost and less stringent approval criteria for mapping and surveying end-use applications for ground-based LiDAR. Moreover, the high adoption of ground-based LiDAR for end-use applications such as environment, meteorology, corridor mapping, ADAS, and driverless cars is expected to drive the market in the near future.
“The medium range LiDAR is expected to grow at highest CAGR during the forecasted period”
The LiDAR is manufactured in to 3 types of ranges, short, medium, and long. LiDAR uses light in the form of a pulsed laser to measure ranges and distances from its target. These light pulses are combined with other data recorded by the system to generate precise 3D information about the target. 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.
“Market for GIS services is expected to grow at highest CAGR during the forecasted period.”
The LiDAR market is segmented by services, which includes, aerial surveying, asset management, GIS services, ground-based surveying, and other services. GIS services is expected to grow at highest CAGR during forecasted period. 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.
“Market for Asia Pacific is to grow at highest CAGR during the forecasted period.”
The LiDAR market in the Asia Pacific region is projected 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 the 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 Asia Pacific.
The report profiles key players in the LiDAR market with their respective market ranking analysis. Prominent players profiled in this report are Leica Geosystems AG (Sweden), Trimble, Inc. (US), Teledyne Optech (Canada), FARO Technologies, Inc. (US), RIEGL Laser Measurement Systems GmbH (Austria), SICK AG (Germany), Quantum Spatial (US), Beijing SureStar Technology Co. Ltd. (China).
This research report categorizes the LiDAR market on the basis of installation type, range, type, component, services, and end-use application. The report describes the major drivers, restraints, challenges, and opportunities pertaining to the LiDAR market and forecasts the same till 2028. Apart from these, the report also consists of leadership mapping and analysis of all the companies included in the LiDAR product ecosystem.
Key Benefits of Buying the Report
The report will help market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall LiDAR market and the subsegments. This 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 also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.