The Global LiDAR Market size was estimated at USD 1,432.45 million in 2022 and expected to reach USD 1,621.96 million in 2023, projecting growth at a CAGR of 15.63% to reach USD 4,579.53 million by 2030.
The report provides market sizing and forecasts across 7 major currencies - USD, EUR, JPY, GBP, AUD, CAD, and CHF; multiple currency support helps organization leaders to make better decisions. In this report, the years 2018 to 2021 are considered as historical years, 2022 as the base year, 2023 as the estimated year, and years from 2024 to 2030 are considered as the forecast period.
Cumulative Impact of COVID-19:
The coronavirus pandemic had a major impact on the global economy. As businesses around the world shut down or reduced operations to prevent the spread of infection, demand for goods and services decreased significantly. The pandemic resulted in a slowdown in production and investments across many industries, including automotive and aerospace, that rely on LiDAR technology. As these two sectors were prominently affected by the pandemic, demand for LiDAR products dropped significantly.
Cumulative Impact of Russia-Ukraine Conflict:
In addition to COVID-19, another factor that has impacted the LiDAR market is the ongoing conflict between Russia and Ukraine. The conflict between these two countries has disrupted supply chains across Europe, leading to delays in the production of goods and services in some countries. Delays in the business operations have decreased demand for products such as LiDAR systems, resulting in lower sales figures for companies operating within this sector.
Cumulative Impact of High Inflation:
High inflation rates have also affected the LiDAR market this year. Inflation rates worldwide have increased steadily since 2019 due to rising costs associated with raw materials used in production processes such as metal fabrication or 3d printing. Increased costs have led to higher prices for products such as sensors utilized by manufacturers of autonomous vehicles or drones, which rely heavily on accurate data from sensors to function properly, further creating a need for reliable yet cost-effective solutions. However, these higher prices have put pressure on the budgets of many buyers causing them to reduce spending or opt out of buying new products altogether, which could lead to further declines in sales figures if consumer confidence does not improve soon.
The market dynamics represent the ever-shifting landscape of the Global LiDAR Market by providing actionable insights into supply and demand levels. Taking such factors into account helps inform strategies, investments, and future developments to capitalize on opportunities or avoid potential pitfalls related to political, geographical, technical, social, and economic conditions. Such market observations also highlight consumer behaviors while influencing both manufacturing costs as well as consumer purchasing decisions.
- Growing demand for 3D modeling for geoscientific projects and government initiatives for LiDAR surveys
- Rising shift toward renewable energy and precision agriculture
- Prominent inclusion of LiDAR in connected devices, autonomous vehicles, and Industry 4.0 projects
- High cost of ownership of LiDAR technology and strict safety considerations for lidar sensors
- Advancements in mobile LiDAR in support of AI, IoT, and Big data
- Emerging startup ecosystem and attractive investments to enhance R&D of LiDAR equipped UAVs
- Limitations associated with inaccuracy and ineffectiveness during extreme weather conditions and climate disasters
Market Segmentation & Coverage:
- Based on Technology, the market is studied across 2D LiDAR, 3D LiDAR, and 4D LiDAR.
- Based on Component, the market is studied across Camera, Laser Scanners, and Navigation & Positioning Systems. The Navigation & Positioning Systems is further studied across GPS and IMU.
- Based on Service, the market is studied across Aerial Surveying, Asset Management, GIS Services, and Ground-Based Surveying.
- Based on Installation Type, the market is studied across Airborne, Mobile & UAV, and Terrestrial.
- Based on Type, the market is studied across Mechanical and Solid state.
- Based on End-Use Application, the market is studied across Automotive & Transportation, Cartography, Corridor Mapping, Engineering, Environment, Exploration, Meteorology, and Urban Planning.
- Based on Region, the market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom.
This research report categorizes the Global LiDAR Market in order to forecast the revenues and analyze the trends in each of the following sub-markets:
Company Usability Profiles:
The report profoundly explores the recent significant developments by the leading vendors and innovation profiles in the Global LiDAR Market, including Baraja Pty Ltd., Beijing SureStar Technology Co. Ltd., Blickfeld GmbH, Geokno India Private Limited by GMR Group, Hypersen Technologies Co., Ltd., Innovusion, Inc., Integrated Optics, UAB, Jabil Inc., L3Harris Technologies, Inc., Leddartech Inc., Leica Geosystems AG by Hexagon AB, Luminar Technologies Inc., MicroVision, Inc., NV5 Global, Inc., Phoenix LiDAR Systems, Quanergy Systems, Inc., RedTail LiDAR Systems by 4D Tech Solutions, Inc., SemiNex Corporation, Sick AG, Teledyne Technologies Incorporated, Topcon Positioning Systems, Inc., Trimble, Inc., Vaisala, Valeo S.A., Waymo LLC, Xylem Inc., YellowScan, and ZX Lidars.
The report provides insights on the following pointers:
- Market Penetration: Provides comprehensive information on the market offered by the key players
- Market Development: Provides in-depth information about lucrative emerging markets and analyzes penetration across mature segments of the markets
- Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments
- Market Trends: Provides comprehensive understanding of the Cumulative Impact of COVID-19, the Russia-Ukraine Conflict, and the High Inflation
- Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players
- Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
The report answers questions such as:
- What is the market size and forecast of the Global LiDAR Market?
- What are the inhibiting factors and impact of COVID-19 shaping the Global LiDAR Market during the forecast period?
- Which are the products/segments/applications/areas to invest in over the forecast period in the Global LiDAR Market?
- What is the competitive strategic window for opportunities in the Global LiDAR Market?
- What are the technology trends and regulatory frameworks in the Global LiDAR Market?
- What is the market share of the leading vendors in the Global LiDAR Market?
- What modes and strategic moves are considered suitable for entering the Global LiDAR Market?