LiDAR Sensor Market is anticipated to grow considerably through 2032 owing to its wide application in high-resolution maps, surveying, geodesy, geology, forestry, atmospheric physics, archaeology, and geography.
Key players operating in the industry are constantly working on new product launches and innovations to strengthen their market presence through the years. To cite an instance, Luminar launched Iris Plus LiDAR sensor with 300-meter range. As per reports, the company is also working with Mercedes on integrating the Iris Plus LiDAR into its vehicles, with production estimated to be launched in 2025.
Overall, the LiDAR sensor industry is segmented in terms of product, technology, range, application, and region.
Based on product, the airborne segment accounted for over 30% market share in 2022. Airborne LiDAR sensors are mounted on a drone or helicopter for applications requiring a bird’s eye view of a large region. Besides, its mounting use in GIS applications will assist the segmental growth in the near future.
By technology, the solid-state LiDAR technology segment is anticipated to gain strong traction during 2032. The growth will come from the rising benefits of technology that empowers the user to transform the transmission size, focus, and direction without manual intervention, making it more compact and vibration resistant. Besides, the technology leverages numerous emitters in specific patterns and phases to create a directional transmission.
Considering the range, the long-range LiDAR sensors were valued over USD 500 million in 2022. These sensors can detect small objects at a distance, enabling comfortable braking and safe & predictive automated driving at high speeds. Long-range LiDAR sensors were developed to solve important and complex use cases such as free-space sensing. They also provide accurate distance measurement and improved resolution and are widely used in smart cities, HD maps, city 3D modelling, and land survey, amongst other key application areas.
By application, the consumer electronics segment will grow significantly through 2032. The segmental growth would be attributed to the rising use of LiDAR optical remote sensing and imaging technology in consumer electronics for collecting millions of measurements of depth information in all directions to create high-resolution maps.
Regionally, the North America LiDAR market was valued over USD 500 million in 2022. The regional market will record sturdy growth during the estimated timeframe due to constant strategic efforts by leading automotive manufacturers and technology companies towards launch of autonomous vehicle business models.