LiDAR Market Hits US$ 1.91 Billion in 2023, Anticipates Robust 20.99% CAGR Growth from 2024 to 2030

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The global LiDAR market will be around US$ 7.25 billion by 2030, according to Renub Research. LiDAR (Light Detection and Ranging) is a remote sensing technology that utilizes laser light to measure distances and generate detailed 3D maps of environments. Its market encompasses diverse applications, products, and services. LiDAR emits laser pulses and measures their return time after hitting objects. The growing need for 3D imagery in sectors like the military, topography, civil engineering, and mapping is set to fuel market expansion. Textured 3D imagery finds use in mapping and urban planning. Advanced safety features are increasingly being installed, with LiDAR integrated into self-driving vehicles for GPS and navigation. LiDAR is also utilized in weather monitoring and environmental surveillance, such as in Canadian stations tracking pollution and volcanic ash for aviation safety. Its accuracy makes it vital in oil sand monitoring and various other applications. These diverse uses of LiDAR technology, bolstered by its precision, are poised to drive market growth in the forecast period.

The LiDAR market reached US$ 1.91 billion in 2023 and is expected to expand at a 20.99% CAGR from 2024 to 2030. The LiDAR market is driven by growing demand for 3D imaging across various sectors and the increased use of aerial LiDAR systems for exploration and historic preservation. However, more awareness about LiDAR benefits is needed to grow the market. Integrating costly components like laser scanners and high-resolution cameras adds to expenses, restricting adoption. Yet, rising adoption across industries and increased demand for 3D imaging offer growth prospects. Automated processing and superior performance compared to other technologies create new growth avenues. Expansion into new industries is also expected to drive market growth.

Terrestrial LiDAR is expanding its global market footprint.

Terrestrial LiDAR is extending its reach across the global market. As a highly effective technology for capturing detailed 3D information on terrestrial surfaces, its applications span various industries, including urban planning, construction, archaeology, and forestry. Terrestrial LiDAR systems offer precise and accurate data collection, enabling professionals to create high-resolution digital models of landscapes, buildings, and infrastructure. With advancements in sensor technology and data processing algorithms, terrestrial LiDAR is becoming increasingly accessible and cost-effective, driving its adoption worldwide. Its ability to provide valuable insights and support decision-making processes in diverse fields positions terrestrial LiDAR as a key player in the geospatial industry’s ongoing evolution.

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Laser scanners are witnessing significant growth in the market thanks to their versatility and expanding applications.

Laser scanners are experiencing significant growth in the global LiDAR market due to rising adoption rates and diverse applications. They capture detailed 3D data in various sectors like construction, urban planning, forestry, archaeology, and transportation for mapping and asset management tasks. Their versatility allows for accurate spatial information, which is crucial for precise measurements and detailed imaging. Advancements like faster scanning speed, higher resolution, and increased portability drive their adoption across sectors, fueling their continued growth in the LiDAR market. Laser scanners play a vital role in meeting evolving industry demands and innovating spatial data acquisition, solidifying their position as indispensable tools for professionals worldwide.

The Lidar sector is experiencing a significant increase in the uptake of 3D technology.

The Lidar industry is witnessing a surge in the adoption of 3D technology, driven by its versatility and precision in capturing detailed spatial data. This advancement enables accurate urban planning, infrastructure, forestry, archaeology, and autonomous vehicle mapping. High-resolution 3D models aid decision-making and resource management. Advancements like improved scanning and data processing, alongside reduced costs, fuel widespread adoption. Organizations recognize the value of detailed 3D spatial data for planning and analysis, boosting demand for Lidar systems. This drives innovation and expansion in the industry, catering to diverse sector needs.

Short-range LiDAR commands a significant portion of the global Lidar market share.

Short-range LiDAR technology holds a significant market share globally and is widely adopted across diverse industries like urban planning, transportation, robotics, agriculture, and industrial automation. This technology excels in precise object detection, proximity sensing, and short-distance navigation, making it indispensable in autonomous vehicles, drones, and robotics applications. Its ability to provide accurate 3D mapping and imaging solutions in real time contributes to its popularity among professionals. Ongoing advancements in sensor technology and data processing algorithms further enhance its importance, driving innovation and adoption across various sectors.

China is strategically positioned to lead the LiDAR market, influencing the global trajectory of this revolutionary technology.

 China stands at a strategic vantage point to spearhead the LiDAR market, exerting substantial influence over the global trajectory of this groundbreaking technology. With its robust manufacturing capabilities, extensive research and development initiatives, and a burgeoning market for autonomous vehicles and smart infrastructure, China is poised to drive significant innovation and adoption in the LiDAR sector. The country’s proactive stance in promoting emerging technologies, coupled with substantial investments in LiDAR research, development, and production infrastructure, further solidifies its position as a key player in shaping the future of this transformative technology on a global scale. As China continues to strengthen its foothold in the LiDAR market, it is expected to be pivotal in accelerating the advancement and widespread adoption of LiDAR solutions across various industries worldwide.

Key Player

The global LiDAR market includes companies such as Faro Technologies Inc., Hexagon AB, Vaisala Oyj, Sick AG, Teledyne Technologies Inc., Innoviz Technologies Ltd., LeddarTech Inc., and NV5 Global Inc.

Types – Global LiDAR Market breakup in 4 viewpoints:

1.    Terrestrial

2.    Aerial

3.    Mobile

4.    Short Range

Components – Global LiDAR Market breakup in 5 viewpoints:

1.    LASER

2.    Inertial Navigation System

3.    Camera

4.    GPS GNSS Receiver

5.    MEMS (Micro Electro Mechanical Systems)

Application – Global LiDAR Market breakup in 6 viewpoints:

1.    Corridor Mapping

2.    Engineering

3.    Environment

4.    Exploration

5.    Advanced Driver Assistance Systems

6.    Others

Technology – Global LiDAR Market breakup in 3 viewpoints:

1.    3D

2.    2D

3.    1D

Range – Global LiDAR Market breakup in 3 viewpoints:

1.    Short Range

2.    Medium Range

3.    Long Range

Country – Global LiDAR Market breakup in 5 viewpoints:

1.    North America

1.1    United States

1.2    Canada

2.    Europe

2.1    France

2.2    Germany

2.3    Italy

2.4    Spain

2.5    United Kingdom

2.6    Belgium

2.7    Netherlands

2.8    Turkey

3.    Asia Pacific

3.1    China

3.2    Japan

3.3    India

3.4    South Korea

3.5    Thailand

3.6    Malaysia

3.7    Indonesia

3.8    Australia

3.9    New Zealand

4.    Latin America

4.1    Brazil

4.2    Mexico

4.3    Argentina

5.    Middle East & Africa

5.1    Saudi Arabia

5.2    UAE

5.3    South Africa

All the Key players have been covered from 3 Viewpoints:

•    Overview

•    Recent Developments

•    Revenue Analysis

Company Analysis:

1.    Faro Technologies Inc.

2.    Hexagon AB

3.    Vaisala Oyj

4.    Sick AG

5.    Teledyne Technologies Inc.

6.    Innoviz Technologies Ltd.

7.    LeddarTech Inc.

8.    NV5 Global Inc.

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