Light Detection and Ranging (LiDAR) is defined as a remote sensing technology that uses the pulse fired from lasers to collect three-dimensional measurements. LiDAR is used for topographical mapping. Report on the global Lidar Market, published by Market Research Future (MRFR), claims that this market could achieve14.14% CAGR between 2018 and 2023. By value, the market can be worth the USD 4,158.8 Mn by the end of the forecast period.
The biggest market factor for the global LiDAR market growth is the high demand for LiDAR systems by governments. Rising use of drones or unmanned aerial vehicles (UAVs) to assist in territorial surveys for public infrastructural projects is also boosting the market growth. Surging demand for high-end sensors required in various applications can also enhance market growth. The integration of solid-state LiDAR in self-driving cars can help them to discern the difference between 3D objects and humans, providing growth for the market.
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Major players in the global LiDAR market include Beike Tianhui Technology Co. Ltd. (China), Faro Technologies Inc. (USA), Geokno India Pvt. Ltd. (India), Hexagon AB (Sweden), Quantum Spatial (USA), RIEGL Laser Measurement Systems GmbH (Austria), Teledyne Technologies Inc. (USA), Trimble Inc. (USA), and YellowScan (France).
The global LiDAR market segmentation covers components, functional areas, product types, and technology. MRFR‘s provides various facets of the market through this intensely-studied segmentation.
Based on the components, the LiDAR market covers laser scanner, navigation & positioning systems, and other components.
Based on the functional areas, the LiDAR market encompasses advanced driver-assistance systems (ADAS) & driverless car, environment, cartography, corridor mapping, engineering, meteorology, and urban planning.
Based on product types, the LiDAR market comprises airborne LiDAR, terrestrial LiDAR, and others.
Based on the technology, the LiDAR market has been segmented into 1D, 2D, and 3D.
After studying the LiDAR market geographically, MRFR outlined the global LiDAR market by including North America, Europe, Asia Pacific, and Rest of the World (RoW).
Among all regional markets, North America is in the best position to implement LiDAR technology across different industry verticals due to the presence of many important market players and advanced technology. Maximum revenue in this market comes from the USA, Canada, and Mexico.
During the forecast period, Europe is expected to exhibit market growth at 15.13% CAGR. The technological infrastructure of this region is advanced and has the potential to generate demand for the deployment of LiDAR solutions for different applications. The supportive policies from the government can also expand the market. The pressing country-specific markets in this region are France, Germany, and the UK. Presence of several weapon manufacturing companies and robust automotive industry are expected to provide high traction to the regional market.
During the forecast period, the Asia Pacific region can be the fastest growing regional market as countries like China and India have risen as manufacturing hubs, thus, creating demand for the deployment of LiDAR for procedure efficiency and informed decisions. The growth of other end-use industries like automobile, construction, healthcare, and many more can boost the market expansion. Japan is another important country-specific market that has advanced technology. Various countries have dedicated themselves in creating a strong base for the automotive sector by providing cost-effective labor and easy access to reseources, which has inspired many automotive manufacturers in creating a base in the region. This proves worthy for the regional LiDAR market.
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Latest Industry News
- Robosense and Controlworks have forged a partnership that aims to provide smart LiDAR sensor systems to the Korean automotive industry. With Smart Sensors based on the RS-LiDAR-M1, customers of ControlWorks will no longer need an additional electronic control units (ECUs) on the vehicle to run algorithms. This new development can not only reduce the mass production cost but also save valuable space within the vehicle. 1 AUG 2019
- Perception software provider Seoul Robotics has launched Sensr for autonomous systems. Sensr is a 3D perception software platform compatible with major 3D lidar sensors. 31 JUL 2019
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