LiDAR is a digital mapping technology that can generate precise data regarding the elevations, contours, and vegetation growth on ground surfaces. This technology was introduced in the 1960s; however, it was restricted to research and military applications then. With the development of navigation and positioning techniques in the past 2 decades, this system has gained an excellent response in the market. The overall LiDAR market is estimated to be worth USD 819.1 million by 2018 and is expected to reach USD 1,809.5 million by 2023 at a CAGR of 17.2%.
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Key driving factors for the growth of this market are encouragements from the governments and institutes for the adoption of LiDAR, increasing use of drones equipped with LiDAR for greater accuracy, and the introduction of technologically enhanced LiDAR. The developments in the LiDAR devices through organic and inorganic growth strategies, such as product launches and developments, agreements, contracts, partnerships, collaborations, acquisitions, and expansions, have also been boosting the market growth.
In 2018, laser scanners are expected to capture the largest share of the LiDAR market based on component. The ability to produce a consistent stream of laser pulses and detect the accurate object location are the major drivers for the growth of the market for this segment.
Among the types of LiDAR, the market for solid-state LiDAR is expected to grow at the highest CAGR during the forecast period. This growth is attributed to the increasing use of solid-state LiDAR in the automotive and robotics industries. Solid-state LiDAR can be used in various automotive applications such as in ADAS, autonomous cars, etc. Moreover, the market is also expected to grow in the near future owing to the inclination toward self-driven cars and few mandates for ADAS application.
Among the applications of LiDAR, the market for ADAS and driverless cars is expected to grow at the highest CAGR during the forecast period. The rising adoption of solid-state LiDAR in ADAS and driverless car for assuring safety is expected to boost the market in the coming years. Moreover, automotive giants are adopting LiDAR systems for their L3 vehicles to have a positive impact on the sales of these vehicle types.
The LiDAR market in APAC is expected to grow at the highest CAGR between 2018 and 2023. Increasing awareness among governments and customers regarding the benefits and applications of the LiDAR technology is driving the market in this region. For instance, the Indian Transport Ministry has mandated the use of LiDAR systems in surveying areas before constructing any new highway. Such initiatives from the governments of the countries in APAC are the driving growth of the LiDAR market in this region.
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