LiDAR Market worth $3.4 billion by 2026, as per report from MarketsandMarkets.
CHICAGO, Dec. 3, 2021 – According to MarketsandMarketsTM, the “LiDAR Market With Covid-19 Impact by Technology (2D, 3D, 4D), Component (Laser Scanners, Navigation, and Positioning Systems), Installation Type (Airborne and Ground-Based), Range, Service, End-Use Application, and Region – Global Forecast to 2026” is expected to grow USD 1.3 billion in 2021 and USD 3.4 billion by 2026, with a CAGR of 21.6 percent from 2021 to 20
The rising use of LiDAR systems in UAVs, the growing use of LiDAR in engineering and construction applications, the use of LiDAR in geographic information systems (GIS) applications, the emergence of 4D LiDAR, and the easing of regulations related to the use of commercial drones in various applications are all factors driving the LiDAR market forward. However, concerns about the safety of UAVs and self-driving automobiles, as well as the widespread availability of low-cost and lightweight photogrammetry devices, are limiting the market’s growth.
Increased investments in LiDAR startups by automotive giants, long-term opportunities for SWIR-based design, technological shifts with the adoption of solid-state, MEMS, flash LiDAR, and other LiDAR technologies, development of better geospatial solutions using sensor fusion, and initiatives undertaken by governments of various countries to encourage the use of LiDAR drones for large-scale surveys are all expected to boost the LiDAR market. Furthermore, the LiDAR industry faces constraints due to the high cost of LiDAR services and the limited availability of geospatial data.
Ground-based LiDAR is projected to witness the highest CAGR for the forecast period:
Ground-based LiDAR had a greater market share of the global LiDAR market in 2020, and it is expected to grow at a high CAGR from 2021 to 2026. LiDAR systems on the ground are either stationary or mobile. With the use of a tripod and balancing assembly, they are mounted on a moving platform such as a sports utility vehicle (SUV) or an all-terrain vehicle (ATV). The cost of ground-based LiDAR systems is lower than that of airborne LiDAR systems. They are not, however, capable of scanning the entire surface.
Vertical cliff walls, for example, cannot be scanned, and fast-changing surface conditions are difficult to track with LiDAR systems of this type. Mobile ground-based LiDAR systems are typically mounted on a mobile platform, such as a vehicle. The advantage of having the LiDAR installed on a vehicle is that it can scan huge areas that are accessible by road. The automotive industry is gaining traction as a potential application for mobile ground-based LiDAR systems, with the number of high-end vehicles equipped with advanced driver assistance systems (ADAS) increasing year after year. This is projected to drive demand for mobile ground-based LiDAR devices even further.
Mechanical LiDAR type to account for the largest share of the market during the forecast period:
The LiDAR market has been divided into two types: mechanical LiDAR and solid-state LiDAR. When compared to solid-state LiDAR, mechanical LiDAR had a greater market share of the overall LiDAR market in 2020. The increased demand for mechanical LiDAR in applications such as corridor mapping, ADAS & driverless automobiles, and environment surveys is linked to this growth. Solid-state, on the other hand, is expected to increase at a faster CAGR from 2021 to 2026. The market’s higher CAGR can be attributable to the growing number of applications in the automotive and robotics industries.
3D LiDAR technology is estimated to hold a major share of the market
The LIDAR market is divided into three categories based on technology: 2D, 3D, and 4D LiDAR. Among the LiDAR market segments, the 3D LiDAR sector accounted for the biggest market share in 2020. The extensive use of 3D LiDAR in applications such as corridor mapping, engineering, environment, meteorology, and cartography is a major factor contributing to its supremacy. However, from 2021 to 2026, the market for 4D LiDAR is expected to develop at the fastest rate. This rise can be due to the widespread use of 4D LiDAR in applications like ADAS, self-driving automobiles, and robotics.
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ADAS and driverless cars end–use application is expected to grow at the highest CAGR from 2021 to 2026
Corridor mapping, engineering, environment, ADAS & autonomous cars, exploration, urban planning, cartography, metrology, and other applications make up the LiDAR market. Automobile companies and other industry leaders are progressively investing in ADAS and driverless cars, which has given significant growth potential for the LiDAR market. As a result, the market for ADAS and self-driving cars is expected to develop at the fastest CAGR throughout the forecast period. The market is likely to grow in the next years as solid-state LiDAR is increasingly used in ADAS and driverless automobiles to ensure safety. LiDAR systems are being adopted by automotive majors for their Level 3 and Level 4 autonomous vehicles, which is likely to boost sales of these vehicle types and, as a result, the LiDAR market.
APAC is attributed to growing at the highest CAGR in the LiDAR market during the forecast period (2021-2026)
In 2020, North America had the greatest market share of the LiDAR market. North America, which includes the United States, Canada, and Mexico, is one of the most important markets for LiDAR. This region is much ahead of the rest in terms of LiDAR adoption. The growth of the LiDAR market in North America is fueled by increasing investments in ADAS and autonomous cars, as well as increased awareness of the benefits of LiDAR systems. Furthermore, North America is home to important companies in the LiDAR market, including manufacturers, developers, distributors, and suppliers of LiDAR sensors and equipment. Major technological advancements in the field of LiDAR have occurred in recent years in the North American and European areas, allowing manufacturers in these regions to sell high-end LiDAR to emerging markets such as the Asia Pacific and the Middle East. These exports are likely to be one of the main drivers of the LiDAR market in North America and Europe.
From 2021 to 2026, the LiDAR market in the Asia Pacific is expected to develop at the fastest rate. The increased attention on LiDAR modernization programs in the region might be linked to the market’s expansion in this region. As industrialized countries progressively outsource their LiDAR mapping and surveying services to these countries in the near future, China, India, and Japan are projected to be the region’s primary markets.
Leica Geosystems AG (Sweden), Trimble, Inc. (US), Teledyne Optech (Canada), FARO Technologies, Inc. (US), and RIEGL Laser Measurement Systems GmbH controlled the LiDAR market in 2020. (Austria).
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