LiDAR Market size to grow by USD 4.28 billion from 2022 to 2027, Technavio
NEW YORK, March 24, 2024 -- A recent forecast spanning 2023 to 2027 predicts a staggering increase in the LiDAR market size by USD 4,289.97 million, with a remarkable Compound Annual Growth Rate (CAGR) of 24.45%. This growth trajectory is fueled by a convergence of factors, including advancements in Continuous-wave Frequency Modulation (CWFM) technology and the advent of Single-Photon LiDAR (SPL), alongside a flurry of new product launches and collaborative ventures among industry players.
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Driving Forces of Market Growth
The LiDAR market is propelled by a myriad of factors, chief among them being the expanding application landscape. From construction and engineering to public safety, agriculture, utilities, and mining, LiDAR's versatility knows no bounds. Its integration into various sectors not only enhances productivity and cost estimates but also fosters safety standards, making it a cornerstone of modern industry.
Revolutionary Technological Trends
Continuous-wave frequency modulation (CWFM) technology stands at the forefront of LiDAR innovation, revolutionizing the market landscape. Unlike traditional time-of-flight LiDAR sensors, CWFM LiDAR offers superior resistance to background light interference, enabling precise detection of an object's speed and distance. This game-changing approach is poised to drive market growth exponentially in the forecast period, with next-generation sensor manufacturers embracing CWFM to bolster performance and broaden application horizons.
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Market Dynamics and Regional Insights
North America is anticipated to spearhead the global market growth, contributing a substantial 39% during the forecast period. The region's dominance is underscored by a myriad of factors, including the expanding application domains, particularly in mapping applications and disaster management. LiDAR technology finds extensive use in various sectors throughout North America, from automotive safety applications to geological surveys and archaeological endeavors.
Challenges and Opportunities
While the LiDAR market surges ahead with boundless potential, it grapples with significant challenges, chief among them being the high cost of sensors. Despite recent reductions in costs, mass adoption across industries remains a challenge, necessitating further strides in mass production to drive prices down. However, the market's trajectory remains buoyant, propelled by a slew of opportunities in burgeoning sectors and untapped applications.
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Key Market Players
The LiDAR market boasts a diverse array of players, each vying for supremacy through strategic alliances, partnerships, and product innovations. Notable companies such as GEOKNO, DENSO Corp., FARO Technologies Inc., Hexagon AB, and Luminar Technologies Inc., among others, are at the forefront of this technological revolution, driving innovation and shaping market dynamics.
Market Segment Overview
The market report offers a comprehensive overview of various segments, forecasting growth by revenue at global, regional, and country levels. From airborne LiDAR to terrestrial LiDAR, the market spans a broad spectrum of applications, including corridor mapping, engineering, ADAS and driverless cars, environmental monitoring, and more. With an in-depth analysis spanning from 2017 to 2027, the report provides invaluable insights into market trends and opportunities.
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Analyst Review
The Light Detection and Ranging (LiDAR) market is experiencing dynamic growth fueled by a diverse range of applications across various industries. One significant area where LiDAR technology is making an impact is in environmental monitoring, particularly in regions with challenging terrain such as water runoff-prone mining sites and hilly landscapes. In Europe, the LiDAR market size is expanding rapidly, driven by the demand for efficient topographical surveys, civil engineering projects, and enhanced safety features in both military and defense applications and civilian sectors like self-driving cars.
LiDAR's ability to generate high-resolution 3D imagery and digital elevation models is revolutionizing the way data is collected and analyzed. This technology plays a crucial role in monitoring weather conditions, detecting tropospheric pollution, and even forecasting volcanic eruptions, thereby ensuring the safety of air travel and supporting oil sand monitoring systems.
However, despite its potential, the LiDAR market faces challenges such as the lack of educated customers and the need for extensive customer education regarding its capabilities and benefits. To address this, companies are investing in the development of user-friendly products and actively promoting the adoption of aerial mapping devices, including both mobile and stationary LiDAR systems.
Leading players in the LiDAR market, such as RIEGL Laser Measurement Systems GmbH and YellowScan, offer cutting-edge solutions in the form of advanced laser scanners capable of capturing intensity values to distinguish objects and generate accurate 2D point cloud data for localization and object/environment modeling.
Moreover, the integration of LiDAR technology with GPS and navigation applications further enhances its utility in various sectors, including corridor mapping and agricultural management. Terrestrial LiDAR systems are increasingly deployed for mapping hillsides and monitoring environmental changes with high spatial resolution.
In the automotive industry, LiDAR is an essential component of advanced driver assistance systems (ADAS), enabling features such as low-speed collision avoidance, lane departure warning, and map-enabled navigation. Companies like Tower Semiconductor, an Israel-based manufacturer of integrated circuits, are driving innovation in LiDAR-enabled ADAS systems, while California-based Lidar technology firms like Mapper.ai, Inc. specialize in localization and mapping software for ADAS system production.
Overall, the LiDAR market continues to evolve, with advancements in technology and the expansion of applications driving its growth across diverse industries, from environmental monitoring to automotive safety applications.
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Market Overview
The LiDAR market in Europe is experiencing robust growth driven by diverse applications such as mining site monitoring, topographical surveys, and inland waterway mapping. Automation enhances efficiency in these sectors, reducing reliance on human efforts while ensuring safety features are prioritized, critical for civil engineering and military defense applications. LiDAR's 3D imagery capabilities provide invaluable insights for infrastructure development and self-driving car navigation systems, enhancing overall efficiency and safety. With advancements in GPS integration, LiDAR technology offers unparalleled precision in tracking water runoff, optimizing resource management and environmental conservation efforts. As a result, the Europe LiDAR market continues to expand across various product types, catering to the evolving needs of industries seeking accurate spatial data.
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Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix
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