LiDAR

LiDAR

Global LiDAR Market to Reach US$9.4 Billion by 2030

The global market for LiDAR estimated at US$2.9 Billion in the year 2023, is expected to reach US$9.4 Billion by 2030, growing at a CAGR of 18.1% over the analysis period 2023-2030. Ground-Based LiDAR, one of the segments analyzed in the report, is expected to record a 16.2% CAGR and reach US$5.0 Billion by the end of the analysis period. Growth in the Airborne LiDAR segment is estimated at 20.7% CAGR over the analysis period.

The U.S. Market is Estimated at US$830.7 Million While China is Forecast to Grow at 17.6% CAGR

The LiDAR market in the U.S. is estimated at US$830.7 Million in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$1.5 Billion by the year 2030 trailing a CAGR of 17.6% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 15.9% and 15.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 12.6% CAGR.

Global LiDAR Market - Key Trends & Drivers Summarized

Why Is LiDAR Technology Becoming Increasingly Important Across Industries?

LiDAR (Light Detection and Ranging) technology is becoming increasingly important across various industries due to its ability to provide precise and accurate 3D mapping and spatial data. This remote sensing technology is widely used in applications such as autonomous vehicles, environmental monitoring, urban planning, agriculture, and forestry. LiDAR`s ability to capture high-resolution data in real-time makes it invaluable for tasks that require detailed and accurate information about the environment. As industries continue to adopt advanced technologies for automation and data-driven decision-making, the demand for LiDAR is expected to grow, solidifying its role as a critical tool in a wide range of applications.

How Are Technological Advancements Shaping the LiDAR Market?

Technological advancements are driving significant growth in the LiDAR market by enhancing the capabilities and reducing the costs of LiDAR systems. Innovations such as solid-state LiDAR, which offers a more compact and durable alternative to traditional mechanical LiDAR, are making the technology more accessible and practical for mass adoption, particularly in the automotive industry. The development of multi-wavelength LiDAR systems is also expanding the technology`s applications, enabling more detailed and versatile data capture. Additionally, improvements in data processing and integration with other technologies, such as AI and machine learning, are enhancing the accuracy and utility of LiDAR data. These advancements are not only driving the adoption of LiDAR in new industries but also expanding its applications in existing markets.

What Trends Are Driving the Growth of the LiDAR Market?

Several key trends are driving the growth of the LiDAR market, including the increasing adoption of autonomous vehicles, the growing demand for high-resolution mapping and surveying, and the rising interest in environmental and agricultural monitoring. The push towards autonomous driving is one of the most significant drivers, as LiDAR is a crucial component in enabling vehicles to navigate safely and accurately in complex environments. The demand for detailed and accurate topographical data is also fueling the use of LiDAR in construction, urban planning, and disaster management. Additionally, the trend towards precision agriculture is driving the adoption of LiDAR for monitoring crop health and optimizing agricultural practices. These trends are contributing to the dynamic growth of the LiDAR market as the technology continues to evolve and find new applications.

What Factors Are Driving the Growth of the LiDAR Market?

The growth in the LiDAR market is driven by several factors, including the increasing demand for advanced mapping and sensing technologies, the rise of autonomous vehicles, and the expanding applications of LiDAR in environmental monitoring and agriculture. The development of more affordable and compact LiDAR systems is making the technology more accessible to a broader range of industries, further driving market growth. Additionally, the integration of LiDAR with other technologies, such as AI and machine learning, is enhancing its capabilities and expanding its potential applications. As industries continue to prioritize automation, precision, and data-driven decision-making, the demand for LiDAR technology is expected to rise, fueling sustained growth in the market.

Select Competitors (Total 131 Featured) -

• Beijing Surestar Technology Co. Ltd.
• FARO Technologies, Inc.
• Geokno India Pvt. Ltd.
• Leica Geosystems AG
• Quantum Spatial, Inc.
• RIEGL Laser Measurement Systems GmbH
• SICK AG
• Teledyne Optech
• Trimble, Inc.
• Velodyne Lidar, Inc.

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