LiDAR Market worth $3.4 billion by 2026 - Exclusive Report by MarketsandMarkets™

CHICAGO, Dec. 3, 2021 /PRNewswire/ -- According to the report, 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", published by MarketsandMarkets™, is estimated to grow USD 1.3 billion in 2021 and reach USD 3.4 billion by 2026; it is projected to grow at a CAGR of 21.6% from 2021 to 2026.

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The rising adoption of LiDAR systems in UAVs, increasing adoption of LiDAR in engineering and construction applications, use of LiDAR in geographical information systems (GIS) applications, the emergence of 4D LiDAR, and easing of regulations related to the use of commercial drones in different applications are among the factors driving the growth of the LiDAR market. However, safety threats related to UAVs and autonomous cars and the easy availability of low-cost and lightweight photogrammetry systems are restraining the growth of the market. Increasing investments in LiDAR startups by automotive giants, opportunities for SWIR-based design in the long term, 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 different countries to encourage the use of LiDAR drones for large-scale surveys are expected to provide growth opportunities to the LiDAR market players during the forecast period. Moreover, the high cost of LiDAR services and the limited availability of geospatial data pose challenges to the LiDAR market.

Ground-based LiDAR is projected to witness the highest CAGR for the forecast period

In 2020, the ground-based LiDAR accounted for a larger market share of the overall LiDAR market and is projected to witness a high CAGR from 2021 to 2026. Ground-based LiDAR systems are either stationary or movable. They are placed on a moving platform such as a sports utility vehicle (SUV) or an all-terrain vehicle (ATV) with the help of a tripod and balancing assembly. Ground-based LiDAR systems are less expensive than airborne LiDAR systems. However, they are not capable of scanning every portion of the surface. For example, vertical cliff faces cannot be scanned, and the fast-changing surface conditions are difficult to track using this type of LiDAR systems. Mobile ground-based LiDAR systems are mounted on a mobile platform, preferably a terrestrial vehicle. The advantage of being mounted on a vehicle is that it enables the LiDAR to scan large areas accessible by road. The automotive sector is emerging as an application area for mobile ground-based LiDAR systems, and the number of premium cars equipped with advanced driver assistance systems (ADAS) is rising every year. This is expected further to boost the market for mobile ground-based LiDAR systems.

Mechanical LiDAR type to account for the largest share of the market during the forecast period

Based on type, the LiDAR market has been segmented into mechanical LiDAR and solid-state LiDAR. In 2020, the mechanical LiDAR segment accounted for a larger market share of the overall LiDAR market compared to solid-state LiDAR. This growth is attributed to the high demand for mechanical LiDAR in applications such as corridor mapping, ADAS & driverless cars, and environment surveying. However, the market for solid-state is projected to grow at a higher CAGR from 2021 to 2026. The higher CAGR of the market is attributed to the increasing range of applications of this type in the automotive and robotics industries.

3D LiDAR technology is estimated to hold a major share of the market

Based on technology, the LIDAR market is segmented into 2D, 3D, and 4D LiDAR. In 2020, the 3D LiDAR segment accounted for the largest market share among other segments of the LiDAR market. The major factor contributing to the dominance of 3D LiDAR is the widespread adoption of 3D LiDAR in applications such as corridor mapping, engineering, environment, meteorology, and cartography. However, the market for 4D LiDAR is projected to grow at the highest CAGR from 2021 to 2026. This growth is attributed to the high adoption of 4D LiDAR in applications such as ADAS, driverless cars, 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

The LiDAR market is segmented, by application, into corridor mapping, engineering, environment, ADAS & driverless cars, exploration, urban planning, cartography, metrology, and other applications. ADAS and driverless cars have provided attractive growth opportunities to the LiDAR market, as automotive giants and other business leaders are increasingly investing in ADAS and driverless cars. Owing to this, the market for ADAS & driverless cars application is projected to grow at the highest CAGR during the forecast period. The rising adoption of solid-state LiDAR in ADAS and driverless cars for assuring safety is expected to boost the market in the coming years. Automotive giants are adopting LiDAR systems for their Level 3 and Level 4 autonomous vehicles, which is expected to have a positive impact on the sales of these vehicle types, and subsequently, on the LiDAR market.

APAC is attributed to growing at the highest CAGR in the LiDAR market during the forecast period (2021-2026)

North America accounted for the largest market share of the LiDAR market in 2020. North America is one of the important markets for LiDAR; it comprises the US, Canada, and Mexico. This region is more advanced in the adoption of LiDAR than other regions. Growing investments in ADAS and driverless cars and increasing awareness about the benefits of LiDAR systems spur the growth of the LiDAR market in North America. Besides, major players in the LiDAR market, comprising manufacturers, developers, distributors, and suppliers of LiDAR sensors and equipment, are based in North America. In recent years, major technological developments pertaining to LiDAR have taken place in the North American and European regions, which have enabled manufacturers in these regions to export high-end LiDAR to the growing markets such as Asia Pacific and the Middle East regions. These exports are one of the key factors expected to drive the LiDAR market in North America and Europe.

The LiDAR market in Asia Pacific is projected to grow at the highest CAGR from 2021 to 2026. The growth of the market in this region can be attributed to the increased focus on LiDAR modernization programs in the region. China, India, and Japan are expected to be the major markets in the region, as developed countries are expected to increasingly outsource their LiDAR mapping and surveying services to these countries in the near future.

In 2020, the LiDAR market was dominated by Leica Geosystems AG (Sweden), Trimble, Inc. (US), Teledyne Optech (Canada), FARO Technologies, Inc. (US) and RIEGL Laser Measurement Systems GmbH (Austria).

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LiDAR Drone Market by Component (LiDAR Lasers, UAV Cameras), Type (Rotary-wing LiDAR Drones, Fixed-wing LiDAR Drones), Range (Short, Medium, Long), Application (Corridor Mapping, Archeology, Environment), Region - Global Forecast to 2025

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