LiDAR Market Size 2024-2032: Share, Growth, Industry Top Key Players, Revenue Report | IMARC Group

IMARC Group's report titled "LiDAR Market Report by Installation Type (Airborne, Terrestrial), Component (Laser Scanners, Navigation Systems, Global Positioning Systems, and Others), Application (Corridor Mapping, Engineering, Environment, Exploration, ADAS, and Others), and Region 2024-2032", Offers a comprehensive analysis of the industry, which comprises insights on the market.

How big is the LiDAR industry?

The global LiDAR market size reached US$ 2.6 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 12.3 Billion by 2032, exhibiting a growth rate (CAGR) of 18.4% during 2024-2032.

Factors Affecting the Growth of the LiDAR Industry:

• Autonomous Vehicles and ADAS Development:

The LiDAR market is significantly driven by the rapid advancement of autonomous vehicles and advanced driver-assistance systems (ADAS). LiDAR sensors are indispensable in these technologies as they provide precise 3D mapping and real-time perception capabilities necessary for safe navigation. As the automotive industry increasingly embraces self-driving cars, LiDAR's role in enhancing vehicle safety and enabling autonomous mobility becomes paramount. As a result, the escalating demand for LiDAR solutions from automakers and tech companies fuels substantial investment and innovation in LiDAR technology, thus propelling market growth.

• Expanding Applications in Mapping and Surveying:

LiDAR's versatility and accuracy have led to its adoption in various industries beyond automotive. It plays a pivotal role in urban planning, forestry management, agriculture, and environmental monitoring. LiDAR's capability to provide high-resolution 3D data for precise terrain modeling, mapping, and surveying purposes is driving its demand. Its applications in creating detailed topographic maps, assessing vegetation health, and monitoring land use have expanded its reach across multiple sectors. This diversification of applications positions LiDAR as a significant growth driver, addressing various industry needs for accurate spatial data.

• Advancements in LiDAR Technology:

Ongoing technological advancements in the LiDAR sector, including the development of solid-state LiDAR systems, miniaturization, and cost reduction efforts, are propelling market expansion. These innovations are making LiDAR more cost-effective, compact, and accessible for a wider range of applications. The shrinking form factor and improved affordability of LiDAR sensors are opening new opportunities in robotics, drones, and consumer electronics. As a result, there has been a rising product adoption across various industries, driven by advancements that enhance the versatility and accessibility of LiDAR technology.

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Leading Companies Operating in the Global LiDAR Industry:

• Faro Technologies Inc
• Innoviz Technologies Ltd.
• LeddarTech Inc.
• Leica Geosystems AG (Hexagon AB)
• NV5 Global Inc.
• Quanergy Systems Inc.
• RIEGL Laser Measurement Systems GmbH
• Sick AG
• Teledyne Technologies Inc
• Trimble Inc.
• Valeo
• Velodyne Lidar Inc.

LiDAR Market Report Segmentation:

By Installation Type:

• Airborne
• Terrestrial

Based on the installation type, the market has been divided into airborne and terrestrial.

By Component:

• Laser Scanners
• Navigation Systems
• Global Positioning Systems
• Others

Laser scanners accounted for the largest market share owing to their pivotal role in emitting and receiving laser pulses, enabling precise 3D mapping and data collection.

By Application:

• Corridor Mapping
• Engineering
• Environment
• Exploration
• ADAS
• Others

Corridor mapping represented the largest segment as it finds extensive use in infrastructure projects, such as road and railway development, where accurate terrain modeling and surveying are critical.

Regional Insights:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

North America's dominance in the LiDAR market is attributed to its robust technological infrastructure, significant investments in autonomous vehicles and mapping applications, and the presence of key LiDAR technology providers.

Key Highlights of the Report:

• Market Performance (2018-2023)
• Market Outlook (2024-2032)
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

Global LiDAR Market Trends:

The LiDAR (Light Detection and Ranging) market is driven by the rising demand for LiDAR technology in the automotive industry due to the rapid expansion of autonomous vehicles and the escalating need for precise 3D mapping and environmental sensing capabilities. Apart from this, LiDAR's crucial role in various applications, including urban planning, forestry, and agriculture has accelerated the adoption for mapping and surveying purposes.

Additionally, the escalating demand for LiDAR in emerging applications like robotics, drone technology, and archaeology is propelling market growth. Furthermore, ongoing advancements in LiDAR technology, such as the development of solid-state LiDAR systems that make this technology more affordable and accessible, are supporting market growth.

Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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