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LiDAR Sensor Market Analysis
- Report ID: GMI5433
- Published Date: Feb 2023
- Report Format: PDF
LiDAR Sensor Market Analysis
LiDAR sensor market valuation from terrestrial product segment is estimated to reach over USD 5 billion by 2032. The demand for terrestrial LiDAR has significantly increased due to the growing usage of 3D imaging technology in product design, medical imaging, and architectural rendering. The adoption of 3D terrestrial LiDAR has surged because of its various advantages, such as providing comprehensive 3D data, ensuring minimal contact with hazardous areas, delivering high accuracy, promoting safety, and early detection of equipment malfunction. Moreover, the implementation of new regulations will encourage the appropriate usage of terrestrial LiDAR.
LiDAR sensor market valuation from mechanical LiDAR technology surpassed USD 1 billion in 2022. The rising trend of automation in various industry verticals is driving the demand for mechanical LiDAR. Its application is widespread in robotics, mapping, and surveying as it offers highly precise and high-resolution data. Mechanical LiDAR is currently undergoing testing across multiple stages of automation levels, including 3, 4, and 5. Additionally, the automotive sector's fast-paced electrification and the increasing advancements in autonomous vehicles have accelerated the deployment of mechanical LiDAR on vehicles for long-range scanning purposes.
In terms of revenue, LiDAR sensor market share from healthcare applications is anticipated to exceed USD 2 billion by 2032. LiDAR has gained significant momentum in the healthcare sector owing to the ongoing digitization and the emergence of trends such as telemedicine, and remote health monitoring. Moreover, high penalties imposed on healthcare facilities owing to poor patient outcomes driven by skyrocketing costs and burnout have emphasized the role of AI and LiDAR in preventing the penalties.
The short-range LiDAR segment recorded more than 35% share of the LiDAR sensor market in 2022. Short-range LiDAR modules are witnessing a robust demand owing to advantages such as enhanced active safety and mapping & navigation of drones, industrial machines, and robots. The rapid penetration of smartphones and next-generation technologies, such as augmented reality is expected to spur the need for compact LiDAR solutions. Short-range radar also has a spectrum of use cases in the automotive sector for blind-sport monitoring, park assist, rear-end collision warning, and lane-change assist.
Asia pacific LiDAR sensor market size is poised to expand at over 20% CAGR between 2023-2032. The Asia Pacific region has established itself as a center for innovation and automation, presenting profitable opportunities for the LiDAR industry. In recent years, countries like China and India have experienced a swift surge in technology start-ups capitalizing on the ongoing technology transformation and the rising GenZ population.
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LiDAR Sensor Market Scope
