Global LiDAR Market size to value $15 Bn by 2030

LiDAR Market size is anticipated to reach USD 15 billion by 2030, according to a new research report by Global Market Insights Inc.
 

The rising adoption of LiDAR for environmental applications is a key factor responsible for the industry expansion. Growing industrialization and urbanization have led to a significant rise in population density in major cities, increasing the need for effective mapping solutions. Terrestrial LiDAR is being extensively used to produce three-dimensional models for urban planning projects, managing roads, identifying illegal construction or encroachment, river rejuvenation, and drainage management.
 

Many countries are also adopting 3D modeling to achieve the full potential of digital twin technology. Citing an instance, the Singapore Land Authority (SLA) aims to map the entire country once every five years through aerial mapping and to update the street mobile mapping data every two years. The organization has been implementing terrestrial surveying and remote sensing to detect ground-level changes and make necessary updates.
 

Growing adoption of UAVs for disaster management

The UAV product segment is projected to depict a CAGR of around 25% through 2030. LiDAR-based UAVs are being used to create Digital Surface Model (DSM) to detect damage to public utilities and buildings during natural disasters. Three-dimensional models help in identifying and rectifying the exact damage on the precise location of these utilities. Furthermore, LiDAR UAVs help in identifying flood-prone areas of cities and studying vegetation data in forests to assess the risks of wildfires, which may stimulate the LiDAR market growth.
 

Get more details on this report - Request Free Sample PDF
 

Robust properties of mechanical LiDAR to transform market dynamics

The mechanical LiDAR market accounted for approximately 95% of the industry share in 2021. These devices can offer high-level optics, in addition to a rotating setup, to create a 360^o field of view (FoV). The LiDAR system’s FOV is important for autonomous driving decision algorithms, as it defines the width of the images captured by the LiDAR. Consequently, major companies are launching LiDAR products equipped with the FoV feature.
 

In June 2021, Velodyne Lidar Inc unveiled a new sensor with an array architecture made of micro-LiDARs to obtain higher resolution and ultra-wide FoV. The Velabit LiDAR was designed to be used across applications such as autonomous mobile robots, industrial machines & warehouses, and automotive mobility, among others.
 

Browse key industry insights spread across 290 pages with 376 market data tables and 34 figures & charts from the report, “LiDAR Market Size By Product (Airborne [Topographic, Bathymetric], UAV, Terrestrial [Mobile, Static]), By Type (Mechanical, Solid-state), By Application (Corridor Mapping [Roadways, Railways, Bridges & Tunnels], Engineering, Environment, Driverless Cars, Exploration & Meteorology, Cartography), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022–2030”, in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/lidar-light-detection-and-ranging-market
 

Increasing focus on infrastructure corridor mapping will bolster industry trends

The corridor mapping segment held over 40% of the market share in 2021. LiDARs are being extensively used for mapping infrastructural corridors across various sectors such as railways, roads, utilities, and oil & gas. For instance, YellowScan offers UAV-mounted LiDAR that is used to inspect and map corridors such as poles, vegetation, and thin transmission lines to perform regulatory surveys in many countries. These innovations will significantly drive business growth.
 

Robust presence of LiDAR manufacturers to define Europe industry landscape

The Europe LiDAR market will capture  more than 25% of the revenue share by 2030. Many Europe-based companies are forming strategic partnerships with OEMs to boost their business footprint.
 

Acquisitions to emerge as a key strategy

Some of the key participants operating in the LiDAR market include Topcon Positioning Systems, Inc., Beijing SureStar Technology Co. Ltd., Innoviz Technologies Ltd, LeddarTech Inc., NV5 Inc. (Quantum Spatial), FARO Technologies, Inc., Geokno, Teledyne Technologies (Teledyne Optech), Hexagon AB (Leica Geosystem), Outster Inc., Quanergy Systems, Inc., RIEGL Laser Measurement Systems GmbH, RoboSense LiDAR, Sick AG, Trimble Inc., Vaisala (Leosphere), Valeo, Velodyne Lidar, and Yellowscan.
 

Many key players are focusing on providing advanced LiDAR solutions through acquisitions. For instance, FARO Technologies completed the acquisition of GeoSLAM in September 2022. This acquisition has offered FARO access to a variety of reality capture alternatives such as stationary scanning, 360-degree camera, and mobile abilities along with laser scanning tools that are highly precise.