The Global LiDAR Market was valued at USD 1.1 Bn in 2020 and is estimated to reach USD 4.1 Bn by 2027 and witness a CAGR of 20.7% during the forecast period (2021-2027).
Light Detection and Ranging formerly abbreviated as LiDAR is a remote sensing method used to examine and study surfaces. The LiDAR instrument consists of lasers and scanners and specialized GPS receivers. The LiDAR utilizes light in the form of a pulsed laser to examine both natural and manmade environments and to measure variable distances to the earth.
The Global LiDAR Market Dynamics:
The rise in adoption of LiDAR systems is observed in Unmanned Aerial Vehicle (UAVs) or drones, beneficial for numerous applications such as surveillance, mapping, and other applications. According to a report published by Routescene, a United Kingdom-based LiDAR manufactures in October 2021, remote sensing techniques such as UAV LiDAR are increasingly used to identify damaged or diseased flora and overgrown vegetation close to powerlines to prevent outages or forest fires. The high usage of UAV-based LiDAR systems is expected to lead to the growth of the global LiDAR market during the forecast period.
The Global LiDAR Market Segmentation:
Company Profiles and Competitive Intelligence
The key players operating in the LiDAR market are:
Based on type, the aerial LiDAR type segment is expanding at a highest growth rate during the period owing to increasing demand from the end user industries
The aerial LiDAR segment is estimated to register a significant growth rate during the forecast period as, the aerial LiDAR systems are benefiting various end-user industries such as civil engineering, mining, transportation, archaeology, and defense among others with quick capturing, accuracy, and providing constant acceleration with a wide range. In October 2021, RedTail LiDAR Systems, a key player in microelectromechanical systems (MEMS) mirror-based Light Detection and Ranging (LiDAR) technology has delivered six of its aerial LiDAR systems to the 707th Ordnance Company, an Airbase in Washington. The Aerial LiDAR systems are expected to allow Explosive Ordnance Disposal (EOD) technicians an opportunity to assess LiDAR to enhance their operations.
Based on the technology, the 4D LiDAR systems accounted for the highest growing share in the overall LiDAR market size owing to growing need to enhance the machine vision, followed by the 3D LiDAR systems
The 4D LiDAR systems segment is expected to witness the fastest growth rate during the forecast period owing to increased usage in end user industry. With the increasing advancements in machinery, such as integration of AI and IoT for machine learning, the necessity to improve the data collecting features such as sensors and machine vision is increasing, and therefore the adoption of 4D LiDAR is surging. For instance, in October 2021, Hokuyo Automation, a manufacturer of sensor and automation technology partnered with SiLC Technologies, a machine vision developer to establish 4D Light Detection and Ranging (LiDAR) solutions. The new solution is expected to enhance machine vision systems for the use of targeted industrial automation and robotics applications.
Based on regions, the North America region accounted for the largest share in LiDAR market growth in 2020
The North American region is technologically well-established and possesses technologically advanced infrastructure. The application of LiDAR systems in civil engineering, and the smart automation industry are increasing due to the rise in smart infrastructure in the region and the implementation of technologically advanced devices in the construction process. LiDAR datasets are utilized in creating innovative software such as advanced game development.
As the region possesses high technological capacities, key companies present in the region are increasingly investing and developing drone technology and are testing it for varied applications. Drone technology is observed to grow in the North American region. LiDAR systems are capable of capturing a wide range of areas to provide valuable insights into the archaeological, geological, defense, and many other sectors. Therefore, the LiDAR systems are increasingly incorporated with drones and are used to obtain area-based information from the heights.
The report also provides an in-depth analysis of LiDAR market dynamics such as drivers, restraints opportunities and challenges
Note: Challenges along with in-depth market dynamics analysis is mentioned in the report. Get a Sample Copy of the Report
COVID-19 Impact on the LiDAR Market Analysis
The impact of COVID-19 has greatly affected the growth of the LiDAR Market. During the outbreak of the Covid-19 pandemic, the imposed industrial lockdown impacted the productivity of industries such as oil and gas and mining. Additionally, the restrictions on transportation activity have impacted negatively on fuel consumption and thus lessening the fuel prices all across the world. The exploration application of LiDAR includes the use of LiDAR in oil & gas and mining purposes and thus the decrease in exploration application of the LiDAR market has been observed in recent years.
The report also provides an in-depth analysis of key trends in the LiDAR market
|The rising trend of 4D LiDAR systems in various industries such as defense, robotics and transportation are driving the global LiDAR market
|The integration of camera along with the LiDAR technology to enhance the machine vision is observed to be accelerating the global LiDAR market
|The rising trend of incorporation of LiDAR systems in the 3D modeling of urban environments, and smart city infrastructure is propelling the LiDAR market growth
The report also provides an in-depth analysis of recent news developments and investments
The unique insight provided by this report also includes the following:
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