According to a market report, published by Sheer Analytics and Insights, the global LiDAR Market was valued at $2.3 billion in 2021 and it is expected to reach $40.1 billion at a CAGR of 28.8% between 2022 and 2032. The market is expanding as a result of the increased use of LiDAR systems for numerous applications, including Advanced Driver Assistance Systems (ADAS), urban planning corridor mapping, etc. The enormous growth of the LiDAR business will also benefit from the adoption of 4D LiDAR. The LiDAR market is significantly influenced by its many qualities, such as high-speed data transfer with high-resolution results. In addition, the significance of acquiring additional knowledge about coastlines using airborne mapping methods has increased due to growing concerns about climate change and increasing sea levels. Hexagon and the environmental NGO beneath the Waves worked together in August 2022 to help protect the Bahamas' marine biodiversity. Leica Geosystems' cutting-edge airborne bathymetric technology is used in R-evolution, the company's sustainability business venture, to map out the make-up, volume, and breadth of the area's critically endangered seagrass ecosystem.
Moreover, LiDAR maps the earth's surface using quick laser pulses. Unmanned aerial vehicles (UAVs) powered by LiDAR are becoming more and more popular, opening up numerous potential for surveying applications that may be completed at a lower cost than manual surveying techniques. The use of UAVs has grown, which has given a boost to applications for airborne LiDAR-based surveying and mapping. In addition to offering portability and versatility, LiDAR systems mounted on autonomous vehicles also allow them to access terrain and circumstances that are inaccessible to humans. Hence, these primary factors are expected to accelerate market growth during the forecast period.
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Rising LiDAR technology use, particularly in the automotive industry, will present a significant growth opportunity. Additionally, the rising need for 3D imaging for industrial and consumer applications will accelerate the growth of the LiDAR market. As well as monitoring, the LiDAR systems can be used to plan various tasks for building and maintaining roads, railroads, and other structures. The availability of several sensors and systems, including laser scanners, navigation, and positioning systems, among others, also helps to speed up market expansion. These are some rising opportunities that would benefit the market in the future.
However, some restraints are estimated to hamper the market growth over the forecast period. For instance, the market may face difficulties due to the high installation costs associated with LiDAR devices. Scanners, sensors, cutting-edge technology, etc. are all included in the LiDAR system. Additionally, third-party solutions may be included in the processing expenses upon installation. This could be a huge problem that drastically reduces the utility of LiDAR devices. In terms of data collecting and processing, LiDAR drones are faster and more accurate than photogrammetry devices. LiDAR drones cost more than photogrammetry systems, though. The use of drones with one camera for carrying photogrammetry equipment is responsible for their low cost.
According to the study, key players dominating the global LiDAR market are Airborne Hydrography AB (Sweden), Denso (Japan), Faro Technologies (U.S), Hexagon AB (Sweden), Mira Ltd (U.K), NV5 Global (U.S), Quanergy Systems (U.S), Sick Holding GmbH (Germany), Teledyne Technologies (U.S), Trimble (U.S), Velodyne LiDAR (U.S), YellowScan (France), among others.
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The Global LiDAR Market – by Technology Type:
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