CHICAGO, Jan. 25, 2024 /PRNewswire/ -- The LiDAR Market is projected to grow from USD 1.6 billion in 2024 to reach USD 3.7 billion by 2029; it is expected to grow at a Compound Annual Growth Rate (CAGR) of 18.2% from 2024 to 2029 according to a new report by MarketsandMarkets. The growth of the LiDAR market is driven by surge in the demand for 3D imagery in application areas, rise in the development of smart cities and infrastructure projects, emergence of 4D LiDAR, rising adoption of LiDAR systems in UAVs.
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Browse in-depth TOC on "LiDAR Market"
202 - Tables
59 - Figures
294 - Pages
LiDAR Market Report Scope:
Report Coverage | Details |
Market Revenue in 2024 | $ 1.6 billion |
Estimated Value by 2029 | $ 3.7 billion |
Growth Rate | Poised to grow at a CAGR of 18.2% |
Market Size Available for | 2020-2029 |
Forecast Period | 2024-2029 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Component, Installation, Type, Range, Service and Region |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Complexities related to miniaturized LiDAR sensing |
Key Market Opportunities | Mounting development of advanced geospatial solutions |
Key Market Drivers | Increasing number of smart cities and infrastructure development projects |
By type, the mechanical segment is projected to hold the larger share of the lidar market in 2029.
The mechanical segment is expected to hold a larger market share in 2029. By type, the LIDAR market is expected to be driven by the mechanical segment due to the widespread use of mechanical LiDAR in various applications, such as corridor mapping, military, volumetric mapping, and engineering. This leads to the larger size of the mechanical LiDAR market. The main advantage of mechanical Lidar is its ability to cover a wide field of view. Mechanical LiDAR sensors can operate long distances, with ranges of up to several kilometers. The solid-state LiDAR sensors have a shorter range than mechanical LiDAR sensors, typically only a few hundred meters. They require a higher power consumption, which can be a limitation for battery-powered applications. Additionally, the cost of solid-state LiDAR sensors is typically higher than that of mechanical Lidar sensors.
By component, laser scanners are projected to account for the largest share during the forecast period.
Laser scanners are expected to dominate the LiDAR market during the forecast period. The key factor attributing to this growth is the high deployment of laser scanners for transmitting and detecting using laser pulses based on the time-of-flight (ToF) principle. Continuous advancements in laser scanning technology have improved their performance while reducing size, weight, and power consumption. This progress has made them more accessible and adaptable to various applications. Laser scanners seamlessly integrate into LiDAR systems, working with other components, such as global positioning systems (GPS) and Inertial Measurement Units (IMUs). This integration enhances the overall efficiency and accuracy of data collection and processing.
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North America is expected to hold the second largest share in the market by 2029.
The North American region is expected to hold the largest share of the LiDAR industry during the forecast period. Major LiDAR companies, such as Teledyne Optech (Canada), Trimble, Inc. (US), and FARO (US), have their presence in North America. North America is witnessing growth opportunities in the automotive sector owing to the increasing adoption of technologies such as ADAS and AEB.The use of LiDAR in ADAS and driverless cars is expected to grow significantly in the coming years.
The report profiles key players in the LiDAR companies with their respective market ranking analysis. Prominent players profiled in this report include Leica Geosystems AG (Sweden), Trimble Inc. (US), Teledyne Optech (Canada), FARO Technologies, Inc. (US), RIEGL Laser Measurement Systems GmbH (Austria), Sick AG (Germany), NV5 Geospatial (US), Beijing SureStar Technology Co. Ltd. (China), Ouster (Velodyne Lidar, Inc.) (US), YellowScan (France), Leishen Intelligent System Co., Ltd. (China), SABRE Advanced 3D Surveying Systems (Scotland), Hesai Technology (China), RoboSense (China).
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