Global LiDAR Market to Reach $3.7 Billion by 2028: Easing of Regulations Related to Use of Commercial Drones in Different Applications Drives Growth

DUBLIN, March 20, 2023 /PRNewswire/ -- The "Global LiDAR Market by Component (Laser Scanners, Navigation & Positioning Systems), Type (Solid State, Mechanical), Installation Type (Airborne and Ground Based), Range, Service, End-use Application, Region - Forecast to 2028" report has been added to  ResearchAndMarkets.com's offering.

The LiDAR market is projected to grow from USD 1.4 billion in 2023 to USD 3.7 billion in 2028; it is expected to grow at a CAGR of 19.4% during the forecasted period.

Using LiDAR systems, scientists and professionals can investigate natural and human-made environments. LiDAR can provide digital elevation models (DEMs) and imaging. DEMs are used to create a 3D representation of a surface, while imaging includes 3D imaging, which is used in autonomous cars and robotics.

Market for ground-based LiDAR is expected to grow at highest CAGR during the forecasted period

The LiDAR market is segmented into two types of installation of LiDAR, ground-based and airborne. Ground-based LiDAR systems cost less and have less stringent approval criteria for mapping or survey, which leads to the larger market size of these systems.

This growth is attributed to the low cost and less stringent approval criteria for mapping and surveying end-use applications for ground-based LiDAR.

Moreover, the high adoption of ground-based LiDAR for end-use applications such as environment, meteorology, corridor mapping, ADAS, and driverless cars is expected to drive the market in the near future.

The medium range LiDAR is expected to grow at highest CAGR during the forecasted period

The LiDAR is manufactured in to 3 types of ranges, short, medium, and long. LiDAR uses light in the form of a pulsed laser to measure ranges and distances from its target. These light pulses are combined with other data recorded by the system to generate precise 3D information about the target.

Medium-range LiDAR is used to detect objects in the range of 200-500 m. This LiDAR is used in engineering, mapping, environment, and exploration applications. Medium-range LiDAR is used where precision and cost-effectiveness are the primary concerns.

Market for GIS services is expected to grow at highest CAGR during the forecasted period

The LiDAR market is segmented by services, which includes, aerial surveying, asset management, GIS services, ground-based surveying, and other services.

GIS services is expected to grow at highest CAGR during forecasted period. GIS services capture and analyze geospatial data of applications, including forestry and vegetation mapping. GIS can help in data analysis, topological modeling, geometric networks, hydrological monitoring, and cartographic modeling.

Market for Asia Pacific is to grow at highest CAGR during the forecasted period

The LiDAR market in the Asia Pacific region is projected to grow at the highest CAGR during the forecast period. The growth of this market can be attributed to the increase in surveying and mapping operations due to the increasing infrastructural development, focus on forest management, and mining activities in the region.

The increasing applications of airborne and ground-based LiDAR systems and the growing number of surveying and mapping activities in the region are anticipated to drive the demand for LiDAR in Asia Pacific.

Market Dynamics

Drivers

• Rising Adoption of Lidar Systems in UAVs
• Increasing Adoption of LiDAR in Engineering and Construction Applications
• Use of Lidar in Geographical Information System (GIS) Applications
• Emergence of 4D Lidar
• Easing of Regulations Related to Use of Commercial Drones in Different Applications

Restraints

• Safety Threats Related to UAVs and Autonomous Cars
• Easy Availability of Low-Cost and Lightweight Photogrammetry Systems

Opportunities

• Increasing Investments in Lidar Start-Ups by Automotive Giants
• Opportunities for Swir-Based Design in Long Term
• Technological Shifts with Adoption of Solid-State, Mems, Flash Lidar, and Other Lidar Technologies
• Development of Better Geospatial Solutions Using Sensor Fusion
• Initiatives Undertaken by Governments of Different Countries to Encourage Use of Lidar Drones for Large-Scale Surveys

Challenges

• High Cost of Lidar Services and Limited Availability of Geospatial Data

Use Cases Analysis

• Game of Thrones (Vektra, D.O.O., and Teledyne Optech)
• Redesigning Roads with Uav (Yellowscan and Velodyne Lidar, Inc.)
• Visualization of Chernobyl Red Forest Site (Routescene and Velodyne Lidar, Inc.)
• Improved Transportation for People with Disabilities (Robotic Research and Velodyne Lidar, Inc.)

Companies Mentioned

• Beijing Surestar Technology Co. Ltd.
• Faro Technologies, Inc.
• Geokno India Private Limited
• Innoviz Technologies Ltd.
• Leddartech Inc.
• Leica Geosystems Ag
• Leosphere
• Livox
• Neptec Technologies Corp.
• Nextcore
• Ouster Inc.
• Phoenix Lidar Systems
• Quanergy Systems, Inc.
• Quantum Spatial
• Riegl Laser Measurement Systems GmbH
• Routescene
• Sabre Advanced 3D Surveying Systems Ltd
• Sick Ag
• Teledyne Optech
• Trimble Inc.
• Valeo S.A.
• Velodyne Lidar, Inc.
• Waymo LLC
• Yellowscan
• Zx Lidars

For more information about this report visit https://www.researchandmarkets.com/r/mikf2a

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