LiDAR Market is Predicted to Reach a Market Worth of USD 4.83 Billion in 2031 Owing to Rising Spending on Healthcare Around the World | SkyQuest Technology

WESTFORD, Mass., Aug. 1, 2024 /PRNewswire/ -- According to SkyQuest, the global LiDAR Market size was valued at USD 1.5 Billion in 2022 and is poised to grow from USD 1.7 Billion in 2023 to USD 4.83 Billion by 2031, growing at a CAGR of 13.8% in the forecast period (2024-2031). 

LiDAR (Light Detection and Ranging) technology has emerged in popularity quite recently owing to its advanced application scope in multiple industry verticals. The growing use of LiDAR technology in autonomous vehicles and mapping applications is projected to bolster market growth in the future. Rising investments in the R&D of novel LiDAR technologies will also foster new opportunities for market players going forward. The global LiDAR market is segmented into LiDAR technologies, component, type, installation, range, service, end-use application, and region.

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Lidar Market Overview:

Segments covered in Lidar Market are as follows:

• LiDAR Technologies
• 2D, 3D, 4D
• Component
• Laser Scanners, Navigation & Positioning Systems (GPS, IMU), and Others
• Type
• Mechanical, and Solid-state
• Installation
• Airborne (Topographic, Bathymetric Lidar), and Ground-based (Mobile, Static)
• Range
• Short (0–200 M), Medium (200–500 M), and Long (Above 500 M)
• Service
• Aerial Surveying, Asset Management, Geographic Information System (GIS) Services, Ground-based Surveying, and Others
• End-use Application
• Corridor Mapping (Roadways, Railways, Other), Engineering, Environment (Forest Management, Coastline Management, Pollution Modeling, Agriculture Mapping, Wind Farm, Precision Forestry), ADAS & Driverless Cars, Exploration (Oil & Gas, Mining), Urban Planning, Cartography, Meteorology, and Others

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Ground-based LiDAR Technologies to be At the Forefront of Revenue Generation for Market Players

Ground-based LiDAR technologies have an immense scope of application in numerous industry verticals. Ranging from autonomous vehicles to real-time mapping of objects and surroundings, ground-based LiDAR can do almost everything possible. Moreover, LiDAR companies are especially investing in new technologies that can enhance the pedestrian and object detection capabilities of vehicles to improve their safety. Ground-based LiDAR technologies will be immensely popular among automotive companies in the future.

Surging demand for aerial mapping and surveying equipment is projected to create new opportunities for airborne LiDAR technology providers. From creating digital elevation models to replacing traditional surveying approaches, airborne LiDAR technologies can do many things. Integration of other advanced technologies such as artificial intelligence and the Internet of Things (IoT) could very well widen the scope of application for this segment in the long run.

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 Automotive and Transportation Safety Emphasis Slated to Power LiDAR Demand

Corridor application of LiDAR technologies is slated to be the most opportune for market players over the coming years. LiDAR technologies help collision avoidance systems and other safety systems analyze surroundings and map them in real time to detect objects and pedestrians. Increasing emphasis on safety in the automotive industry and imposition of regulations mandating the use of such systems will help the corridor application segment hold a major chunk of the global market share.

Meanwhile, the demand for LiDAR in driverless cars and advanced driver assistance applications will increase at a robust CAGR over the coming years. Cameras are being used with LiDAR technology to promote autonomy amongst vehicles. Agriculture and construction applications are also expected to offer good returns on investments for LiDAR companies in the long run.

The global LiDAR market is emerging as an extremely opportune one. Leading LiDAR companies are focusing on advancing their technologies whilst new companies are targeting innovation to find a place for themselves in this competitive landscape. 

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SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.

We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.

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SOURCE SkyQuest Technology