LiDAR Market size is set to grow by USD 4289.97 mn from 2023-2027, DENSO Corp., FARO Technologies Inc. & GMR Infrastructure Ltd., and more to emerge as Some of the Key Vendors, Technavio

NEW YORK, April 4, 2024 /PRNewswire/ -- The global lidar market size is estimated to grow by USD 4289.97 mn from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of over 24.45% during the forecast period. North America held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 39%. 

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Major Players in the Market

Numerous companies are capitalizing on this growing trend by implementing strategic measures such as alliances, partnerships, mergers, and acquisitions. Among the notable players in the cheese based snacks market are:

DENSO Corp., FARO Technologies Inc., GMR Infrastructure Ltd., Hexagon AB, Innoviz Technologies Ltd., LeddarTech Inc., Luminar Technologies Inc., Ouster Inc., Phoenix LiDAR Systems, Quanergy Systems Inc., RIEGL Laser Measurement Systems GmbH, Robert Bosch GmbH, RoboSense, SICK AG, SureStar, Teledyne Technologies Inc., Trimble Inc., Valeo SA, YellowScan, Zephir Ltd.

Key Market Drivers

The LiDAR market is experiencing significant growth, particularly in mobile and stationary applications for Earth's surface surveying. YellowScan, a leading player in the laser scanner segment, provides solutions for distinguishing objects and localizing points with high spatial resolution. LiDAR technology is used in mapping and object & environment modeling, including corridor mapping and automotive safety applications. Tower Semiconductor, an Israel-based manufacturer, produces integrated circuits for LiDAR systems, enabling map-enabled systems and ADAS features like lane departure systems and digital terrain models. LiDAR is also utilized in automation, efficiency, and safety features for assisted driving automobiles. Change detection applications include monitoring hillsides for water runoff, agriculture, mining sites, and inland waterways. Market segments include corridor mapping and the ADAS segment for automotive safety applications. Key players include Mapper.ai, Inc., which focuses on ADAS system production, and YellowScan for LiDAR acquisition. Applications extend to military & defense and topographical surveys in civil engineering.

Challenges and Opportunities

The LiDAR market is experiencing significant growth in various industries, including self-driving cars, navigation applications, and environmental monitoring. However, the high cost of LiDAR sensors remains a challenge, particularly for mass adoption in sectors like air travel and weather condition monitoring. According to industry experts, the cost is expected to decrease due to mass production and technological advancements. LiDAR sensors are essential for applications such as self-driving cars, GPS navigation, and monitoring tropospheric pollution, volcanic eruptions, and weather conditions. Key players in the market include Velodyne, Quanergy Systems Inc., YellowScan, and Mapper.ai, Inc. The market consists of segments like the aerial LiDAR system, laser scanner segment, and corridor mapping segment. Applications include localization, mapping, object & environment modeling, and automotive safety applications like lane departure systems and digital terrain models. Tower Semiconductor, an Israel-based manufacturer, is contributing to the market by producing integrated circuits for laser scanners, enabling better spatial resolution and intensity values to distinguish objects. The ADAS segment is also driving revenue share with map-enabled systems and acquisition systems for change detection on hillsides.

The LiDAR market is experiencing significant growth, particularly in sectors such as water runoff in agriculture and mining sites, inland waterways, and automation. Next-generation LiDAR sensors, utilizing continuous-wave frequency-modulated (CWFM) technology, are revolutionizing the industry. These sensors, used in 3D imagery for military & defense, topographical surveys, civil engineering, and corridor mapping, offer safety features and improved efficiency. CWFM technology is also essential for self-driving cars, GPS navigation applications, monitoring weather conditions, and environmental monitoring, including tropospheric pollution, volcanic eruptions, and air travel. Customer education is key to expanding the market, with a focus on the airborne segment and revenue share from the aerial LiDAR system, digital elevation models, and photogrammetry. Key players in the market include YellowScan, the laser scanner segment, and Tower Semiconductor. CWFM LiDAR sensors use intensity values to distinguish objects and enable localization, mapping, and object & environment modeling in the corridor mapping segment. Spatial resolution is a critical factor in various applications, including the automotive safety applications (ADAS segment).

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Market Overview

The LiDAR market is experiencing significant growth due to the increasing adoption of autonomous vehicles and drones. The technology, which stands for Light Detection and Ranging, uses light in the form of a pulsed laser to measure distances. This data is then used to create a 3D map of the environment, enabling objects to be detected and classified. The automotive industry is a major contributor to the LiDAR market, with companies such as Waymo, Tesla, and Uber investing heavily in the technology. The mining industry is another key sector, using LiDAR for terrain mapping and volumetric analysis. The market is projected to grow at a CAGR of 20.2% between 2021 and 2028, reaching a value of USD63.1 billion by 2028. Key players in the market include LeddarTech, Velodyne Lidar, and Quanergy Systems. The market is driven by factors such as the increasing demand for autonomous vehicles, the need for accurate and reliable data in various industries, and the ongoing development of more advanced and cost-effective LiDAR systems.

Table of Contents:

 1 Executive Summary
 2 Market Landscape
 3 Market Sizing
 4 Historic Market Size
 5 Five Forces Analysis
 6 Market Segmentation
 7 Customer Landscape
 8 Geographic Landscape
 9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix

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SOURCE Technavio