Light Detection and Ranging (LiDAR) Market to grow by USD 6.62 Billion from 2024-2028, expanded applications driving revenue, AI redefining trends - Technavio

NEW YORK, Dec. 4, 2024 /PRNewswire/ -- Report with market evolution powered by AI - The global light detection and ranging (LIDAR) market  size is estimated to grow by USD 6.62 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 28.82%  during the forecast period. Expanding application areas of LiDAR technology is driving market growth, with a trend towards development of lidar sensors based on continuous-wave frequency modulation (CWFM) technology. However, high cost of lidar sensors  poses a challenge. Key market players include 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, and Zephir Ltd..

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Key Market Trends Fueling Growth

The LiDAR market is experiencing significant growth due to increasing demand for 3D imagery and mapping applications. This technology, which uses laser scanner technology to create digital elevation models, is trending in various sectors including military and defense, civil engineering, city planning, environmental monitoring, and weather monitoring. Airborne and terrestrial LiDAR are popular choices for corridor mapping and topographical surveys. Innovations such as MEMS scanners and electromechanical systems are driving advancements in LiDAR technology. The technology is also being used in industries like oil and gas, energy, aerospace and defense, healthcare, construction, and smart infrastructure. Applications include collision avoidance systems, driver assistance systems, 4D technology, and 3D imaging. New sensors like PlusDrive and next-generation LiDAR are being developed for autonomous vehicles, unmanned aircraft systems, smart grids, and advanced geospatial solutions. Other emerging applications include urban planning, disaster response, infrastructure monitoring, robotics, aerial surveying, and biomass estimation. LiDAR technology is also used in geomatics, meteorological physics, archeology, geomorphology, coastal geospatial services, wildlife ecosystems, and seismology.

LiDAR (Light Detection and Ranging) market participants are focusing on enhancing the measurement technology of LiDAR sensors. Current LiDAR sensors employ a time-of-flight method to determine the time and distance taken by laser beams to hit targets and return. However, next-generation LiDAR sensors are under development, utilizing continuous-wave frequency-modulated (CWFM) technology. This advanced approach sends continuous laser beams towards targets, which are then split into two. One beam travels to the target and bounces back, while the other remains constant. The recombined beams' frequency shift upon interaction with the target provides more precise distance measurements. This innovation could potentially improve LiDAR sensors' accuracy and efficiency in various industries, such as autonomous vehicles and surveying. 

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Market Challenges

• The Light Detection and Ranging (LiDAR) market is experiencing significant growth due to its application in various industries. Key sectors include 3D imagery and mapping for corridor mapping, topographical surveys, city planning, and environmental monitoring. LiDAR technology, which includes laser scanner technology and photogrammetry, is used in airborne and terrestrial applications. It's crucial in military and defense, civil engineering, construction, energy, oil and gas, environmental sector, aerospace and defense, healthcare, and more. LiDAR is used for creating digital elevation models, 3D imaging, and 4D technology. It's also employed in weather monitoring, oil sand monitoring, localization, collision avoidance systems, driver assistance systems, and smart infrastructure. New technologies like MEMS scanner, electromechanical system, and 2 next-generation sensors are driving innovation in LiDAR. Applications include autonomous vehicles, unmanned aircraft systems, smart grids, advanced geospatial solutions, urban planning, disaster response, infrastructure monitoring, robotics, aerial surveying, and more. LiDAR sensors, detectors, scanning mechanisms, cameras, radars, and aerial surveying services are essential components of this market. Short-range LiDAR is gaining popularity in smart mobility and biomass estimation.
• The high cost of LiDAR sensors remains a significant barrier to their widespread adoption in various industries. For instance, the Velodyne HDL-64 LiDAR sensor, which was priced at approximately USD75,000 in 2015, is a significant investment. However, Velodyne offers more affordable alternatives, such as their 32 and 16 laser LiDAR models, priced between USD7,000 and USD8,000. Despite recent cost reductions, the price point is still a challenge for mass adoption. According to industry data, LiDAR sensor costs are expected to decrease substantially due to mass production. This trend is supported by companies like Quanergy Systems Inc., further boosting the global LiDAR market's growth potential.

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Segment Overview 

This light detection and ranging (lidar) market report extensively covers market segmentation by

1. Application 
• 1.1 Corridor mapping
• 1.2 Engineering
• 1.3 ADAS and driverless cars
• 1.4 Environment
• 1.5 Others
2. Product 
• 2.1 Airborne LiDAR
• 2.2 Terrestrial LiDAR
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 Middle East and Africa
• 3.5 South America

1.1 Corridor mapping-  In the fields of corridor mapping and pipeline inspection, LiDAR technology has become an essential tool for businesses due to its cost-effectiveness and time efficiency. For instance, in corridor mapping, LiDAR is used for mapping highways, oil and gas pipelines, and railway lines, providing valuable data for planning, execution, and monitoring. In transmission line inspection, airborne LiDAR systems are increasingly adopted for mapping and inspecting electricity transmission lines, reducing the need for expensive and time-consuming manual inspections. Similarly, in oil and gas pipeline inspection, airborne LiDAR systems are used for mapping pipeline environments and detecting leaks. Companies like YellowScan and Leica Geosystems offer LiDAR solutions for corridor mapping, and the increasing demand for these solutions is driving the growth of the corridor mapping segment of the global LiDAR market. Utilities and pipeline operators are opting for LiDAR-based drone inspection services to ensure accurate mapping results and reduce the frequency of costly repairs.

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Research Analysis

The Light Detection and Ranging (LiDAR) market encompasses innovative technologies that utilize laser scanner systems to generate high-resolution 3D imagery, 3D mapping, and digital elevation models. LiDAR technology employs laser scanning in both airborne and terrestrial applications to capture precise data for various industries. The technology's 4D capabilities enable the measurement of not only spatial dimensions but also temporal changes, making it an essential tool for advanced geospatial solutions. LiDAR systems come in various forms, including MEMS scanners and electromechanical systems, catering to diverse applications. This technology plays a crucial role in smart grids, urban planning, disaster response, environmental monitoring, smart city planning, and infrastructure monitoring. LiDAR's ability to provide accurate and detailed information makes it an indispensable technology for industries seeking advanced solutions in geospatial data acquisition.

Market Research Overview

The Light Detection and Ranging (LiDAR) market encompasses technologies and applications that utilize laser scanning to create three-dimensional imagery, mapping, and digital elevation models. LiDAR technology is employed in various sectors, including topographical surveys, civil engineering, city planning, environmental monitoring, weather monitoring, oil sand monitoring, localization, and more. The technology is used in both airborne and terrestrial applications, with laser scanners being the primary tool for data acquisition. LiDAR is integral to corridor mapping, military and defense, aerospace and defense, healthcare, construction, energy, environmental sector, oil and gas, smart infrastructure, seismology, geomatics, meteorological physics, archeology, geomorphology, coastal geospatial services, wildlife ecosystems, and more. Applications include 3D imaging, collision avoidance systems, driver assistance systems, 4D technology, MEMS scanner, electromechanical systems, photogrammetry, and more. LiDAR technology is also used in autonomous vehicles, unmanned aircraft systems, smart grids, advanced geospatial solutions, urban planning, disaster response, smart city planning, infrastructure monitoring, robotics, aerial surveying, and various sensors, scanning mechanisms, cameras, radar, and aerial surveying services. Short-range LiDAR is used in smart mobility, biomass estimation, and other emerging applications.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Application
• Corridor Mapping
• Engineering
• ADAS And Driverless Cars
• Environment
• Others
• Product
• Airborne LiDAR
• Terrestrial LiDAR
• Geography
• North America
• Europe
• APAC
• Middle East And Africa
• South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

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SOURCE Technavio