According to the latest report by IMARC Group, titled “Global LiDAR Market Size, Share, Industry Trends, Growth, Opportunity and Forecast 2022-2027“, the global LiDAR market reached a value of US$ 1.75 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 5.84 Billion by 2027, exhibiting a CAGR of 21.40% during 2022-2027.
LiDAR, also known as light detection and ranging, refers to a remote sensing method that uses light to measure variable distances to the Earth. It targets an object with a pulsed laser and calculates the time taken for the reflected light to return to the receiver. This information is used to generate accurate, three-dimensional (3D) information about the shape and surface characteristics of the Earth. As a result, LiDAR systems are used by scientists and mapping professionals to examine both natural and artificial environments with accuracy, precision, and flexibility.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
LiDAR Market Trends and Drivers:
The market is primarily driven by the increasing applications of LiDAR across various end use sectors. For instance, it is widely used in the agriculture industry for automated tractor steering solutions and surveying fields with drones. In addition, the rising integration of LiDAR-based sensors in advanced driver assistance systems (ADAS) and self-driving vehicles represents another major growth-inducing factor.
Besides this, governing agencies of numerous countries are using LiDAR technology for mapping, surveillance, topographical surveys, and monitoring in the oil, gas, and mining sectors.
Moreover, technological advancements in the LiDAR mapping systems, extensive research and development (R&D) activities, and the emergence of 4D LiDAR are other factors creating a favorable market outlook across the globe.
Global LiDAR Market 2022-2027 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Faro Technologies Inc, Innoviz Technologies Ltd., LeddarTech Inc., Leica Geosystems AG (Hexagon AB), NV5 Global Inc., Quanergy Systems Inc., RIEGL Laser Measurement Systems GmbH, Sick AG, Teledyne Technologies Inc, Trimble Inc., Valeo and Velodyne Lidar Inc.
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The report has segmented the market on the basis of region, installation type, component and application.
Breakup by Installation Type:
Breakup by Component:
- Laser Scanners
- Navigation Systems
- Global Positioning Systems
Breakup by Application:
- Corridor Mapping
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan,India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France,United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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