LiDAR Market Overview and Scope Forecast 2021 to 2026 | Sick AG, Optech Inc., Velodyne LiDAR, Quanergy Systems Inc., Quantum Spatial Inc.
The report delivers a comprehensive overview of the crucial elements of the market and elements such as drivers, current trends of the past and present times, supervisory scenario & technological growth. This report also includes the overall and comprehensive study of the LiDAR market with all its aspects influencing the growth of the market. This report is an exhaustive quantitative analysis of the LiDAR industry and provides data for making strategies to increase market growth and effectiveness. The report covers the post-COVID-19 (Corona Virus) impact on various regions and major countries and on the future development of the industry is pointed out.
The global LiDAR Market was valued at USD 1620.89 million in 2020 and is expected to reach USD 7357.63 million by 2026, recording a CAGR of 29.55% over the forecast period of 2021 - 2026.
The report presents the market competitive landscape and a corresponding detailed analysis of the major vendors/key players in the market. Top Companies in the Global LiDAR Market: Sick AG, Optech Inc., Velodyne LiDAR, Quanergy Systems Inc., Quantum Spatial Inc., 3D Laser Mapping Ltd, Faro Technology Inc., Leica Geoystems AG, RIEGL Laser Measurement Systems GmbH, Topcon Positioning Systems Inc., Trimble Navigation Ltd, Denso Corporation, Innoviz Technologies Ltd, Neptec Technologies Corp., Phantom Intelligence Inc., and others.
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Key Market Trends
Ground - based LiDAR is Expected to Register a Significant Growth Rate
- Although, The Aerial mapping of the terrain holds significant importance in many applications, such as mining, oil and gas exploration, forestry, coastal navigation, disaster management, etc., for planning before the execution of different strategies. The ground-based lidar systems are expected to hold a major share in the market during the forecast period, owing to the key factors, such as low cost and increasing applications in SUV. Ground lidar possesses an exceptional ability to produce 3D images of land at coastal and other areas and ground movements, such as landslides, and it can be analyzed and measured by satellite imagery.
- Ground-based lidar is commonly used to scan outcrop consisting of near-vertical cliffs and rocky slopes along canyon walls and hillsides. The first step in the acquisition process is to set up the scanner, aim at the outcrop, and define a scanning window and a scanning resolution.
North America is Expected to Hold a Major Share in the Market
- North America, led by the United States and Canada, is the most technologically superior market in the world. IT Services and IT-based manufacturing are driving the market for LiDAR and LiDAR data across the continent. Applications in civil engineering and the smart automation industry, need LiDAR datasets to create innovative software, such as advanced game development. Being technologically advanced, they are the first ones to invest and develop drone technology and test it for various applications
- The increasing investments of business giants in North America, such as General Motors, Google Inc., and Apple Inc., toward ADAS and driverless cars are providing new opportunities for small, versatile, and low-cost lidar systems.
Recent developments in the market are –
- January 2020- DENSO Corporation and Qualcomm Technologies, Inc., a subsidiary of Qualcomm Incorporated, announced that the companies will work joint together for developing next-generation cockpit systems. The companies are focused on achieving improved vehicle driver communication.
- September 2019 -Teledyne Optech announced the next evolution of the Galaxy platform, the Galaxy T2000. A compact lidar-mapping sensor, the Galaxy T2000 provides a unique feature set for maximum collection efficiency and point density and is the next step in the evolution of modern aerial surveying. Coupled with a new G2 mounting system, the Galaxy T2000 leverages its compact size to co-mount two sensors over a single aircraft portal, making it quite simply the most flexible commercial lidar system.
- July 2019 - Quanergy did distribution partnership with Ingram Micro Brazil, a subsidiary of Ingram Micro, which is the technology distributor and global leader in the IT supply chain, services for mobile devices, cloud, automation, and logistics solutions. This partnership marks Quanergys entrance into the South American market.
What are the market factors that are explained in the report?
- Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.
- Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.
- Analytical Tools: The LiDAR Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. Analytical tools such as Porter’s five forces analysis, SWOT analysis, feasibility study, and investment return analysis have been used to analyze the growth of the key players operating in the market.
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