Lidar Market is calculated to touch USD 7.8 billion in 2029, increasing a 20.1% CAGR during 2022-2028 | Size, Trends, Growth & Forecast

Lidar Market

Lidar Market was valued at USD 1.8 billion in 2021 and is estimated to grow at a CAGR of 20.1% over the period, 2022-2028 and is projected to reach USD 7.8 billion in 2029.

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The factors driving the growth of Lidar Market includes commercialization of drones, increasing adoption of LiDAR systems in Unmanned Ariel Vehicles (UAV), rising application of Textured 3D imagery in 3D mapping and city planning and growing focus on installing advanced safety features. According to the report published by Statista, the Global Unmanned Ariel Vehicle Market was calculated around USD 25.59 billion in 2018 and is expected to reach USD 70.28 billion by the end of 2029, which will accelerate the Lidar Market Growth in the approaching years. Moreover, rising emphasis on LiDAR modernization programs, Government policies boosting the manufacturing of automobiles, increase in the launch of innovative products and strategic acquisitions and mergers between key industry leaders, are some of the additional factors supplementing the Lidar Market share. In addition, the increasing investments by major corporations on research and development, rise in the number of aerial scanning and mapping operations across the globe, rapid urbanization, and growing population growth rates, are further propelling the Lidar Market size.

However, the growth of Lidar Market is attributed to high cost of Light Detection and Ranging (LiDAR) systems.

The leading players operating in the market are Teledyne Technologies Inc., Trimble Inc., Sick AG, Leica Geosystems AG, Quanergy Systems, Inc., Riegl Laser Measurement Systems GmbH, Velodyne Lidar, Inc., Yellowscan, Faro Technologies, Inc. and Quantum Spatial, Inc., among others.

Based on Product Type, the Terrestrial LiDAR segment is predicted to expand at a significant CAGR during the forecast period

As per the Lidar Market Report, increasing application of terrestrial LiDAR systems in high-resolution mapping of terrain and 3D surveying of buildings and structures, are some of the factors propelling the growth of the segment.

Based on Service, the Aerial Surveying segment is projected to grow at a remarkable CAGR over the forecast period

According to the Lidar Market Forecast, increasing application of drones for ariel surveying and monitoring changes in the environment, are some of the key factors responsible for the segment's growth.

Based on Region, the North American region is anticipated to capture a sizeable market share during the forecast period

Presence of the leading players such as Quanergy Systems, Inc., Teledyne Technologies Inc. and Trimble Inc., growing demand for automobiles, increasing use of LiDAR system by Government for urban planning and high per capita income, are some of the important factors augmenting the market growth in North America.

Key Development

In 2020, Velodyne LiDAR, Inc. entered into an agreement with EasyMile, under this agreement, EasyMile will use Velodyne LiDAR sensors to produce its EZ10 autonomous passenger shuttles, which can be deployed on public and private roads in more than 30 countries worldwide
Quantum Spatial, Inc., introduced a new sensor platform, The Comprehensive Low-Altitude Sensor Solution (CLASS) platform, which can be used at rail and roadway transportation corridors; electric transmission and distribution; inspection of infrastructure, including bridges, buildings, and dams; airports and pipelines. The CLASS combines dual-look LiDAR, RGB and NIR nadir imagery and forward-looking oblique imagery into one platform for improved collection of data.

Market Segmentation

Segmentation by Component

Laser Scanners
Navigation Systems
Positioning Systems
Others

Segmentation by Product Type

Airborne LiDAR
Terrestrial LiDAR

Segmentation by Service

Aerial Surveying
Asset Management
GIS Service
Ground-based Surveying
Mapping and Modelling
Others

Segmentation by Industry Vertical

Geospatial
Natural Resources
Infrastructure and Utilities
Transportation
Automotive
Others

Segmentation by Region

Asia Pacific
China
Japan
India
Rest of APAC

North America
United States of America
Canada

Europe
United Kingdom
Germany
France
Spain
Rest of Europe

RoW
Brazil
South Africa
Saudi Arabia
UAE

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