LiDAR Market to Witness Major Traction as a Result of Growing Demand in Industrial Applications and Major Technological Advancements

LiDAR Market Scope & Overview

According to the SNS Insider report, the LiDAR market reached a valuation of USD 2.08 billion in 2022 and is projected to exhibit a Compound Annual Growth Rate (CAGR) of 9.9% during the forecast period of 2023-2030, ultimately reaching USD 4.44 billion by 2030.

LiDAR is a remote sensing technology that utilizes laser pulses to measure distances and create detailed 3D maps of the environment. Its applications are vast and diverse, ranging from autonomous vehicles to archaeology, urban planning to forestry. As the technology continues to evolve, it is expected to unlock further possibilities and contribute to numerous fields, driving innovation and progress.

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Key Players Covered in LiDAR market report are:

Teledyne Optech,
FARO Technologies,
Quantum Spatial,
Beijing SureStar Technology,
Geokno,
Leddartech Inc,
Trimble,
Velodyne Lidar,
Phoenix LiDAR Systems.

Market Analysis

One of the key drivers of the LiDAR market is the increasing demand for autonomous vehicles. LiDAR sensors play a crucial role in enabling autonomous driving by providing real-time and high-resolution data for object detection and mapping. As the automotive industry continues to advance towards autonomous and electric vehicles, the demand for LiDAR technology is expected to grow exponentially. Additionally, the agriculture and forestry sectors have recognized the value of LiDAR in optimizing operations.

Impact of Recession

While recessions can pose challenges for the LiDAR market, proactive strategies and adaptability can help mitigate the impact. By diversifying market applications, focusing on cost efficiency, fostering collaborations, and preparing for market recovery, LiDAR companies can navigate through economic downturns and emerge stronger on the other side. Despite short-term setbacks, the long-term prospects for LiDAR technology remain promising, driven by its essential role in various industries' digital transformation and sustainable development.

Segmentation Analysis

The LiDAR market is witnessing a dynamic shift, and the solid-state segment and laser scanner segment are emerging as dominant forces. Solid-state LiDAR's compactness, reliability, and real-time capabilities position it as an ideal choice for autonomous vehicles and robotics. On the other hand, laser scanners continue to excel in capturing highly accurate and detailed 3D point clouds, catering to industries such as surveying, construction, and infrastructure.

Segmentation Analysis

The logic segment and gaming consoles are poised to dominate the LiDAR market in the coming years. The logic segment's growth is driven by the demand for high-performance computing, AI, and data analytics across various industries. Meanwhile, the surging popularity of gaming consoles and the advancements in gaming technologies are propelling the demand for LiDARs in the gaming industry.

LiDAR Market Segmentation as Follows:

BY TYPE
Mechanical
Solid-state

BY TECHNOLOGY
2D
3D
4D

BY SERVICE
Aerial surveying
Asset management
GIS services
Ground-based surveying
Other services

BY COMPONENT
Laser Scanner
Navigation and positioning systems
Others

BY END-USE APPLICATION
Corridor mapping
Engineering
Environment
ADAS and Driverless Cars
Exploration
Urban Planning
Cartography
Meteorology
Other end-use applications

Segmented by Region/Country:
North America
Europe
China
Japan
Asia Other

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Regional Status & Analysis

North America's dominance in the LiDAR market can be attributed to its technological advancements, investments in R&D, a thriving automotive industry, a supportive regulatory environment, a collaborative ecosystem, and a diverse application landscape. As the demand for LiDAR technology continues to soar globally, North American companies are poised to maintain their leadership position, driving innovation, and shaping the future of LiDAR applications across various industries.

Conclusion

The market has a bright future ahead. With its widespread applications across various industries and continuous technological advancements, LiDAR is poised to play a pivotal role in shaping the future of autonomous systems, agriculture, construction, and many other sectors.

Frequently Asked Questions about this Research Report

Q1. What is the projected outlook for LiDAR market growth?

ANS: The market is projected to surpass the USD 4.44 billion mark by 2030.

Q2. What are the major factors influencing the LiDAR market?

ANS: Ongoing research and development efforts are focused on enhancing LiDAR's capabilities, such as increasing range, improving resolution, and reducing sensor size.

Q3. Who are the leading players in the LiDAR market?

ANS: Teledyne Optech, FARO Technologies, Quantum Spatial, Beijing SureStar Technology, Geokno, Leddartech Inc, Trimble, Velodyne Lidar, Phoenix LiDAR Systems.

Table of Content - Analysis of Key Points

1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession on Major Economies
5. Value Chain Analysis
6. Porter's 5 forces model
7. PEST Analysis
8. LiDAR Market Segmentation, By Type
9. LiDAR Market Segmentation, By Technology
10. LiDAR Market Segmentation, By Service
11. LiDAR Market Segmentation, By Component
12. LiDAR Market Segmentation, By End-Use Application
13. Regional Analysis
14. Company Profiles
15. Competitive Landscape
16. Conclusion

Continued…

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This release was published on openPR.