LiDAR Market Report 2024 - LiDAR Market Demand, Growth, And Segments

"The Business Research Company recently released a comprehensive report on the Global LiDAR Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The lidar market size has grown rapidly in recent years. It will grow from $2.15 billion in 2023 to $2.58 billion in 2024 at a compound annual growth rate (CAGR) of 19.9%. The growth in the historic period can be attributed to automotive safety regulations, increasing demand for lidar in applications such as topographic mapping, agriculture and forestry, growth in military and defense, smart cities and infrastructure.

The lidar market size is expected to see rapid growth in the next few years. It will grow to $5.23 billion in 2028 at a compound annual growth rate (CAGR) of 19.3%. The growth in the forecast period can be attributed to the continued development and commercialization of autonomous vehicle, increasing interest in lidar for environmental monitoring, growing integration of lidar in robotics and automation, the emergence of new and innovative lidar applications, increasing use of lidar for 3d scanning and modeling. Major trends in the forecast period include solid-state lidar, multi-sensor integration, geospatial and mapping, environmental lidar, artificial intelligence (ai) and lidar.

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Market Drivers and Trends:
The rising demand for 3D imaging is expected to propel the growth of the LiDAR market. 3D imaging is a technique that develops or creates the impression of depth within an image by deploying 2D data into the 3-dimensional format. For instance, in April 2021, according to the data provided by the USGS, United States, the government initiated a 3D Elevation Program (3DEP) and the goal is to complete it by 2023. The aim of the program is to provide the first-ever national baseline of consistent high-resolution three-dimensional data that includes bare earth elevations and three-dimensional point clouds and are collected in a timeframe of less than a decade to complete the acquisition of nationwide LiDAR. Therefore, the rise in demand for 3D imaging drives the LiDAR market.

The increasing investments in LiDAR startups by automotive giants is a key trend gaining popularity in the LiDAR market. Certain vehicle operations demand robust radars which are fulfilled by LiDAR, making automakers realize the full potential of LiDAR in the self-driving cars market. The cost of LiDAR as compared to the outrageous cost of other sensors is attracting most automakers to implement LiDAR in vehicles, resulting in increasing investments into LiDAR startups. An autonomous vehicle requires a detailed understanding, which is best achieved by 4D LiDAR. For instance, in May 2021, Pony.ai self-driving car backed by Toyota based in the United States collaborated with Lumiar Corporation. Under this partnership, Pony.ai will use LiDAR offered by Luminar in its robo taxi production. The multi-purpose utilization of LiDAR in next-gen (specifically autonomous) vehicles is compelling the automakers to invest in LiDAR startups.

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Major Key Players of the Market:
Velodyne GmbH, Leica Geosystems AG, LEOSPHERE SAS, HEXAGON AB, GeoSLAM Ltd., Firmatek LLC, RIEGL Laser Measurement Systems GmbH, Mira Solutions Inc., Aerometric Surveys SA, Airborne Hydrography AB, Faro Technologies Inc., Phoenix LiDAR Systems, Innoviz Technologies Ltd., Waymo LLC, Valeo SA, Neptec Technologies Corp., ZX LIDARS, SICK AG, Quanergy Systems Inc., Teledyne Optech Inc., Trimble Inc., NV5 Global Inc., Huawei Technologies Co. Ltd., Ouster Inc., Luminar Inc., Aeva Technologies Inc., Beijing SureStar Technology Co. Ltd., Quantum Spatial India Private Limited, Topcon Positioning Systems, Cepton Technologies Inc., Optris GmbH, YellowScan Inc., Livox Tech Ltd.

LiDAR Market 2024 Key Insights:
• The lidar market size is expected to see rapid growth in the next few years. It will grow to $5.23 billion in 2028 at a compound annual growth rate (CAGR) of 19.3%.
• Growing 3D Imaging Demand Fuels Lidar Market Growth
• Automotive Giants Invest In Lidar Startups
• North America was the largest region in the LiDAR market in 2023

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This release was published on openPR.