Global LiDAR market is projected to reach USD 4.1 Bn by 2027 with a growing CAGR of 20.7% during the forecast period (2021-2027)
The leading LiDAR market vendors are increasingly investing in Advanced Driver-Assistance Systems (ADAS) and driverless cars and thus creating new opportunities for small, versatile, and low-cost LiDAR systems. For instance, in October 2021, Kyocera Corporation, a Japanese multinational ceramic, and electronics manufacturer announced a set of innovations for Advanced Driver-Assistance Systems (ADAS) technology. Kyocera is developing a combination of cameras and LiDAR systems that apply convergence, miniaturization, and solid-state conversion for multifunctional sensors that can simplify ADAS design and help contain processing requirements. The increasing investments and innovations in the field of LiDAR systems are propelling the global LiDAR market growth throughout the forecast period.
Based on installation type, the LiDAR market is segmented into ground-based LiDAR and airborne LiDAR. Amongst all, the ground-based LiDAR segment is expected to witness significant growth during the forecast period for global LiDAR market analysis. Ground-based LiDARs are generally utilized to scan outcrops, rocky slopes, and hillsides among other geographical formations. The ground-based LiDARs are useful tools considering the advantages provided such as cost-cutting, manpower cutting, and safety, and therefore the usage of ground-based LiDAR has increased specifically in the geological and archaeological sectors.
Based on the applications, the global LiDAR market has been categorized into the environment, urban planning, meteorology, corridor mapping, engineering, exploration, cartography, ADAS & driverless cars, and others. The environment application held the majority of LiDAR market size in the year 2020 owing to increasing focus on the analysis of the environmental plane to predict and prevent natural calamities such as landslides. LiDAR systems are commonly used in the monitoring and surveying of environmental resources and thus driving the global LiDAR market.
Global LiDAR Market by Region Outlook (Revenue, USD Billion, 2021-2027)
In terms of geography, the North American region held the largest market shares in the year 2020 and is estimated to witness significant growth owing to the surging investments by the key LiDAR market vendors present across the continent such as Google Inc., Apple Inc., and General Motors, among others. Additionally, the United States military and civil government are reportedly increasing their operations with the application of Unmanned Aerial Systems (UAS) or referred to as drones. Federal Aviation Administration (FAA) has established six UAS test sites and centers of excellence for unmanned aircraft systems, which has created opportunities for LiDAR to expand into the industry.
The Global LiDAR Market Segmentation:
Key Findings:
Company Profiles and Competitive Intelligence
The key players operating in the global LiDAR market are:
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