IMARC Group, a leading market research company, has recently releases report titled “LiDAR Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global LiDAR market size, growth, share, trends, and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Industry Overview of LiDAR
Light detection and ranging (Lidar) is an advanced remote sensing technology that utilizes laser beams to measure distances and create precise three-dimensional representations of the surrounding environment. It consist of lasers, receivers, and advanced algorithms that enable the accurate detection and mapping of objects and terrain features. It can generate highly detailed point clouds, which are then used to create detailed maps and models by emitting laser pulses and measuring the time it takes for the light to return after bouncing off objects. Lidar technology offers numerous benefits, including high-resolution data, real-time mapping capabilities, and the ability to operate in various weather conditions and low-light environments.
How Big Is the LiDAR Market?
The global LiDAR market size reached US$ 2.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 7.0 Billion by 2028, exhibiting a growth rate (CAGR) of 20.9% during 2023-2028.
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What are the growth prospects and trends in the LiDAR industry?
At present, the rapid advancement of autonomous vehicles represents one of the key factors supporting the growth of the market. Lidar sensors play a pivotal role in enabling autonomous driving by providing real-time, high-resolution 3D mapping of the surrounding environment.
The automotive industry is witnessing a significant increase in the integration of Lidar technology into self-driving cars, as it enhances their perception capabilities, ensuring safer navigation and collision avoidance. Additionally, the rising demand for accurate and up-to-date geospatial data for urban planning, infrastructure development, and disaster management is fueling the adoption of Lidar technology in the mapping and surveying sector.
Moreover, the growing utilization of Lidar in land surveyors and cartographers to capture precise elevation data, detect vegetation, and create detailed digital terrain models is offering a favorable market outlook.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Installation Type:
- Airborne
- Terrestrial
Breakup by Component:
- Laser Scanners
- Navigation Systems
- Global Positioning Systems
- Others
Breakup by Application:
- Corridor Mapping
- Engineering
- Environment
- Exploration
- ADAS
- Others
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
Faro Technologies Inc, Innoviz Technologies Ltd., LeddarTech Inc., Leica Geosystems AG (Hexagon AB), NV5 Global Inc., Quanergy Systems Inc., RIEGL Laser Measurement Systems GmbH, Sick AG, Teledyne Technologies Inc, Trimble Inc., Valeo, Velodyne Lidar Inc.
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