Light Detection and Ranging, or LiDAR for short, is a state-of-the-art technology that measures distances with a high degree of accuracy using laser light. This ground-breaking method, which offers precise and comprehensive topographical data, has completely changed the mapping industry. LiDAR has become a vital tool in many industries, from autonomous vehicle navigation and urban planning to archeological explorations.
As of 2022, the global LiDAR market stood at a valuation of US$ 1.9 billion and is estimated to surge to US$ 6.29 billion by the end of 2032. LiDAR demand is projected to rise rapidly across the world at a CAGR of 12.6% between 2022 and 2032.
Mobile & UAV LiDAR, terrestrial LiDAR stations, and aerial LiDAR systems are all expected to witness high demand across the forecast period as technology advances and the scope of application increases.
It is projected that the worldwide automotive LiDAR industry, which was valued at US$ 430 million in 2020, will reach US$ 3 billion in market valuation.
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Increasing Requirements for LiDAR Technology
High-resolution mapping has become increasingly necessary in a variety of industries, which has increased demand for LiDAR technology in recent years. It is essential for the following because of its capability to record minute details of objects, structures, and terrain from a distance:
Environmental Monitoring: By providing accurate topographical and vegetation data, LiDAR helps monitor deforestation, land deterioration, and coastline erosion.
Urban Planning and Development: LiDAR technology is used by city planners to produce precise 3D models for planning transit, infrastructure development, and flood risk assessment.
LiDAR technology is utilized by archaeologists in their research to reveal historical landscapes and structures that are obscured by thick undergrowth or other obstacles.
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Competitive Landscape
Leading LiDAR firms are concentrating on introducing new products to expand their customer base and boost income possibilities.
Leaders in the LiDAR industry should also keep an eye out for mergers and acquisitions to expand their market reach across other regions.
- The Japanese multinational corporation Toshiba unveiled fresh developments in its LiDAR division in June 2022. The detecting range is now the longest in the world at 300 meters, thanks to the new laser projector unit. It is expected that this will broaden the application’s applicability across several industry verticals.
- Luminar, a company that makes machine perception and vision-based LiDAR systems for driverless cars, said in March 2022 that it will buy Freedom Photonics, a producer of high-performance lasers. The goal of the all-stock acquisition deal was to get affordable goods into the market.
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Key players are regularly updating the following:
Increasing Sensor Capabilities
Faster data collection and higher resolution mapping are made possible by ongoing advancements in sensor technology.
Investing in Software Development
Businesses are concentrating on creating easily navigable software programs that are capable of processing, interpreting, and displaying the enormous volumes of data that LiDAR systems gather.
Growing Market Reach
In order to incorporate LiDAR technology into a variety of sectors and applications, major players are growing their market share through strategic alliances, joint ventures, and acquisitions.
Future Prospects: LiDAR’s Potential Beyond Current Applications
The future of LiDAR looks promising with the ongoing technological innovations and the increasing adoption across various sectors. As the demand for precise and detailed mapping continues to grow, LiDAR is expected to play a pivotal role in shaping the future of spatial data collection and analysis, paving the way for smarter and more sustainable development globally.
Over the course of the projected period, it is expected that the North American LiDAR market will dominate the worldwide industry landscape. Currently, the LiDAR market in the area is valued at US$ 506 million, and it holds a noteworthy 26.5% market share in the worldwide landscape.
The potential for the LiDAR market is predicted to be driven by the early adoption of novel LiDAR technologies in this region and the growing demand for autonomous vehicles through 2032.
In the upcoming years, the presence of major automakers and rising R&D expenditures for autonomous technology will further boost demand for LiDAR scanners and sensors in this area.
