LiDAR Market Projected to Reach $7.8 Billion, Globally, By 2031 at 21.3% CAGR: Allied Market Research

Nov 25, 2023

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28 Apr, 2023, 11:08 ET

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The global LiDAR market is driven by an increase in LiDAR applications in new industries paired with superior performance of LiDAR systems as compared to other technologies.

PORTLAND, Ore., April 28, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "LiDAR Market By Type (Static or Terrestrial, Aerial, Mobile, and Short Range), Component (Laser Scanner, Inertial Navigation System, Camera, GPS receiver, and Micro-Electro-Mechanical System), Application (Corridor Mapping, Seismology, Exploration & Detection, and Others) and End User (Defense & Aerospace, Civil Engineering, Archaeology, Forestry and Agriculture, Mining Industry, and Transportation): Global Opportunity Analysis and Industry Forecast, 2022-2031". According to the report, the global LiDAR industry generated $1.1 billion in 2021, and is anticipated to generate $7.8 billion by 2031, witnessing a CAGR of 21.3% from 2022 to 2031.

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Prime Determinants of Growth

The global LiDAR market is driven by an increase in LiDAR applications in new industries paired with superior performance of LiDAR systems as compared to other technologies. However, integration of expensive components in these systems such as laser scanners, navigation systems, and high-resolution 3D cameras incurs additional cost, which limits their adoption, thereby hampering the market growth. On the contrary, the surge in adoption of LiDAR system across various industries and rise in demand for 3D imaging are expected to offer remunerative opportunities for the expansion of the global market in the coming future.

Report Coverage and Details:

Report Coverage

Details

Forecast Period

2022-2031

Base Year

2021

Market Size in 2021

$1.1 billion

Market Size in 2031

$7.8 billion

CAGR

21.3 %

No. of Pages in Report

288

Segments covered

Type, Component, Application, End-User Sector, and Region

Drivers

A surge in the adoption of LiDAR in various industries

Rise in demand for 3D imaging

Automated processing in LiDAR systems

Enhanced performance of LiDAR systems compared to other technologies

Opportunities

Lack of awareness about LiDAR in emerging economies

Restraints

Increase in LiDAR applications in new industries and markets

COVID-19 Scenario:

The aerial segment to maintain its leadership status throughout the forecast period.

Based on type, the aerial segment held the highest market share in 2021, accounting for nearly half of the global LiDAR market revenue and is estimated to maintain its leadership status throughout the forecast period. However, the mobile segment is projected to manifest the highest CAGR of 26.4% from 2022 to 2031, owing to rise in use of mobile LiDAR solution in industries such as mining for mapping, monitoring, safety inspections, and asset management.

The laser segment to maintain its leadership status throughout the forecast period

Based on component, the laser segment held the highest market share in 2021, accounting for nearly two-fifths of the global LiDAR market and is estimated to maintain its leadership status throughout the forecast period. The rise in LiDAR applications in fields such as construction, mining, and archaeology is fueling the demand for LASER sensors, which can provide high-resolution 3D images of the environment. Moreover, the development of affordable and reliable LASER sensors with high accuracy and long-range capabilities is expected to escalate their demand in various sectors, including autonomous vehicles, robotics, and industrial automation.

However, the camera segment is projected to manifest the highest CAGR of 25.1% from 2022 to 2031. The development of compact and low-power cameras is opening new opportunities for wearable devices, healthcare, and industrial inspection. Furthermore, increase in use of artificial intelligence (AI) in cameras is expected to improve their ability to recognize objects and patterns, enabling more advanced applications such as facial recognition, autonomous navigation, and predictive maintenance.

The civil engineering segment to maintain its lead position during the forecast period

Based on industry vertical, the civil engineering segment accounted for the largest share in 2021, contributing to nearly one-third of the global LiDAR market revenue, and is likely to dominate the market during the forecast period. The civil engineering industry is being transformed by LiDAR technology, which provides accurate and efficient surveying, mapping, and modelling capabilities. The integration of LiDAR with other sensing technologies as well as surge in demand for building information modeling, are two key market trends in the use of LiDAR technology in civil engineering. However, the transportation segment is projected to manifest the highest CAGR of 24.8% from 2022 to 2031. The integration of LiDAR with other sensing technologies, the increase in demand for autonomous vehicles, and the surge in the need for efficient traffic management boost the demand for LiDAR in the transportation sector.

North America region to maintain its dominance by 2031

Based on region, North America held the highest market share in terms of revenue in 2021, accounting for more than two-fifths of the global LiDAR market revenue and is likely to dominate the market during the forecast period. Rise in application of LiDAR system in agriculture and mining and the development of low-cost LiDAR systems are expected to open new avenues for the expansion of the market during the forecast period. However, the Asia-Pacific region is expected to witness the fastest CAGR of 24.9% from 2022 to 2031. The LiDAR market is expected to witness significant growth in countries such as China, India, and Japan due to their increasing investments in infrastructure development and technological advancements.

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Leading Market Players:

The report provides a detailed analysis of these key players in the global LiDAR market. These players have adopted different strategies such as new product launches, collaborations, acquisition, partnership, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

Key Benefits For Stakeholders:

LiDAR Market Key Segments:

By Type:

By Component:

By Application:

By End User:

By Region:

Procure Complete Report (288 Pages PDF with Insights, Charts, Tables, and Figures) @ https://bit.ly/3Vc5jxz

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