LiDAR Market 2030 Trending Key Companies, Growth and Regional...

LiDAR Market 2030 Trending Key Companies, Growth and Regional Forecasts

Posted 2024-10-11 08:59:59

The global LiDAR market size was valued at USD 1.81 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 9.8% from 2022 to 2030. The technological advancements in spatial resolution of LiDAR-based digital terrain models are providing better accuracy in applications such as change detection on hillsides, water runoff for agriculture or mining sites, and inland waterways. The growth of the market is attributed to the rising automation in LiDAR to reduce human efforts and increase efficiency.

The rising demand for 3D imagery in application areas such as military & defense, topographical surveys, civil engineering, and corridor mapping is expected to drive the market growth over the forecast period. Textured 3D imagery is applied in applications such as 3D mapping, city planning, and corridor mapping. The installation of advanced safety features is increasing exponentially. Moreover, in countries such as the U.S., self-driving cars are approved by the government on the road; these vehicles are integrated with LiDAR for GPS and navigation applications.

Gather more insights about the market drivers, restrains and growth of the Global LiDAR market

LiDAR Market Segments Highlights:

The airborne segment dominated the market and accounted for a revenue share of 37.7% in 2021. The growth of the segment is expected to continue for the next few years owing to the increasing adoption of aerial mapping devices.
Terrestrial LiDAR can be both mobile and stationary and operated only on the surface of the Earth. Static terrestrial scanning is a frequently preferred survey method for monitoring, conventional topography, forensics, and cultural heritage documentation.
The laser scanner segment dominated the market with a revenue share of 45.5% in 2021. In 2021, aerial scanning and mapping operations were expected to witness increased demand owing to their higher adoption worldwide.
The laser scanner segment is expected to witness notable growth with a CAGR of 11.5% over the forecast period. Laser scanners can record an intensity value to offer a return signal strength that distinguishes objects of variable reflectivity.
The corridor mapping segment dominated the market with a revenue share of 38.1% in 2021.
The ADAS segment is anticipated to register the highest CAGR of 13.9% over the forecast period owing to the surging incorporation of LiDAR-based sensors in various automotive safety applications.
The corridor mapping segment is expected to witness a reduction in market share over the forecast period. Low-speed collision avoidance systems and driver assistance systems are among the most popular technologies.
North America dominated the market in 2021 with a revenue share of 36.6% owing to the increasing adoption of administrative regulations mandating the installation of specific automotive safety technologies in both lightweight and heavyweight vehicles in the region.
Asia Pacific is expected to emerge as the fastest-growing region with a CAGR of 14.4% from 2022 to 2030.

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LiDAR Market Segmentation

Grand View Research has segmented the global LiDAR market based on product type, application, component, and region:

LiDAR Product Type Outlook (Revenue, USD Million, 2017 - 2030)