Light Detection and Ranging (LiDAR) Market Size, Share, Demands, Growth Analysis, Company Profiles, Revenue by 2026
The global light detection and ranging (LiDAR) market size was USD 1.32 billion in 2018 and is expected to hit USD 6.71 billion by 2026, exhibiting a CAGR of 22.7% during the estimated period. LiDAR is used in a wide range of applications including geomorphology, atmospheric physics, archaeology, geomatics, airborne laser swath mapping, and others.
This information has been furnished by Fortune Business Insights™ in its research report, titled “Light Detection and Ranging (LiDAR) Market, 2019-2026”.
Solid-State LiDAR to Register Substantial Growth Owing to Flexibility of Deployment Across Various Sectors
Based on type, the market is categorized into solid-state and mechanical LiDAR systems. Of these, the solid-state LiDAR segment is anticipated to record a commendable CAGR over the estimated period. The solution does not need any moving parts for functioning and is fabricated on a silicon chip, which favors its adoption across various sectors. Based on region, the industry is fragmented into Europe, Asia Pacific, North America, Latin America, and the Middle East & Africa.
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List of Key Players Mentioned in the Report:
- Teledyne Technologies
- FARO Technologies, Inc.
- SICK AG
- Beijing SureStar Technology Co. Ltd.
- Trimble Inc.
- RIEGL Laser Measurement Systems GmbH
Ground-based LiDAR to Gain Traction Due to Rising Usage in Corridor Mapping & Meteorology
The ground-based light detection and ranging (LiDAR) segment is poised to record notable expansion through the study period. The technology is widely implemented in an array of applications including corridor mapping, meteorology, and ADAS (Advanced Driver Assistance Systems) & driverless cars. Ground-based solutions are deployed for the detection, scanning, and creation of the projection analysis of vertical foothills.
The report gives an in-depth analysis of the key aspects that are set to drive industry expansion over the forecast period. It also covers the vital steps and initiatives adopted by leading companies for maintaining their industry position. The insights have been provided after extensive data collation, research, and engagements with major stakeholders.
Drivers and Restraints:
Growing Demand for Aerial LiDAR Solutions Owing to Rising Need for Detection of Unexplored Places
Light detection and ranging (LiDAR) market growth can be mainly attributed to the surging demand for aerial systems from cartography and mapping for exploring historical details and the detection of unexplored places. One of the major features of LiDAR is exceptional accuracy in the detection of water runoff for mining sites or agriculture, inland waterflow, numerous climatic changes on hillsides, and others.
However, the technology does not work well in situations or areas with huge reflections and high sun angles. The laser pulses are dependent on the principle of reflection. This aspect is likely to restrain industry expansion to some extent.
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North America to Lead Driven by Surging Number of Emerging Startups
The industry value in North America is anticipated to register appreciable valuation over the study period. The upsurge can be credited to the rising adoption of solid-state LiDAR solutions, surging deployment of core 3D and 4D imaging technologies, and the mounting number of emerging startups. These factors are further being supplemented by increasing investments in research projects by prominent companies in the region.
Asia Pacific light detection and ranging (LiDAR) market share is poised to record a considerable CAGR over the forecast period. The rise can be attributed to the surging demand for LiDAR solutions in the IT & telecommunication and manufacturing sectors. Besides, major companies in the region are forging collaborations and mergers with other players for the launch and development of advanced products.
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Leading Players Develop and Launch New Solutions for Sustaining Industry Position
Major light detection and ranging (LiDAR) companies are focusing on the adoption of a range of strategic steps for maintaining their position in the market. These include mergers, acquisitions, and product developments. Furthermore, many industry players are participating in trade conferences and research activities for enabling the launch of advanced solutions.
Key Industry Development:
September 2021 – YellowScan announced the launch of its innovation, dubbed YellowScan Explorer. The solution could be switched to a range of UAV platforms along with the capability of being mounted on a light manned aircraft.
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