Lidar Industry
The global LiDAR market was valued at USD 1.81 billion in 2021 and is projected to experience significant growth, with an expected compound annual growth rate (CAGR) of 9.8% from 2022 to 2030. This growth is largely driven by technological advancements that have improved the spatial resolution of LiDAR-based digital terrain models, enabling more accurate applications such as change detection on hillsides, water runoff analysis for agricultural and mining sites, and assessments of inland waterways. Furthermore, the increasing automation within the LiDAR sector is helping to reduce human effort while enhancing overall efficiency, which contributes to the market's expansion.
A key factor expected to propel the market growth over the forecast period is the rising demand for 3D imagery across various application areas, including military and defense, topographical surveys, civil engineering, and corridor mapping. Textured 3D imagery plays a crucial role in applications such as 3D mapping, urban planning, and corridor mapping. As the need for advanced safety features continues to grow, there is a notable increase in the adoption of LiDAR technology. For instance, in the United States, government approvals for self-driving cars have facilitated their presence on the roads, and these vehicles are often equipped with LiDAR systems for GPS and navigation purposes. This integration further underscores the significant role that LiDAR technology plays in enhancing the capabilities of autonomous vehicles and other advanced applications.
Gather more insights about the market drivers, restrains and growth of the Lidar Market
Component Insights
- The laser scanner segment dominated the market in 2021, capturing a substantial revenue share of 45.5%. This significant market presence can be attributed to the growing demand for aerial scanning and mapping operations, which are experiencing higher adoption rates globally.
- Laser scanners are employed to record intensity values, enabling them to provide a return signal strength that is instrumental in distinguishing objects with varying reflectivity. This capability is crucial for accurately interpreting the scanned environment and is a fundamental reason behind the widespread utilization of laser scanning technology in diverse applications.
- The laser scanner segment is projected to continue its impressive growth trajectory, with an anticipated compound annual growth rate (CAGR) of 11.5% over the forecast period. This growth is driven by the increasing need for precise localization, mapping, and environmental modeling, all of which rely heavily on the data generated by laser scanners.
- Specifically, laser scanner LiDAR technology generates 2D point cloud data, which is invaluable for various applications, including localization, mapping, and modeling of objects and environments. This data provides detailed information about the spatial characteristics of the scanned area, contributing to more informed decision-making across numerous fields.
- As the cost of laser technology continues to decrease, the applications of 3D scanning technology are expanding rapidly. The reduction in costs has made laser scanners more accessible, facilitating their integration into various industries and promoting innovation in data collection methods.
- In a notable advancement within the industry, Pepperl+Fuchs launched the R2300 multi-layer scanner in December 2019. This new product boasts high measurement density, leveraging LiDAR laser technology to enhance the precision and reliability of scanned data. Such innovations signify the ongoing evolution of laser scanning technology and its increasing relevance in modern applications.
Order a free sample PDF of the Lidar Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: sales@grandviewresearch.com
Web: https://www.grandviewresearch.com/
