ID: MRFR/SEM/1827-CR | February 2020 | Region: Global | 108 pages
According to MRFR analysis, the LiDAR market is estimated to grow at a CAGR of 14.14%. The market is projected to reach a significant value of USD 4158.8 Million during the forecast period. The word LiDAR stands for "Light Detection and Ranging" system. It provides high-quality data with the 3D depiction in a short time efficiently. With the enhanced image resolution and automated processing, it is largely used in conventional surveys.
The major driver for the growth of the LiDAR market is the huge adoption of various LiDAR industrial applications. With remote sensing technology combined with laser technology, the market will receive huge demand in the forthcoming years. There are various drivers that will benefit the LiDAR suppliers are the growing adoption of LiDAR components. The drivers that are fuelling the market growth such as the rising use of LiDAR systems. Thus, in the future years, the market will flourish exponentially.
Some restraints such as low-cost alternatives and safety issues regarding the systems will hamper the LiDAR Market growth. However, the growing investments by the LiDAR manufacturers and other market trends will further improve the market growth. North America will hold the largest market share in the LiDAR industry. Hence, the LiDAR industry with all the supportive factors will boom in the upcoming years.
Coronavirus disease or COVID-19 had a huge impact on the LiDAR industry. Several countries went under lockdown after the disease began to spread in the early months of 2020. It disrupted the supply chain and the manufacturing units. The LiDAR suppliers faced huge losses as the supply system was disrupted due to a shortage of labour and lockdown. But, important steps taken by the government to handle the pandemic will revive the market simultaneously.
The rising use of LiDAR systems for various purposes such as Advanced Driver Assistance Systems (ADAS), urban planning corridor mapping, etc. is fuelling the market growth. Also, the use of 4D LiDAR will be beneficial for the immense growth of the LiDAR industry. Its various features such as high-speed data transmission, with high-resolution results, are important drivers for the LiDAR Market.
The major restraint t that can hamper the LiDAR Market growth is the availability of cheap and lightweight systems. LiDAR systems are largely used in drones, which require lightweight components and active sensors for detection. Also, the lower costs of the programmetry system will appear as a viable option for the users.
The rising adoption of LiDAR technology especially in the automobile sector will be a huge opportunity for growth. Also, the growing demand for 3D imaging for commercial, and consumer applications will boost the LiDAR Market growth. The LiDAR systems can also be used for various purposes such as monitoring, planning several activities for the construction and maintenance of roadways, railways, etc.
The high costs related to the installation of LiDAR systems can be challenging for the market. The LiDAR system comprises scanners, sensors, advanced hardware, etc. Also, the processing costs after installation can include third-party solutions. This can be a major issue that can reduce the use of LiDAR systems significantly.
The Compound Annual Growth Rate (CAGR) of the LiDAR market is projected to be at 14.14%. According to the MRDR analysis, the market value will reach up to 4158.8 Million during the forecast period 2021-2028. There are various factors that are expected to have a negative impact on the market. However, due to the several drivers and solutions by various key players, the market will witness exponential growth in the upcoming future.
Value Chain Analysis
With the rising demand for efficient technology for 3D imaging, higher accuracy, and resolutions, the value of LiDAR applications will increase simultaneously. Also, the growing LiDAR market share by the company across the world will positively influence the market. The steps taken by the key players such as acquisitions, mergers, etc. to mitigate the restraints will further enhance the value chain of the market extensively.
The LiDAR Market Size is segmented into technology, functional areas, component, technology, and product type. On the basis of LiDAR components, the LiDAR industry is divided into Positioning and Navigation Systems, Laser Scanners, and others.
On the basis of technology, the LiDAR market is bifurcated into 1D, 3D, and 2D.
Based upon product types, the LiDAR market is segmented into Terrestrial LiDAR, Airborne LiDAR, and others.
Based on functional areas, the LiDAR industry is again divided into ADAS and Driverless cars, Corridor Mapping, Cartography, Meteorology, Urban Planning, and Environment and Engineering.
Geographically, the LiDAR market is divided into North America, Asia-Pacific, Europe, South America, and the Middle East and Africa. The LiDAR market is estimated to be dominated by North America during the forecast period. It is due to several LiDAR companies USA that are contributing to the technological and financial developments. Also, the use of various applications of LiDAR such as urban planning, meteorology, environment, etc. is responsible for the significant share.
Along with that, the presence of LiDAR sensor manufacturers will also fuel the growth of LiDAR technology. However, the Asia-Pacific region will also have a steady growth in the upcoming period. The growing interest of various LiDAR industry leaders in the expansion of their business is an efficient reason for the growth of the market. Overall, the above-mentioned regions will play an important role in the Future LiDAR market.
Several market players have an important role in elevating the market value with efficient developments. These key players take the help of different strategies to improve their business foothold and enhance the market growth. These are some important LiDAR companies-
The LiDAR Market Overview covered in this report is listed below-
Report Score and Segmentation
The report score is to provide information about the LiDAR Market Forecast during the forecast period 2021-2028. It highlights the potential and strengths of the market. Also, it gives substantial information regarding the key players and new opportunities that will be efficient for the market growth. The valuable information in this report is collected from primary and secondary sources.
|Market Size||USD 4158.8 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product-Type, Technology, Component, Functional Areas|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Trimble Inc. (US), Faro Technologies Inc. (US), Teledyne Technologies Inc. (US), Beike Tianhui Technology Co. Ltd (China), Hexagon AB (Sweden), Quantum Spatial (US), YellowScan (France), RIEGL Laser Measurement Systems GmbH (Austria), Geokno India Pvt Ltd (India)|
|Key Market Opportunities||LiDARs are currently identified as a technology for the driverless car concept in reality in the consumer market.|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The market is poised to strike 14.14% CAGR across the evaluation period.
Governments are investing in LiDAR technologies to support various public sector projects. It is anticipated to expedite the expansion of the market.
Lack of cost-efficiency might pose challenge to market players.
Based on product type, the terrestrial LiDAR segment is poised to hold the leading position.
The laser scanner segment is projected to value at USD 1,678.1 Mn by 2023.
The segments identified, on the basis of functional areas, are engineering, environment, corridor mapping, advanced driver-assistance systems (ADAS) & driverless car, cartography, urban planning, and meteorology.
The segment is poised to register 16.98% CAGR.
The LiDAR market is characterized by the presence of many regional and local vendors. Rapid increase in demand for highly efficient LiDAR products for various end use application such as buildings & infrastructure, geospatial, resources & utilities, and transportation led to have an intense competition in the market. Additionally, the rapid advances in technology, greater demand from emerging economies to develop smart cities are some other key factors that influence the market growth. Most of the vendors compete depending on the cost, product efficiency, reliability of the LiDAR technology. Moreover, the growth of the market vendors is also dependent on the market conditions and industry development. Companies such as Trimble Inc, Faro Technologies, Teledyne Technologies Inc., Hexagon AB., and RiEGL Laser Measurement System GmbH, are some of the key players in the market, mostly competing on efficient LiDAR products and services.
Trimble Inc. occupied the first rank in the LiDAR market in 2017. Trimble Inc. (Trimble) is a globally recognized technology solutions providers that offers products and solutions to professionals and field mobile workers to transform its work processes. The products offered by the Trimble is extensively used in a wide range of industries including agriculture, architecture, civil engineering, survey and land administration, construction, geospatial solutions, environmental management, government, transportation and utilities among others. Moreover, the company is planning to penetrate into number of smaller emerging markets including forestry, electrical and water utilities, rail, and field service. Additionally, the company has deep and extensive technical professionals focused on innovative products for its customers to create significant customer value and competitive differentiation.
Faro Technologies has gained the second rank in the LiDAR market. The company is also globally recognized provider of three-dimensional (3D) measurement, imaging, and realization systems and software. The company has diverse geographical presence and robust technical expertise that enables them to deliver highly reliable and efficient products such as FARO VectorRI Imaging Laser Radar, FARO Laser Tracker Vantage, and FARO Laser Tracker ION. The company focuses on adopting organic growth approach through its software-driven, 3D measurement and inspection market to provide high-quality software products. Additionally, the company also emphasized on strategic acquisition to expand its geographical presence in key markets.
Teledyne Technologies has attained rank third in the LiDAR market. The company is a parent company of Teledyne Optech incorporated through which the company offers the LiDAR application products. Teledyne Optech designs, develops and manufacture sophisticated LiDAR instruments. The company is able to develop LiDAR instrument through highly skilled personnel in the field of LiDAR and photogrammetry. In addition, The company rely on operational excellence as well as business acquisitions and focused on core markets of instrumentation, digital imaging, aerospace & defense electronics, and engineered systems.
Hexagon AB is one of the leading providers of sensors and software solutions for various industries including agriculture, mining, construction, aerospace, and defense. However, the company has a subsidiary named Lecia Geosystems that is engaged in offering LiDAR products and systems. The company offers products to various industrial application that include surveying and engineering, building and heavy construction, safety and security, agriculture, mining, and others. The company adopts three-fold growth approach that include solution-centric approach, strategic acquisition, and strategic investments in enhancing product portfolio. In the light of these factors and developments, the company attained the fourth rank in the LiDAR market
RiEGL Laser Measurement GmbH., a privately held company, has acquired fifth rank in the LiDAR market with a significant market share. The company delivers a range LiDAR products and company focuses on laser radar technology. RiEGL being a privately-held company has a wide and diverse range of efficient product portfolio of airborne and terrestrial products. The products offered by the company has large customer base and diverse geographical presence. In this regard, the company has huge potential to influence the LiDAR market with a significant market share over the next few years.
Other prominent players in the LiDAR market include Beijing Surestar Technology Co. Ltd, Quantum Spatial, YellowScan., and Geokno India Pvt. Ltd. These companies also focused on providing wide range of products, and services related to LiDAR products, thereby contributing significantly in generating high market value for LiDAR market.