ID: MRFR/SEM/1827-CR | July 2019 | Region: Global | 108 pages
Market Research Future (MRFR) expects the Global LiDAR Market size to reach USD 4158.8 Million at a CAGR of 14.14% from 2018 to 2023 (forecast period). The growing use of LiDAR systems in UAVs, the growing adoption of LiDAR in engineering and construction applications, the usage of LiDAR in Geographic Information Systems (GIS) applications, the emergence of 4D LiDAR, and the easing of regulations relating to the use of commercial drones in various applications are among the factors responsible for the growth of the LiDAR market.
The COVID-19 pandemic has affected the companies present in the LiDAR ecosystem. It has had a global influence on both manufactures and end-users of LiDAR. Among applications, the LiDAR market for exploration applications is expected to get impacted the most by COVID-19. The exploration application of LiDAR involves the use of LiDAR in oil & gas and mining purposes. The imposed lockdowns around the world have had a global effect on the economies of the countries. Restrictions on public transport have decreased fuel consumption worldwide. The rest of the world is predicted to be the most affected region across the globe. The region includes the Middle East & Africa, and South America. Among these, the Middle East & Africa is projected to be the most affected region in RoW, as it is the world's largest producer of crude oil. In order to curb the spread of COVID-19, the governments of the different countries imposed lockdowns and restricted transportation, which drastically reduced the demand for crude oil and the decrease in crude oil prices as low as USD 0.
Automated Processing in LiDAR Systems
Automation of the LiDAR processing system requires a combination of scientific algorithm computation and cloud-based processing of collected data points for sophisticated analysis. Algorithms make LiDAR systems more accurate and effective in the detection of target objects. In addition, some of the automated LiDAR processing systems select the appropriate algorithm per environment, while other systems enable users to interact and choose their choice of algorithm. Such features increase the suitability of LiDAR in a range of applications that drive its worldwide adoption, thus pushing the growth of the market.
Better Efficiency than Other Technologies
LiDAR is used for detection and ranging applications similar to that of RADAR. Nevertheless, in terms of accuracy and response time, its capabilities exceed that of RADAR. LiDAR can capture the position of the object as well as the surface details with higher precision. In addition, 3D topographic details on the surface of the object can be collected with a high level of accuracy. Inversely, RADAR uses antennae for transmission and reception, leading to delays in some environmental conditions. This, in turn, has shifted preference to LiDAR systems, increasing the growth of the global market.
Rising Demand For 3D Imaging
The demand for 3D imaging is witnessing a rise in consumer, commercial, and government applications. LiDAR is adopted in a range of government applications, such as planning & monitoring activities related to roadways, railways, cities, and forest management. LiDARs are currently identified as a technology for the driverless car concept in reality in the consumer market. In the field of photogrammetry, LiDAR serves as an effective alternative to other technologies due to its precision and speed, thus accelerating the growth of the global market.
Global LiDAR Industry has been segmented into Product Type, Technology, Component, and Functional Areas.
By product type, the global LiDAR market has been segmented into Airborne LiDAR, terrestrial LiDAR, and others.
By technology, the global LiDAR market has been segmented into 1D, 2D, and 3D.
By component, the global LiDAR market has been segmented into Laser scanner, navigation & positioning systems, and other components.
By functional areas, the global LiDAR market has been segmented into engineering, corridor mapping, environment, ADAS & driverless cars, urban planning, cartography, and meteorology.
North America to dominate the global market
North America is expected to dominate the LiDAR market. The growth of the North American market is due to the use of LiDAR in applications like environment, corridor mapping, meteorology, and urban planning. The market growth is also due to the use of LiDAR in ADAS and driverless cars, which is predicted to grow significantly in the near future.
Major players have adopted various strategies, like product portfolio expansion, mergers and acquisitions, partnerships, regional expansion, and collaboration, to improve their market penetration and strengthen their role in the industry.
In May 2020, Teledyne Optech signed an agreement with Aerial Surveys International (ASI), the leading aerial imagery and lidar acquisition company in the United States. Under this agreement, Teledyne sold its Galaxy T2000 and upgraded the existing Galaxy Prime ASI to Galaxy T2000 with the G2 Sensor System. This will improve ASI's data acquisition capabilities.
In January 2020, Quantum Spatial improved its position in the global LiDAR market by adding a new sensor platform to its product portfolio. The new sensor is designed to obtain data more effectively, resulting in high density, high resolution, and highly accurate results.
This report estimates revenue growth at global, regional, and country levels and offers an insight into the latest developments in each of the sub-sectors from 2018 to 2023. For the purpose of this analysis, MRFR divided the global LiDAR market report by product type, technology, component, functional areas, and region.
By Product Type
By Functional Areas
|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.
Global LiDAR Market – Summary
The global light detection and ranging (LiDAR) market is certain to achieve great feats in coming years owing to its percolation in a diverse field with equal ease. Its laser techniques are impacting sectors such as automotive, geographical survey, land mapping application and construction among others. LiDAR zests it up further with 360 degrees of visibility and accurate depth tracking which are helping it gaining traction. The global LiDAR market is poised to gain a stellar 14.14% CAGR during the forecast period (2018-2023), and its market valuation could quadruple and reach USD 4,158.8 million by 2023 from its previously value of USD 1,894.4 million mark in 2017. Market Research Future’s (MRFR) in-depth analysis of segments and market influencers and provide predictions of the future market.
3D imaging technology is impacting the market considerably by creating a niche for itself in diverse industries. Sophisticated sensors and high-quality cameras of the method provide accurate and high-resolution images. It is primarily used in 3D mapping and helps in scanning and gathering of real-time information. LiDAR plays an integral part in 3D imaging technology owing to which LiDAR market can be assured of significant growth during the forecast period.
Government initiatives are inducting LiDAR technologies in various public sector projects. Unmanned Aerial Vehicles (UAVs) are proliferating sectors such as defense and surveillance. Its applications are revolutionizing operational activities by mapping and taking up geospatial projects to improve productivity where LiDAR has become an essential component.
On the flip side, LiDAR system installation is not cost-efficient. It can further increase the overall cost of projects which can adversely impact small and medium enterprise (SME) and limit LiDAR market growth during the forecast period.
Solid-state LiDAR, a new type with its better performance, is reshaping the LiDAR sector. Its impact is strongly resonating in the automotive sector. Self-driven cars, so far, used the traditional LiDAR technology which can last up to 1,000-2,000 hours, whereas the solid-state version of it can last up to 100,000 hours. This increase in performance is stellar and can have a long-lasting impact on the market.
By product type, the global LiDAR market can be segmented into airborne LiDAR, terrestrial LiDAR, and others. Terrestrial LiDAR with a predicted valuation of USD 1,693.4 million is leading the segment with the highest expected CAGR of 15.99% during the forecast period. Airborne segment can achieve USD 1,403.2 million valuation during the forecast period.
By technology, the global LiDAR market can be segmented into 1D, 2D, and 3D. 2D is leading the market at present, and the situation can remain the same during the forecast period. 2D can have a market valuation of USD 1,714.8 million by 2023, whereas, 3D can have the highest CAGR of 15.77% during the forecast period.
By component, the LiDAR market can be segmented into laser scanner, navigation & positioning systems, and others. Laser scanners is leading the market with a present market valuation of USD 729.3 million which eventually could go up to USD 1,678.1 million by 2023 with the highest CAGR of 15.06%. Navigation & positioning systems can attain a market valuation of USD 1,514.9 million by 2023 with a CAGR of 14.31%.
By functional areas, the LiDAR market can be segmented into engineering, corridor mapping, environment, advanced driver-assistance systems (ADAS) & driverless car, urban planning, cartography, and meteorology. Corridor mapping is the frontrunner, and its expected valuation can reach USD 973.7 million with a 13.43% CAGR during the forecast period. ADAS, however, is going to lead the market in terms of CAGR with 16.98% during the forecast period.
Geographic understanding of the LiDAR market comprises North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
North America is spearheading the global market with the largest share of the market revenue. The region can see its valuation rise to USD 1474.7 million during the review period. Technological superiority and better infrastructure are giving the region much-needed head start. At the same time, the region invests heavily in research and development which can be seen as a market influencer. Europe’s market share will be substantial as it shows promises of growing at a CAGR of 15.13% and the market value can touch USD 1,207.4 million. The APAC can expect the fastest growth rate and stay ahead in terms of CAGR by having 17.06% during the forecast period. The region is booming due to countries spending heavily to transform their industrial outlook.
Tactical approaches include mostly mergers, acquisitions, collaborations, new product launches, and other methods. Major players get involved in these strategical measures to outplay competitors. For instance, Trimble launched two green beam lasers Spectra Precision LT52G and LT58G for interior construction applications. Faro Technologies bought Instrument Associates in 2017 who had mastered manufacturing equipment LiDAR field.
Prominent market players of LiDAR sector are Trimble Inc. (U.S.), Faro Technologies Inc. (U.S.), Teledyne Technologies Inc. (U.S.), Hexagon AB (Sweden), Beike Tianhui Technology Co., Ltd. (China), Quantum Spatial (U.S.), RIEGL Laser Measurement Systems GmbH (Austria), YellowScan (France), Geokno India Pvt. Ltd. (India), and others.
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.