What is LiDAR market?
LiDAR (Light Detection and Ranging) is laser based technology to measure variable distances and generate precise 3D information about the shape of objects. LiDAR technology provides highly accurate data and 3D images in a short time. With LiDAR, detection and mapping of objects has become easier. There is rising demand for 3D imaging technology across various applications areas and growing adoption of aerial LiDAR systems to make surveillance and mapping quick. LiDARs are used in unmanned aerial vehicles (UAVs) to collect data from places that are inaccessible to humans or human-driven vehicles. Drones are used in applications such as forestry, agriculture, archaeology, oil refineries and others. Lack of awareness about the efficiency which can be gained with LiDAR based methods of scanning, surveying and mapping has become a hindrance towards growth of LiDAR market. Moreover, LiDAR technology is costlier when compared to traditional navigation and surveying methods such as cameras. Due to growth in LiDAR ecosystem, its cost will get reduced and will make it more affordable. Another challenge is integrating LiDAR components with core hardware and also with other systems such as radar, GNSS, electrical systems and vehicles and cloud-based software infrastructure is a daunting challenge.
1. Industrial: Industry 4.0 is the industrial revolution which promotes interconnectivity among workplace entitles and automation of business processes in industries such as manufacturing, medical and healthcare, logistics and supply chain, and energy and utilities. Mobile devices and robotics which enables autonomous processes leverages LiDAR capabilities for navigation
2. Military applications: LiDAR are being increasingly adopted in defense systems to enhance efficiency. The military applications of LiDAR systems include using them as range-finders to determine the distance to a target, for missile defense and in aerial vehicles
3. Autonomous vehicles: Self-driving cars equipped with LiDAR automotive sensors offering complete automation. Automotive LiDAR based ADAS systems along with vision and RADAR-based sensors provide complete control over the vehicle, managing the speed and steering control, thereby providing a remarkably safe driving experience
4. Surveillance and mapping: Governments in different countries are using LiDAR technology for topographical surveys, mapping, surveillance, and monitoring. LiDAR is used in various applications such as construction of bridges and tunnels, flood modelling, pollution modelling, urban planning & management, and aircrafts & defense systems
Who are the key players in the LiDAR market?
Global key LiDAR companies are Quanergy, Luminar Technologies, Velodyne LiDAR, Trimble, Cepton Technologies, Sense Photonics, and Ouster.
What is LiDAR market growth?
The global LiDAR market is analyzed to grow a rapid rate from US$ 1.33 Billion in 2019 to $2.91 billion in 2025 at a CAGR of 14.1%. Adoption of LiDAR in mining applications, use of LiDAR in UAVs and higher efficiency of LiDAR based survey and mapping are some of the factors driving growth in the global LiDAR market. North America to have the largest LiDAR technology stock market share of the global LiDAR market owing to significant growth of self-drive and Advanced driver-assistance systems (ADAS) technology. LiDAR analysis based ADAS systems along with vision and RADAR-based sensors provide complete control over the vehicle, managing the speed and steering control, thereby providing a remarkably safe driving experience.