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Emergen Research recently published a report on, "Light Detection and Ranging (LiDAR) Market, By Component, By Technology, By Type, By Installation Type, By Range, By End-Use, and By Region Forecast to 2030". According to the report, the Global Light Detection and Ranging (LiDAR) Market size was estimated to be USD 1,821.3 Million in 2021 and is expected to register a CAGR of 12.5% during the forecast period. Rising adoption of LiDAR in Unmanned Aerial Vehicles (UAVs), increasing investment and research and development activities, rising adoption of LiDAR in engineering and construction applications as well as growing use of LiDAR to navigate hazardous or challenging terrain are all contributing factors to the steady market revenue growth of LiDAR.
Light Detection and Ranging (LiDAR) sensors scan the ground and measure variable distances using light energy emitted by a laser. Rising demand for UAVs or drones for various applications such as photography and videography, construction, and identifying threats, among others, is a major factor driving revenue growth of the market. UAV LiDAR can be used as an alternative to traditional LiDAR types and platforms for the formation of precise and accurate 3D maps and models. It has been successful to create accurate and comprehensive 3D terrain bitmap image models using LiDAR.
The outdated airborne Lidar surveys carried out by planes or helicopters are being replaced by Lidar technology, which is developing quickly. It can also produce 3D models of man-made structures such as buildings, bridges, and even well-defined structural facades. Furthermore, increasing investment by different companies and research development (R&D) activities for LiDAR sensor is rising the market revenue growth. For instance, on 9 February 2022, Velodyne Lidar, a manufacturer of LiDAR sensors being used self-driving cars, reported its stock rise more than 60% in after-hours trading following regulatory filings.
Amazon has earned warrants to purchase 39.6 million shares of Velodyne, and it has been increasingly interested in autonomous vehicles as it looks to reduce logistics costs for its e-commerce business. Velodyne stock has also been trading cheaply, presenting a good entry point. As a result, these rising demand for UAV and increasing investment are boosting the market revenue growth.
Drivers:
Growing incorporation of IOT and smart technologies in LiDAR sensors are the key factor rising the demand for this market. Several companies are launching LiDAR sensors for the development of this market. For instance, on 12 October 2022, Ouster ("Ouster" or the "Company"), a leading supplier of high fraction lidar sensors for the automotive, commercial, robotics, and smart infrastructure industries, announced the availability of new products operated by its next-generation L3 digital lidar chip. The sensors in this Ouster provide an excellent combination of price and performance, as well as the ability to stretch hundreds of use-cases and allow breakthrough autonomy across industries.
Rising demand for LiDAR in automotive industries is also boosting the market revenue growth. For instance, on 10 May 2022, LeddarTech, a global leader in Advanced driver assistance systems (ADAS) and AD sensing technology, was pleased to announce the official launch of LeddarSteerTM, which is a digital beam steering solution developed for LiDAR smart sensor designers and Tier 1-2 automotive distributors. As a result, these new product developments among the automotive industries are contributing significantly into the market growth.
Restraints:
There are some issues and difficulties facing the LiDAR industry. One of the biggest obstacles hindering the market's growth is expected to be the lack of educated consumers. To reduce the expense of implementing and constructing such customer awareness and education programs, determining the scope of customer education is imperative. Furthermore, rising cost of this market across the industries is hindering the market growth. Semi-solid LiDAR mounted on vehicles typically costs around USD 1,000. An additional USD 10,000 may be needed for the drone's accessories, base station, batteries and a GPS rover. As a result, these are hindering the growth of LiDAR market.
Growth Projections:
The LiDAR Market is expected to register a CAGR of 12.5% over the forecast period and revenue is projected to increase from USD 1,821.3 Million in 2021 to USD 5,299.2 Million in 2030. Increasing spending in emerging markets is expected to support revenue growth of the market.
Current Trends and Innovations:
The LiDAR industry is undergoing gradual changes during the forecast period. Although LiDAR is an important component of an autonomous vehicle's sensor suite, its integration into the ADAS sensor suite or safety solutions is now a larger goal that the industry is attempting to achieve. Since 2020, ADAS and autonomous vehicles industry as Waymo One, ApolloGo, and AutoX RoboTaxi services have made open for public use. Individuals are getting a true taste of self-driving vehicles which will help in gaining consumer confidence over the autonomous vehicle technology. Automotive autonomy also has the potential to change our way of life while also providing enormous business prospects for existing and new technologies. Sensing and recognition are important aspects of autonomy. Cameras, ultrasonic systems, and radars are already capable of providing useful information for this purpose.
Strategic Initiatives:
Major companies included in the market report are Teledyne Geospatial, Leica Geosystems AG, Trimble Inc., Xenomatrix, Riegl Laser Measurement Systems GmBH, Sick AG, SURESTAR, Yellowscan, and Valeo.
On 9 November 2022, Blickfeld introduced Qb2, the world's first Smart LiDAR sensor, which allows for the capture and processing of 3D data on a single system. It also offers a turn-key experience for quick and easy deployment with minimal investment, as well as a software stack and WiFi connectivity in a single device.
Emergen Research has segmented LiDAR Market on the basis of Technology, Component, Type, Installation Type, Range, Application, End-Use and region:
- Technology Outlook (Revenue, USD Million; 2019-2030)
- Component Outlook (Revenue, USD Million; 2019-2030)
- Laser scanner
- Sensors
- Navigation and positioning systems
- Others
- Type Outlook (Revenue, USD Million; 2019-2030)
- Installation Type Outlook (Revenue, USD Million; 2019-2030)
- Range Outlook (Revenue, USD Million; 2019-2030)
- Application Outlook (Revenue, USD Million; 2019-2030)
- Corridor mapping
- Environment
- Engineering
- ADAS and Driverless cars
- Law Enforcement
- Others
- End-Use Outlook (Revenue, USD Million; 2019-2030)
- Automotive
- Defense and aerospace
- Healthcare
- Agriculture
- Mining
- Entertainment
- Others
- Regional Outlook (Revenue, USD Million, 2019 - 2030)
- North America
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- India
- Australia
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Rest of LATAM
- Middle East & Africa
- UAE
- Saudi Arabia
- Africa
- Rest of Middle East
Click here to read the report titled, 'Light Detection and Ranging (LiDAR) Market, By Component, By Technology, By Type, By Installation Type, By Range, By End-Use, and By Region Forecast to 2030'.
