Mordor Intelligence recently published a report on, "LiDAR Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)". According to the research report, the Global LiDAR Market is estimated at USD 2.25 billion in 2023. It is expected to reach USD 7.23 billion in 2028 at a CAGR of 26.28% during the forecast period.
LiDAR is a remote sensing method using pulsed laser light to measure ranges to the Earth, providing precise 3D information about the Earth's shape and surface characteristics. This technology is widely used in the oil and gas, mining, and government sectors for mapping and environmental examination. The LiDAR market is growing due to its use in UAVs, engineering and construction applications, geographical information systems (GIS), 4D LiDAR, and relaxed regulations on commercial drone usage globally.
Who are the Top Companies in the Global LiDAR Market?
The market is fragmented due to many large and small players stirring the competition. These players try to gain a competitive edge in the market using product and technology launches, strategic partnerships, acquisitions, expansion, and collaborations.
The significant players in the global LiDAR market are,
Key Highlights from the Global LiDAR Market Report:
Robotic Vehicles Driving the Market
- LiDAR plays a crucial role in the development of self-driving cars and autonomous vehicles, enabling navigation, obstacle detection, and collision avoidance.
- LiDAR provides a 360-degree view and highly accurate depth information for self-driving vehicles, AGVs, and drones, making them less prone to crashes.
- Multiple LiDARs are used for high sensor redundancy and safety in robotic vehicles. LiDAR sensors enable mobile robots to operate autonomously in various conditions, providing real-time 3D perception data for localization, mapping, object classification, and object tracking.
Latin America's Significant Growth Potential
- With its dense forest cover and developing economy, Latin America presents significant expansion and excavation opportunities for adopting LiDAR technology.
- The region's forest cover represents 22% of the global forest area and plays a crucial role in biodiversity and conservation. Research studies have shown the use of LiDAR technology for mapping tree diversity in the tropical forest regions of Latin America.
- Latin America is also known for its farming lands and plays a pivotal role in world food security, driving the adoption of LiDAR technology in the agricultural sector.
What are the Latest Developments in the Global LiDAR Market?
- In May 2022, RoboSense LiDAR established a strategic alliance with dSPACE to speed up the development, testing, and validation of LiDAR in intelligent driving applications.
- In January 2022, Innoviz Technologies Ltd added Innoviz360 to its product range. It transforms the raw point cloud data from the third-generation LiDAR into excellent outputs for exceptional object detection, categorization, and tracking.
Mordor Intelligence has Segmented the Global LiDAR Market Based on Application, Type, and Geography.
- By Application (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Robotic Vehicles
- Agriculture and Forestry
- By Type (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Aerial (Topographic and Bathymetric)
- Terrestrial (Mobile and Static)
- By Geography (Market Size and Forecast based on Value (USD billion), 2018-2028)
- North America
- Latin America
- Middle East & Africa
In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry.
Click here to read the report titled, "LiDAR Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)".