Global LiDAR Market Projected to Experience Significant Growth by 2028, With Estimated Value of USD 7 Billion

Posted  by GoPhotonics

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Research and Markets, the world's largest market research store, published a report on, "Light Detection and Ranging (LiDAR): Technologies and Global Markets". According to the report, the Worldwide Market for Light Detection and Ranging (LiDAR) Technology is on an exponential growth trajectory, poised to reach $7 billion by the end of 2028, up from $3.2 billion in 2023, at an impressive CAGR of 16.5% during the forecast period of 2023-2028.

LiDAR technology has emerged as a crucial tool in accommodating the expansion of global engineering and civil construction activities, especially in developing nations grappling with growing populations. From surveying and mapping to project feasibility studies, advanced LiDAR technology plays a pivotal role in enhancing accuracy and efficiency in various stages of construction projects. 

The airborne segment of the global LiDAR market is forecasted to grow from $1.5 billion in 2023 to $3.2 billion by the end of 2028, boasting a CAGR of 15.9% during the forecast period. Meanwhile, the mobile and Unmanned Aerial Vehicle (UAV) segment is expected to surge from $539.3 million in 2023 to $1.2 billion by 2028, at a robust CAGR of 17.7%.

Key drivers propelling this growth include increasing demand for 3D imagery in sectors such as military and defense, civil engineering, topographical surveys, and corridor mapping. Textured 3D imagery is particularly valuable in city planning, 3D mapping, and corridor mapping. Additionally, the installation of advanced safety features in automobiles is contributing to market expansion. Notably, automotive giants are investing in LiDAR startups, and the adoption of various LiDAR technologies, including solid-state, flash LiDAR, and micro-electronical mechanical system (MEMS) LiDAR, is creating new market opportunities.

LiDAR's growing utilization in geographical information system (GIS) applications and engineering and construction is further bolstering global market growth. However, challenges such as safety risks associated with UAVs and autonomous vehicles and the availability of low-cost and lightweight photogrammetry systems are restraining market growth.

The comprehensive report, titled "Global LiDAR Technology Market Report 2023-2028," provides detailed insights into market dynamics, including segmentation by component, product type, technology, range, application, and region.

The report highlights that the airborne segment currently holds the largest market share, valued at $1.4 billion in 2022 and projected to reach $3.2 billion by 2028. Meanwhile, the mobile and UAV segment is expected to experience the highest growth rate, with a CAGR of 17.7%, reaching $1.2 billion by the end of 2028, up from $489.7 million in 2022.

Furthermore, the post-COVID-19 era is expected to see continued LiDAR technology demand due to safety distance measures. Remote work has become the new normal, with 3D LiDAR systems repurposed for product tracking, security, and remote monitoring of employees. LiDAR, along with video and thermal monitoring systems, is used for temperature sensing, enhancing productivity while reducing the risk of viral transmission. 

Companies Mentioned

Key highlights of the report include:

  • An in-depth overview and analysis of the global LiDAR technology market
  • Analysis of global market trends, historical revenue data for 2022, estimates for 2023, and forecasts for 2024, 2026, and projections of CAGRs through 2028
  • Market size estimations and revenue forecasts for the LiDAR technology market in USD millions, with corresponding market share analysis based on component, product type, range, application, and geographic region
  • Comprehensive insights into market drivers, opportunities, challenges, prospects, technologies, regulatory scenarios, and the impact of COVID-19 and the Russia-Ukraine war on the global LiDAR market
  • Industry value chain analysis, with a focus on OEM manufacturers, raw materials suppliers, and major end-user types
  • Holistic reviews of Porter's Five Forces and PESTLE analyses, considering micro and macro-environmental factors
  • Examination of Environmental, Social, and Governance (ESG) developments and company practices in the LiDAR market
  • Profiles of leading companies in the LiDAR market

Click here to read the report titled, "Light Detection and Ranging (LiDAR): Technologies and Global Markets".
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