Global LiDAR Technology Market Set to Skyrocket to $7 Billion by 2028, Driven by Increasing Demand for 3D Imaging Across Industries

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Nov 09, 2023, 12:30 ET

DUBLIN, Nov. 9, 2023 /PRNewswire/ -- The "Light Detection and Ranging (LiDAR): Technologies and Global Markets" report has been added to ResearchAndMarkets.com's offering.

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 Compound Annual Growth Rate (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

Aerometrex
Faro Technologies Inc.
Firmatek
Genesys International Corp. Ltd.
Hesai Group
Indie Semiconductor
Infineon Technologies AG
Innoviz Technologies Ltd.
Luminar Technologies Inc.
Microvision
Riegl Usa
Sick AG
Teledyne Optech
Trimble Inc.
Valeo

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

Key Attributes:

Report Attribute	Details
No. of Pages	162
Forecast Period	2023 - 2028
Estimated Market Value (USD) in 2023	$3.2 Billion
Forecasted Market Value (USD) by 2028	$7 Billion
Compound Annual Growth Rate	16.5 %
Regions Covered	Global

Key Topics Covered:

Chapter 1 Introduction

Chapter 2 Summary and Highlights

Chapter 3 Market Overview

Overview
Value Chain Analysis
PESTEL Analysis
Porter's Five Forces Analysis
Threat of New Entrants
Bargaining Power of Suppliers
Bargaining Power of Buyers
Threat of Substitutes
Competition in the Industry
Key Developments in the Field of LiDAR
Impact on the Market of Russia-Ukraine War

Chapter 4 Market Dynamics

Overview
Market Drivers
Increasing Demand for 3D Mapping
Demand for Automotive Safety Technologies
Surge in the Adoption of LiDAR Systems
Advances in LiDAR Technology
Market Challenges
Cost
Cybersecurity Risks
Market Opportunities
Emergence of 4D LiDAR
Uses in Environmental Applications

Chapter 5 Market Breakdown by Component

Overview
Software
Laser Scanners
Navigation and Positioning
Other Components

Chapter 6 Market Breakdown by Product Type

Overview
Airborne
Terrestrial
Mobile and Unmanned Aerial Vehicles (UAVs)

Chapter 7 Market Breakdown by Technology

Overview
2D LiDAR
3D LiDAR
4D LiDAR

Chapter 8 Market Breakdown by Range

Overview
Short-range LiDAR
Medium-range LiDAR
Long-range LiDAR

Chapter 9 Market Breakdown by Application

Overview
Automotive and Transportation
Corridor Mapping
Environment
Exploration and Detection
Other Applications
Transmission Lines
Police LiDAR
Gaming LiDAR
Robotics

Chapter 10 Market Breakdown by Region

Overview
North America
Europe
Asia-Pacific
Rest of the World

Chapter 11 ESG Development

ESG Issues in the LiDAR Market
Carbon Footprint/Environmental Impact
Animal Welfare
Labor Practices
Transparency and Governance
Analysis of ESG Performance
Environmental Performance
Social Performance
Governance Performance
Status of ESG for Companies in the LiDAR Market
Consumer Attitudes Towards ESG in LiDAR Market
Case Study
Environmental Initiatives
Social Initiatives
Governance Initiatives
Outcomes
Investments
Concluding Remarks

Chapter 12 Emerging Technologies and Developments

Overview
Future of LiDAR Technology
Emerging LiDAR Technologies
Artificial Intelligence
Robotics Industrial Automation
Machine Learning
Advanced Driver-assistance System

Chapter 13 Patent Analysis

Overview
Granted Patents (2020-2023)
Recently Awarded Patents

Chapter 14 M&A and Venture Funding Outlook

Merger and Acquisition (M&A) Analysis
Venture Fundings in LiDAR Market

Chapter 15 Competitive Intelligence

Vendor Landscape
Analysis of Market Leaders
Strategic Analysis

Chapter 16 Company Profiles

Chapter 17 Appendix: Abbreviations

For more information about this report visit https://www.researchandmarkets.com/r/857zv9

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