The global LiDAR market size was valued at USD 700.2 million in 2019, and is projected to reach USD 2.90 billion by 2027, growing at a CAGR of 20.2% during forecast period 2020 to 2027.
According to LiDAR market analysis, introduction of light detection and ranging (LiDAR) system enabled the examination, detection, and mapping of objects easier than conventional methods. This system is used over conventional surveying methods, due to their ability to provide highly accurate data and 3D images in a shorter time. Improved automated processing ability of LiDAR systems in terms of image resolution and data processing capabilities over other technologies is the major factor that drives the growth of the LiDAR market.
Other factors that supplement the growth of the market include rise in demand for 3D imaging technology across various application areas and increase in adoption of aerial LiDAR systems to explore and detect places and historic details. However, less awareness about the benefits of LiDAR systems and the use of expensive components in these systems such as laser scanner, navigation system, and high-resolution 3D cameras collectively increase the cost of LiDAR systems. These factors limit the adoption of LiDAR systems, thereby restricting the global LiDAR market trends.
According to LiDAR market forecast, players in the market adopt product launch and collaborations as their key strategies to meet the customer demands and increase their customer base. Partnerships are expected to help the players to set a common t echnology platform and share the technological requirement. This would ultimately help the market players to enhance their product portfolio in less investment and increase their market share across various regions.
Cost cutting in operations is expected to encourage the manufacturers to invest in advertisement activities and increase the awareness about LiDAR systems across diverse industry verticals and regions. Thus, rise in use of LiDAR systems across various industries is anticipated to supplement the global LiDAR market size.
Top Impacting Factors
Key impacting factors identified include deployment of automated systems in LiDAR systems, increase in applications of LiDAR, and rise in demand for LiDAR in 3D imaging. In addition, rise in consumer awareness along with higher technological performance of LiDAR over alternatives technologies plays significant role in the LiDAR market growth. All the factors collectively create LiDAR market opportunity, however, lack of awareness regarding LiDAR systems restrict the growth of the market. Thus, each factor is expected to have a definite impact on the LiDAR market share.
Some Major Factors Impacting the LiDAR Market Growth are Given Below:
Automated Processing in LiDAR Systems
Automation of LiDAR processing system involves a combination of scientific algorithm computation and cloud-based processing of captured data points for sophisticated analysis. The algorithms make LiDAR systems more accurate and efficient in detecting target objects. Moreover, some of the automated LiDAR processing systems select appropriate algorithm as per environment, while other systems allow users to interact and select their choice of algorithm. These features increase the suitability of LiDAR in numerous applications, which fuel its adoption across the globe, thereby driving the growth of the market.
Better Performance than Other Technologies
LiDAR is used for detection and ranging applications similar to that of RADAR. However, its capabilities surpass that of RADAR, in terms of accuracy and response time. LiDAR can capture the object’s position as well as surface information with higher accuracy. In addition, it can obtain the 3D topographic information of object surface with high level of accuracy. Conversely, RADAR uses antennae for transmission and reception, which leads to delay in certain environmental conditions. This, in turn, has shifted the preference toward LiDAR systems, thus augmenting the growth of the global market.
Rising Demand For 3D Imaging
The demand for 3D imaging is witnessing rise in consumer, commercial, and government applications. LiDAR is being adopted in numerous government applications such as planning & monitoring activities related to roadways, railways, cities, and forest management. In consumer market, LiDARs are being identified as a technology for implementing driverless car concept in reality. In photogrammetry, LiDAR serves as an efficient alternative over other technologies, due to its accuracy and speed, thus driving the growth of the global market.
The key players in the global LiDAR industry that are analyzed in the report are Velodyne, Airborne Hydrography AB, Leosphere SAS, Faro Technologies Inc., Leica Geosystems AG, GeoSLAM Ltd. (3D Laser Mapping), Firmatek LLC, RIEGL Laser Measurement Systems GmbH, Mira Solutions Inc., and Aerometric Surveys. These key players have adopted various strategies such as product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations to increase their market penetration and strengthen their position in the industry.
The LiDAR market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of LiDAR market for the base year 2019 and the forecast between 2020 and 2027. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global LiDAR market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the LiDAR market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted LiDAR market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the LiDAR capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of LiDAR by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global LiDAR market. These figures have been provided in terms of both revenue and volume for the period 2016 to 2027. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major LiDAR market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of LiDAR market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the LiDAR industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
LiDAR market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to LiDAR market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of LiDAR market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new LiDAR market. These factors have benefited the growth of the global market for LiDAR. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for LiDAR. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of LiDAR are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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