In past few years, assisted driving automobiles have gained major traction in the light detection and ranging (LiDAR) market. These automobiles use both cameras and LiDAR to sense the environment around vehicle and avoid accidents. For instance, Velodyne Lidar Inc. which is a California-based Lidar technology company has announced the acquisition with Mapper.ai, Inc. for localization and mapping software in July 2019. This initiative targeted to increase the company's advanced driver-assistance system (ADAS) system production.
According to Data Bridge Market Research the Light Detection and Ranging (LiDAR) Market accounted for USD 1.40 billion in 2021, and expected to reach USD 8.51 billion by 2029. The market is expected to grow with a CAGR of 25.30% in the forecast period of 2022 to 2029.
“Increasing usage of light detection and ranging (LiDAR) technology is expected to drive the market growth”
Light detection and ranging (LiDAR) technology is widely used in robotic cars, automotive guided vehicles (AGVs), drones and unmanned vehicles. The use of light detection and ranging (LiDAR) in robotic vehicles means using numerous LiDARs to map the environment of the vehicle. The adoption of light detection and ranging (LiDAR) appears important for a high level of redundancy between sensors to confirm the safety of its passengers. The proper development of robotic vehicles or completely autonomous vehicle for passengers is still in the improvement phase, and light detection and ranging (LiDAR) technology is anticipated to play a major role in this development. Therefore, increasing usage of light detection and ranging (LiDAR) technology is expected to drive the market growth.
What restraints the growth of light detection and ranging (LiDAR) market?
“High cost associated with light detection and ranging (LiDAR)”
High cost of light detection and ranging (LiDAR) is expected to hamper the growth of the market during the forecast period because it comprises a series of high-quality optical components inside. These optical components must be installed in a rotatable area, so the technical needs are very high. As a result the overall cost of the light detection and ranging (LiDAR) is also so high.
Segmentation: Light Detection and Ranging (LiDAR) Market
The light detection and ranging (LiDAR) market is segmented on the basis of component, technology, type, installation type, range, service, application and end user.
- On the basis of component, the market is segmented into laser scanners, navigation and positioning systems, others.
- On the basis of technology, the market is segmented into 2D LiDAR, 3D LiDAR, 4D LiDAR.
- On the basis of type, the market is segmented into mechanical, solid-state.
- On the basis of installation type, the market is segmented into airborne Lidar, ground-based Lidar, range (short, medium, long.
- On the basis of service, the market is segmented into LiDAR data processing, aerial surveying, asset management, GIS service, ground-based surveying, mapping and modelling, others.
- Based on application, the light detection and ranging (LiDAR) market is segmented into corridor mapping, engineering, environment, ADAS and driverless cars, exploration, urban planning, cartography, meteorology.
- Based on application, the light detection and ranging (LiDAR) market is segmented into defense and aerospace, civil engineering, archaeology, forestry and agriculture, mining industry, transportation.
Regional Insights: North America is expected to dominate the light detection and ranging (LiDAR) market
North America is expected to dominate the market and is expected to grow significantly because of high adoption of administrative regulations on the installation of automotive safety technologies in both heavyweight and lightweight vehicles in this region. Moreover, growing increasing adoption of technologies such as advanced driver-assistance system (ADAS) will further boost the growth of the light detection and ranging (LiDAR) market in this region.
In addition, the Asia-Pacific region is likely to register highest growth rate during the forecast period of 2022 to 2029 because of the increasing investment by the overseas and domestic market players in countries such as India and China in this region. Moreover, rising demand for LiDAR solutions in the manufacturing and IT & telecommunication sectors will further boost the growth of the market in this region
Recent Developments: Light Detection and Ranging (LiDAR) Market
- In 2022 - The new Leica Chiroptera-5 bathymetric LiDAR sensor provides 40 percent higher point density, a 20 percent improvement in water depth penetration to produce more precise hydrographic maps. This recent mapping technology increases the topographic sensitivity, point density, and depth penetration of sensors as compared to earlier generations.
- In 2022 - Optical Phased Array (OPA) technology from Quanergy Systems, Inc. has successfully detected objects at a 250 meters of distance. This improves the path towards the production of its S3 Series LiDAR by using an industry-first, scalable CMOS silicon manufacturing process which has created for cost-effective, mass-market production.
To know more about the study visit, https://www.databridgemarketresearch.com/reports/global-lidar-market
The Prominent Key Players Operating in the Light Detection and Ranging (LiDAR) Market Include:
- Trimble Inc. (U.S.)
- Leica Geosystems AG (Switzerland)
- Teledyne Geospatial. (Canada)
- FARO (U.S.)
- SICK AG (Germany)
- NV5 Global, Inc. (U.S.)
- SureStar (China)
- Velodyne Lidar (U.S.)
- YELLOWSCAN (France)
- GeoKno (India)
- Phoenix LiDAR Systems (U.S.)
- LeddarTech Inc. (Canada)
- Quanergy Systems, Inc. (U.S.)
- Innoviz Technologies Ltd. (Israel)
- ZX Lidars (U.K.)
- Vaisala (Finland)
- Waymo LLC (U.S.)
- Valeo (U.S.)
- Ouster, Inc. (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list light detection and ranging (LiDAR) market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Light Detection and Ranging (LiDAR) Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
