LiDAR Market worth $3.7 billion in 2028 – Exclusive Report by MarketsandMarkets™
CHICAGO, Jan. 18, 2023 /PRNewswire/ — The LiDAR market is projected to grow from USD 1.4 billion in 2023 to USD 3.7 billion in 2028; it is expected to grow at a CAGR of 19.4% from 2023 to 2028 according to a new report by MarketsandMarkets™. The growth of the market is attributed to rising adoption of LiDAR systems in UAVs, and use of LiDAR geographical information system (GIS) applications. During the forecast period, LiDARs with 3D & 4D technology providing aerial surveying, asset management, GIS services, ground-based surveying are expected to create growth opportunities for the market.
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The market for ground-based LiDAR accounted for a larger market share of the LiDAR market throughout the forecasted period.
Ground-based LiDAR accounted for a larger market share of the LiDAR market throughout the forecasted period. On the basis of installation types, the LiDAR market is mainly segmented into ground-based LiDAR and airborne LiDAR. Ground-based LiDAR is further segmented into mobile and static, while airborne LiDAR is segmented into topographic and bathymetric. the high adoption of ground-based LiDAR for end-use applications such as environment, meteorology, corridor mapping, ADAS, and driverless cars is expected to drive the market in the near future.
The LiDAR market for short range LiDAR is accounted for the largest share through the forecasted period
The LiDAR market for short range LiDAR is accounted for the largest share through the forecasted period, as they are widely used in airborne and ground-based applications. Due to the adoption of short-range LiDAR in applications such as automobile, security, and robotics, the short-range LIDAR segment is projected to lead the market. The short-range LiDAR segment is projected to hold a significant share due to its anticipated adoption in automotive, perimeter security, and robotics applications.
The LiDAR market for end-use application environment is accounted for the largest share through the forecasted period.
The LiDAR market for end-use application environment is accounted for the largest share through the forecasted period. LiDAR is widely adopted in environmental End-use applications for the surveying and monitoring of environmental resources. Laser scanning systems are suited for environmental monitoring End-use applications—from airborne carbon mapping to coastal monitoring surveys. LiDAR is widely adopted to survey and monitor environments in various End-use applications, including forest management, coastline management, pollution modeling, agriculture, wind farms, and precision forestry.
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LiDAR Market in North America holds the largest market share during the forecasted period.
The market has been segmented into the US, Canada, and Mexico. The region has emerged as a global focal point for large investments and business expansion opportunities. North America accounted for the largest market share of the LiDAR market. The market in North America is dominated by the US. The growth of the North American market is attributed to the use of LiDAR in applications such as environment, corridor mapping, meteorology, and urban planning. The market is also attributed to the use of LiDAR in ADAS and driverless cars, which is expected to grow significantly in the coming years.
The key players in the LiDAR market include Leica Geosystems AG(Sweden), Trimble, Inc. (US), Teledyne Optech (Canada), FARO Technologies, Inc. (US),RIEGL Laser Measurement Systems GmbH (Austria), SICK AG (Germany), Quantum Spatial (US), Beijing SureStar Technology Co. Ltd. (China).
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