LiDAR Market Size, Share, Growth Analysis, By LiDAR Technologies, By Component, Type, By Installation, By End-use Application, By Region - Industry Forecast 2024-2031

Global LiDAR Market size was valued at USD 1.5 Billion in 2022 and is poised to grow from USD 1.7 Billion in 2023 to USD 4.83 Billion by 2031, growing at a CAGR of 13.8% in the forecast period (2024-2031).

LiDAR technology is utilized across a range of applications, including GIS mapping, construction, engineering, and archaeology. This market segment is experiencing significant growth, primarily due to the advent of compact sensors in vehicles that capture high-quality images efficiently. Major companies such as Velodyne, Routescene, YellowScan, and Riegl have heavily invested in developing small drones equipped with these sensors. LiDAR systems are valued for their ability to produce high-resolution images, making them highly applicable in various sectors such as automotive, healthcare, aerospace, and military. The increasing demand for LiDAR due to its broad applications is expected to drive the global LiDAR market's growth in the coming years. LiDAR drone surveys result in a 3D point cloud, which depends on sensor specifications and flight parameters, including altitude and distance traveled. The data from LiDAR sensors often generates monochromatic datasets that can be challenging to analyze. However, photogrammetry technologies facilitate the creation of colored 2D or 3D models that are easier to interpret. While LiDAR drones excel in data collection speed and processing, they are more expensive compared to photogrammetry systems. Photogrammetry drones, which use a single camera, typically cost between USD 5,000 and USD 20,000. In contrast, LiDAR drones, which include LiDAR sensors costing between USD 50,000 and USD 300,000 and rely on high-quality drones priced between USD 25,000 and USD 50,000, have a higher overall cost. The availability of more affordable and lighter photogrammetry equipment presents a challenge to the expansion of the LiDAR market.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global LiDAR market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered 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.

Global LiDAR Market Segmental Analysis

The global LiDAR market is segmented into LiDAR Technologies, Component, Type, Installation, Range, Service, End-use Application, and Region. Based on LiDAR Technologies, the market is segmented into 2D, 3D, and 4D. Based on Component, the market is segmented into Laser Scanners, Navigation & Positioning Systems (GPS, IMU), and Others. Based on Type, the market is segmented into Mechanical, and Solid-state. Based on Installation, the market is segmented into Airborne (Topographic, Bathymetric Lidar), and Ground-based (Mobile, Static). Based on Range, the market is segmented Into Short (0-200 M), Medium (200-500 M), and Long (Above 500 M). Based on Service, the market is segmented into Aerial Surveying, Asset Management, Geographic Information System (GIS) Services, Ground-based Surveying, and Others. Based on End-use Application, the market is segmented into Corridor Mapping (Roadways, Railways, Other), Engineering, Environment (Forest Management, Coastline Management, Pollution Modeling, Agriculture Mapping, Wind Farm, Precision Forestry), Adas & Driverless Cars, Exploration (Oil & Gas, Mining), Urban Planning, Cartography, Meteorology, and Others. Based on region, the market is segmented into North America, Europe, Asia-Pacific, South America, and Middle East and Africa.

Drivers of the Global LiDAR Market

The scale of engineering and civil construction projects worldwide has significantly increased to accommodate the growing population, especially in emerging markets. Technology plays a crucial role in every phase of construction, from surveying and mapping to evaluating project feasibility. LiDAR technologies offer accurate and efficient scanning of large areas, while laser scanners equipped with GPS and highly sensitive cameras enable engineers to perform precise feasibility studies and design plans that meet project requirements. This technological advancement has led to the growth of numerous LiDAR service providers.

Restraints in the Global LiDAR Market

LiDAR drones use active sensors to detect objects on the ground by emitting laser beams and measuring the distance to the targets. In contrast, photogrammetry systems create depth perception of ground objects by processing images from 2D and 3D cartometric models, enabling users to view and measure distances in 3D. LiDAR drone surveys produce a 3D point cloud, influenced by the sensors' specifications and flight parameters, such as altitude. However, the monochrome dataset generated by LiDAR sensors can be challenging to interpret. Photogrammetry systems, on the other hand, generate fully colored 2D or 3D models that are easier to visualize and understand. While LiDAR drones excel in data acquisition and processing speed, they are generally more costly than photogrammetry systems.

Market Trends of the Global LiDAR Market

A notable trend in the market is the rise of start-ups, driven largely by investments from major automotive companies. The automotive sector is increasingly adopting LiDAR technology for various applications, including driverless taxis, carpooling, ride-hailing services, and mobility-on-demand solutions. As car manufacturers intensify their focus on developing autonomous and driverless vehicles, they are investing heavily in start-ups such as Uber and Lyft. These investments are expected to accelerate the advancement of LiDAR technology. For example, Volkswagen and Ford have partnered with Argo AI to develop car-sharing and autonomous taxi services, highlighting the industry's commitment to integrating LiDAR into future transportation solutions.