DUBLIN--(BUSINESS WIRE)--The "LiDAR Market with COVID-19 Impact Analysis by Type (Mechanical, Solid-state), Installation Type, Service (Aerial Surveying, GIS services), Application (Corridor Mapping, Environment, Engineering, ADAS & Driverless Cars), Component, Range, and Geography - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The LiDAR market was valued at USD 981 million in 2019 and is projected to reach USD 2,766 million by 2025; it is projected to grow at a CAGR of 20.7% from 2020 to 2025.
Major factors driving the growth of the LiDAR market include rising adoption of LiDAR systems in UAVs, increasing adoption of LiDAR in engineering and construction applications, use of LiDAR in geographical information systems (GIS) applications, the emergence of 4D LiDAR, and easing of regulations related to use of commercial drones in different applications.
Based on technology, 4D LiDAR to be the fastest-growing technology segment between 2020 and 2025
The growth of 4D LIDAR is attributed to the widespread adoption of 4D LiDAR in applications such as ADAS, driverless cars, and robotics. Autonomous vehicles require detailed understanding regarding the physical world around them, which can be achieved using 4D LiDAR. The adoption of 4D LiDAR would help in gaining a high level of automation in self-driving cars, robots, and other autonomous systems.
Based on installation type, ground-based LiDAR to be the fastest-growing installation type between 2020 and 2025
Ground-based LiDAR scanning technology is widely used across a wide range of applications, such as mapping, engineering, environment, and meteorology. Ground-based LiDAR systems are either stationary or movable and are further segmented into static LiDAR and mobile LiDAR. Ground-based LiDAR is typically mounted on a tripod or placed on a moving platform, for example, vehicles. These systems are less costly as compared to airborne-LiDAR systems.
Based on application, ADAS & driverless cars to be the fastest-growing application between 2020 and 2025
The automotive industry is looking forward to autonomous vehicles and assisted technologies. Automotive companies are coming up with innovative technologies in advanced driver assistance systems (ADAS) using new and affordable sensors. Rising adoption of solid-state LiDAR in ADAS and driverless cars for assuring safety is expected to boost the market in the coming years. Moreover, automotive giants are adopting LiDAR systems for their L3 level vehicles, which is expected to have a positive impact on the sales of these vehicle types.
APAC LiDAR market to record highest growth rate during forecast period
The LiDAR market in the APAC region is expected to grow at the highest CAGR during the forecast period. The growth of this market can be attributed to the increase in surveying and mapping operations due to increasing infrastructural development, focus on forest management, and mining activities in the region. The increasing applications of airborne and ground-based LiDAR systems and the growing number of surveying and mapping activities in the region are anticipated to drive the demand for LiDAR in APAC.
- Rising Adoption of Lidar Systems in UAVs
- Increasing Adoption of Lidar in Engineering and Construction Applications
- Use of Lidar in Geographical Information System (GIS) Applications
- Emergence of 4D Lidar
- Easing of Regulations Related to the Use of Commercial Drones in Different Applications
- Safety Threats Related to UAVs and Autonomous Cars
- Easy Availability of Low-Cost and Lightweight Photogrammetry Systems
- Increasing Investments in Lidar Startups by Automotive Giants
- Opportunities for Swir-Based Design in the Long Term
- Technological Shifts With the Adoption of Solid-State, Mems, Flash Lidar, and Other Lidar Technologies
- Development of Better Geospatial Solutions Using Sensor Fusion
- Initiatives Undertaken by the Governments of Different Countries to Encourage the Use of Lidar Drones for Large-Scale Surveys
- High Cost of Lidar Services and Limited Availability of Geospatial Data
- Leica Geosystems Ag
- Trimble Inc.
- Teledyne Optech
- Faro Technologies, Inc.
- Riegl Laser Measurement Systems Gmbh
- Sick Ag
- Quantum Spatial
- Beijing Surestar Technology Co. Ltd.
- Velodyne Lidar, Inc.
- Geokno India Private Limited
- Phoenix Lidar Systems
- Leddartech Inc.
- Quanergy Systems, Inc.
- Innoviz Technologies Ltd.
- Waymo Llc
- Valeo S.A.
- Neptec Technologies Corp.
- Ouster, Inc.
- ZX Lidars
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