LiDAR Market Size, Share, Growth 2032

LiDAR Market Size

The global LiDAR market size was worth around USD 2.15 billion in 2023 and is predicted to grow to around USD 4.88 billion by 2032 with a compound annual growth rate (CAGR) of roughly 9.64% between 2024 and 2032.

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The report analyzes and forecasts the LiDAR market on a global and regional level. The study offers past data from 2018 to 2022 along with forecast from 2024 to 2032 based on revenue (USD Billion).

LiDAR Market: Overview

LiDAR is a method of detecting and mapping using a laser. The laser works in synchronization with a camera. The laser illuminates the object and the system calculates the time required by the laser to reflect back. LiDAR is used in combination with GPS in various sectors for surveying and mapping.

Technological advancement in the automotive sector is preliminarily driving the LiDAR market. The technology used in various applications such as driver assistance systems, identifying signboards, and tracking pedestrians systems that are deployed in autonomous vehicles. Further, major automotive equipment manufacturers had spent around USD 46 billion in 2015 to invent products that supported driverless vehicles. The investments are expected to increase as automotive manufacturers such as BMW, Mercedes, and Volkswagen are planning to introduce autonomous vehicles over the next five years. These developments are expected to fuel the growth of the LiDAR market during the forecast period.

Assessment of LiDAR market dynamics gives a brief thought about the drivers and restraints for the LiDAR market along with the impact they have on the demand over the years to come. Additionally, the report also includes the study of opportunities available in the LiDAR market on a global level.

The report gives a transparent view of the LiDAR market. We have included a detailed competitive scenario and portfolio of leading vendors operative in the LiDAR market. To understand the competitive landscape in the LiDAR market, an analysis of Porter’s Five Forces model for the LiDAR market has also been included. The study encompasses a market attractiveness analysis, wherein component, product, end user industry, and regional segments are benchmarked based on their market size, growth rate, and general attractiveness.

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LiDAR Market: Growth Drivers

Increasing usage of LiDAR in space exploration projects is noteworthy. Over the past decade, investments in space exploration programs have increased owing to the involvement of private firms. In the U.S., during 2017, about 120 firms invested in these projects as compared to 89 firms in 2015. These companies spent about USD 4 billion in 2017 for launching a total of 37 commercial satellites as compared to 51 the U.S. government satellites. It is anticipated that the number of commercial satellites would increase over the next five years. Further, in 2017; a total budget of about USD 68 billion was allocated for space exploration as compared to USD 62 billion in 2013. As per the projections of “the Bank of America”, the global space industry would grow from USD 350 billion in 2017 to at least USD 2.7 trillion over the next three decades. Thus, global LiDAR market is predicted to grow rapidly due to rising investments in space exploration projects. However, lack of awareness about the LiDAR technology can have an adverse effect on its adoption rate. Further, developments in transportation and agriculture sectors may open new avenues for the market in the near future.

LiDAR Market: Segmentation

The study provides a crucial view of the LiDAR by segmenting the market based on component, product, end use industry, and region. All the segments of the LiDAR market have been analyzed based on present and future trends and the market is estimated from 2024 to 2032.

Based on the component, the global LiDAR market is fragmented into laser, scanner, GPS receiver, Inertia Measurement Unit (IMU), high precision clock, and others. Laser segment is expected to hold a significant market share during the forecast timeframe.

Based on product, the global LiDAR market is fragmented into Topographic and bathymetric.

Based on end-use industry, the global LiDAR market is fragmented into Space exploration, meteorology, automotive, defense & marine, construction, mining, and others. Automotive segment is predicted to grow at a substantial rate during the forecast period.

LiDAR Market: Report Scope

LiDAR Market: Regional Analysis

The regional segmentation comprises the current and forecast demand for the Middle East & Africa, North America, Asia Pacific, Latin America and Europe for LiDAR market with further classification into the U.S., Canada, Mexico, UK, France, Germany, China, Japan, India, Brazil, and Argentina, among others is included in the report.

North America holds a substantial share in the global LiDAR market and will maintain its dominance in the near future. Increasing usage of LiDAR for military and defense application along with rapid advancements in technology are the major drivers for regional market growth. Further, the presence of significant market players in the region is predicted to shape the LiDAR market massively. Government initiative for space exploration venture is the major driving factor for the growth of the LiDAR markets in Asia Pacific region. The Asia Pacific is expected to grow at a significant rate during the analysis period.

LiDAR Market: Competitive Analysis

The competitive profiling of noticeable players of LiDAR market includes company and financial overview, business strategies adopted by them, their recent developments and product offered by them which can help in assessing competition in the market. Noticeable players included in the report are:

• Leica Geosystems Holdings AG
• Teledyne Optech Inc.
• Quantum Spatial Inc.
• Faro Technologies Inc.
• Velodyne LiDAR Inc.
• Sick AG
• Geokno
• Trimble Inc.
• RIEGL USA
• YellowScan 
• Among others

The report segments the global LiDAR market as follows:

Global LiDAR Market: Component Segment Analysis

• Laser
• Scanner
• GPS Receiver
• Inertia Measurement Unit (IMU)
• High Precision Clock
• Others

Global LiDAR Market: Product Segment Analysis

• Topographic LiDAR
• Bathymetric LiDAR

Global LiDAR Market: End-use Industry Segment Analysis

• Space Exploration
• Meteorology
• Automotive
• Defense & Marine
• Construction
• Mining
• Others

Global LiDAR Market: Regional Segment Analysis

• North America
  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• The Middle East and Africa