(IT-NEWSWIRE.COM, January 20, 2023 ) 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. Rising use of LiDAR in geographical information system (GIS) application and emergence of 4D LiDAR, is driving the growth of the market; It is expected that the 4D LiDAR technology would gain importance in autonomous vehicles, machine vision, and factory automation. Increasing investments in LiDAR startups by automotive giants is expected to create opportunities for the market.
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LiDAR is used in a wide range of applications, such as corridor mapping, environment, engineering, exploration, urban planning, advanced driver-assistance systems (ADAS), and driverless cars, cartography, meteorology. The use of LiDAR for the above applications offers high accuracy, fast acquisition and processing, low human dependency, canopy penetration, and high data density.
The market is segmented into installation types of LiDAR, range, LiDAR type, component, services, and end-use application. Further, the services are segmented into aerial surveying, asset management, GIS services, ground-based surveying, and other services. 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) are some of the major manufacturers of LiDAR systems.
LiDAR market for environment end-use application is expected to contribute highest and ADAS & driverless cars are expected to grow with the highest growth rate in the LiDAR market. North America is expected to contribute highest in the LiDAR market. The growth in North America is mainly attributed to the government mandates for the use of LiDAR in automobiles and drones and the availability of LiDAR data collected by national institutes for mapping, environmental, and engineering, among other applications.
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