LiDAR Global Market Report 2022

LiDAR Global Market Report 2022

  • June 2022 •
  • 175 pages •
  • Report ID: 6285592 •
  • Format: PDF
Major players in the lidar market are Velodyne, Leica Geosystems AG, LEOSPHERE SAS, HEXAGON, Leica Geosystems AG, GeoSLAM Ltd., Firmatek LLC, RIEGL Laser Measurement Systems GmbH, Mira Solutions Inc, Aerometric Surveys, Airborne Hydrography AB, Faro Technologies Inc, Phoenix LiDAR Systems, Innoviz Technologies Ltd, Waymo LLC, Valeo SA, Neptec Technologies Corp, and ZX LIDARS.

The global LiDAR market is expected to grow from $1.49 billion in 2021 to $1.77 billion in 2022 at a compound annual growth rate (CAGR) of 18.68%. The market is expected to grow to $3.61 billion in 2026 at a CAGR of 19.49%.

The LiDAR market consists of sales of LiDAR by entities (organizations, sole traders, and partnerships) that are used to examine the surface of the earth.LiDAR is a laser imaging detection and ranging system in which laser, a form of light, is used to measure the variable distances from earth.

LiDAR technology is popularly used to measure a large number of areas in a relatively small amount of time with more accuracy than manual labor. It is a technology used to create three-dimensional images.

The main types of LiDAR are terrestrial, aerial, and mobile.Terrestrial LiDAR is also called Terrestrial Laser Scanning (TLS) or topographic LiDAR.

Terrestrial LiDAR is categorized into three types depending on the distance they travel – namely, short-range, medium-range, and long-range scanners.The components used in LiDAR are laser scanner, navigation and positioning systems, and others.

The various technologies involved in LiDAR are 2D, 3D, and 4D.LiDAR is used in mapping and cartography, ADAS (Advanced Driver-Assistance System), environment, exploration and detection, and other applications.

The end users of LiDAR are defense and aerospace, civil engineering, archaeology, forestry and agriculture, mining, and transportation.

North America was the largest region in the LiDAR market in 2021.Asia-Pacific is expected to be the fastest-growing region in the forecast period.

The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The rising demand for 3D imaging is expected to propel the growth of the LiDAR market. 3D imaging is a technique that develops or creates the impression of depth within an image by deploying 2D data into the 3-dimensional format. For instance, in April 2021, according to the data provided by the USGS, United States, the government initiated a 3D Elevation Program (3DEP) and the goal is to complete it by 2023. The aim of the program is to provide the first-ever national baseline of consistent high-resolution three-dimensional data that includes bare earth elevations and three-dimensional point clouds and are collected in a timeframe of less than a decade to complete the acquisition of nationwide LiDAR. Therefore, the rise in demand for 3D imaging drives the LiDAR market.

The increasing investments in LiDAR startups by automotive giants is a key trend gaining popularity in the LiDAR market.Certain vehicle operations demand robust radars which are fulfilled by LiDAR, making automakers realize the full potential of LiDAR in the self-driving cars market.

The cost of LiDAR as compared to the outrageous cost of other sensors is attracting most automakers to implement LiDAR in vehicles, resulting in increasing investments into LiDAR startups.An autonomous vehicle requires a detailed understanding, which is best achieved by 4D LiDAR.

For instance, in May 2021, Pony.ai self-driving car backed by Toyota based in the United States collaborated with Lumiar Corporation. Under this partnership, Pony.ai will use LiDAR offered by Luminar in its robo taxi production. The multi-purpose utilization of LiDAR in next-gen (specifically autonomous) vehicles is compelling the automakers to invest in LiDAR startups.

In February 2021, Aurora innovation, an American self-driving technology business, acquired OURS (Optical Universal RISC Systems) technology, an America-based LiDAR startup for an undisclosed amount.Through this acquisition, Aurora Innovation aims to reduce the cost of sensors as well as improve the accuracy of autonomous driving and robotics applications offered.

OURS’s expertise is in developing LiDAR chips and this acquisition adds to the expertise Aurora innovation already have, thus accelerating their work.

The countries covered in the LiDAR market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.