The Global LiDAR Market, according to the report by Market Research Future (MRFR), is slated to grow at 14.14% CAGR during the forecast period and is expected to reach a substantial market valuation of USD 4158.8 million by 2023.
Drivers and Restraints
Growing demand for 3D imaging for precise dimensions of lands is expected to boost the market share by 2023. 3D imaging is fortified with time of flight (ToF) which can precisely capture wide areas with high accuracy. The adoption of LiDAR systems by government authorities for topographical purposes is likely to drive market growth over the forecast period. On the other hand, the higher installation costs of these systems can hinder the market.
Rise of self-driving cars to decrease traffic and lessen collisions is poised to revolutionize travel. producers of these vehicles have decided to incorporate LiDAR systems to raise its intelligence due to its capacity to distinguish objects from humans.
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Competitive Landscape
The key players operating in the global LiDAR market identified by MRFR are Faro Technologies Inc. (US), Trimble Inc. (US), Teledyne Technologies, Inc. (US), Beike Tianhui Technology Co., Ltd (China), Hexagon AB (Sweden), Quantum Spatial. (US), YellowScan (France), RIEGL Laser Measurement Systems GmbH (Austria), and Geokno India Pvt. Ltd (India).
Segmental Analysis
The global LiDAR market is segmented on the basis of product type, technology, component, and functional areas.
Based on product type, the LiDAR market has been classified as airborne LiDAR, terrestrial LiDAR, and others. The airborne LiDAR segment is expected to account for the largest market share over the review period.
The terrestrial LiDAR Market segment was the second-highest valued segment; it is expected to register the highest CAGR during the forecast period. The other segment includes topographic LiDAR, bathymetric LiDAR, mobile, and static LiDAR. These LiDAR are forms of airborne and terrestrial segment. These LiDAR have a different type of functions.
Based on the technology, the market has been segmented into 1D, 2D, and 3D. The 2D segment is slated to accrue revenues increasingly over the forecast period due to its usage for measurement, navigation, and detection purposes. The 3D segment is likely is grow substantially in the global LiDAR market. It is expected to witness a 15.77% CAGR during the review period owing to its usage in security systems as a safety measure for commercial buildings.
By Component, the market has been segmented into Laser scanner, navigation & positioning systems, and other components. The laser scanner segment is poised to exhibit a 15.06% CAGR over the forecast period due to the incorporation of ToF in these devices. The system is used for assessing historic buildings, construction sites, and other industrial applications. The navigation & positioning systems segment is expected to reach a market share of USD 1,514.9 million by 2023.
On the basis of the Functional Areas, the market has been segmented into engineering, corridor mapping, environment, ADAS & driverless car, urban planning, cartography, and meteorology. Among these, the corridor mapping segment is touted to clock a significant market share of USD 973.7 million by 2023.
Regional Analysis
The LiDAR market has been segmented on the basis of region into North America, Asia Pacific (APAC), Europe, and the Rest-of-the-World (RoW).
North America is slated to grow at a 12.34% CAGR to reach a market size of USD 1474.3 million by 2023. This can be attributed to the presence of major market players in the developed countries such as U.S. and Canada. The rapid adoption of new technologies is expected todrive the market over the review period.
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