LiDAR Market with COVID-19 Impact Analysis by Type (Mechanical, Solid-state) Global Forecast to 2025
the
LiDAR market is projected to grow from USD 1.1billion in 2020 to USD 2.8billion by 2025, at a CAGR 20.7% between 2020 and 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.
By installation
type, theground-based segment is estimated to account for the largest share of
the LiDAR marketby2025. Ground-based LiDAR systems are either stationary or
movable. They are placed on a moving platform such as a sports utility vehicle
(SUV) or an all-terrain vehicle (ATV) with the help of a tripod and balancing
assembly. Ground-based LiDAR systems are less expensive than airborne LiDAR
systems. However, they are not capable of scanning every portion of the surface.
For example, vertical cliff faces cannot be scanned, and the fast-changing
surface conditions are difficult to track using this type of LiDAR systems.
By technology, the 3D LiDAR
segment is expected to lead the LiDAR market during the forecast period. The
major factor contributing to the dominance of 3D LiDAR is the widespread
adoption of 3D LiDAR in applications, such as corridor mapping, engineering,
environment, meteorology, and cartography.
In terms of range, the LiDAR
market has been segmented into short, medium, and long ranges. Due to the
adoption of short-range LiDAR in applications such as automobile, security, and
robotics, the short-range LIDAR segment is projected to lead the market. The
market for medium-range LIDAR is projected to grow at the highest rate, driven
by the use of medium-range LiDAR in engineering and construction applications.
By application, the ADAS &
driverless cars segment is expected to lead the LiDARmarket during the forecast
period.the market for ADAS & driverless cars application is projected to
grow at the highest CAGR during the forecast period. The rising adoption of
solid-state LiDAR in ADAS and driverless cars for assuring safety is expected
to boost the market in the coming years. Automotive giants are adopting LiDAR
systems for their L3 and L4 level vehicles, which is expected to have a
positive impact on the sales of these vehicle types, and subsequently, the
LiDAR market.
In terms of geographic coverage,
the LiDAR market has been segmented into North America, Asia Pacific (APAC), Europe,
and Rest of the World (RoW).North America accounted for the largest market
share of the LiDAR market. North America is one of the important markets for
LiDAR; it comprises the US, Canada, and Mexico. This region is more advanced in
the adoption of LiDAR than other regions. Growing investments in ADAS and
driverless cars and increasing awareness about the benefits of LiDAR systems
spur the growth of the LiDAR market in North America. Besides, major players in
the LiDAR market, comprising manufacturers, developers, distributors, and
suppliers of LiDAR sensors and equipment, are based in North America. In recent
years, major technological developments pertaining to LiDAR have taken place in
the North American and European regions, which have enabled manufacturers in
these regions to export high-end LiDAR to the growing markets such as Asia
Pacific and the Middle East regions. These exports are one of the key factors
expected to drive the LiDAR market in North America and Europe.
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