LiDAR Market overview and future trends.

 The LiDAR market is estimated to grow USD 1.3 billion in 2021 and reach USD 3.4 billion by 2026; it is projected to grow at a CAGR of 21.6% from 2021 to 2026. The 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 the use of commercial drones in different applications are among the factors driving the growth of the LiDAR market. However, safety threats related to UAVs and autonomous cars and the easy availability of low-cost and lightweight photogrammetry systems are restraining the growth of the market.

 Increasing investments in LiDAR startups by automotive giants, opportunities for SWIR-based design in the long term, technological shifts with the adoption of solid-state, MEMS, flash LiDAR, and other LiDAR technologies, development of better geospatial solutions using sensor fusion, and initiatives undertaken by governments of different countries to encourage the use of LiDAR drones for large-scale surveys are expected to provide growth opportunities to the LiDAR market players during the forecast period. Moreover, the high cost of LiDAR services and the limited availability of geospatial data pose challenges to the LiDAR market.

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Based on technology, the LIDAR market is segmented into 2D, 3D, and 4D LiDAR. In 2020, the 3D LiDAR segment accounted for the largest market share among other segments of the LiDAR market. 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. However, the market for 4D LiDAR is projected to grow at the highest CAGR from 2021 to 2026. This growth is attributed to the high adoption of 4D LiDAR in applications such as ADAS, driverless cars, and robotics.
Based on type, the LiDAR market has been segmented into mechanical and solid-state LiDAR. The market for mechanical LiDAR accounted for a larger market share in 2020, compared to solid-state LiDAR. The LIDAR market, by type, is expected to be driven by the mechanical segment due to the widespread use of mechanical LiDAR in various applications such as corridor mapping, military, volumetric mapping, and engineering, which leads to the larger size of the mechanical LiDAR market. However, the market for solid-state LiDAR is projected to grow at a higher CAGR during the forecast period. The higher CAGR of the market for solid-state LiDAR is attributed to the increasing range of applications of this LiDAR type in the automotive and robotics industries.

Based on installation type, the LiDAR market is segmented into ground-based and airborne. In 2020, the ground-based LiDAR accounted for a larger market share of the overall LiDAR market and is projected to witness a high CAGR from 2021 to 2026. 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.
 
The LiDAR market is segmented, by application, into corridor mapping, engineering, environment, ADAS & driverless cars, exploration, urban planning, cartography, metrology, and other applications. ADAS and driverless cars have provided attractive growth opportunities to the LiDAR market, as automotive giants and other business leaders are increasingly investing in ADAS and driverless cars. Owing to this, 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 Level 3 and Level 4 autonomous vehicles, which is expected to have a positive impact on the sales of these vehicle types, and subsequently, on the LiDAR market.

The LiDAR market has been studied for North America, Europa, Asia Pacific, and RoW. In 2020, North America accounted for the largest market share of the LiDAR market. The growth of the LIDAR market can be attributed to the encouragement from governments and the increasing use of drones equipped with LiDAR technology. Major LiDAR companies, such as Teledyne Optech (Canada), Trimble (US), and FARO (US), have their presence in North America. The growth of the North American market is attributed to the use of LiDAR in applications such as environment, corridor mapping, meteorology, and urban planning.

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The market is also attributed to the use of LiDAR in ADAS and driverless cars, which is expected to grow significantly in the coming years. However, the LiDAR market in the Asia Pacific region is projected to grow at the highest CAGR during the forecast period. The growth of this market can be attributed to the increase in surveying and mapping operations due to increasing infrastructural development, focus on forest management, and mining activities in the region. The increasing applications of airborne and ground-based LiDAR systems and the growing number of surveying and mapping activities in the region are anticipated to drive the demand for LiDAR in Asia Pacific.

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