LiDAR Market overview and future trends

 

The LiDARmarket 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. 

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. 

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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.

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.

The LiDAR market is segmented : 

LIDAR market, By Installation Type

• Airborne
• Ground-based

LIDAR market, By Range

• Short
• Medium
• Long

LIDAR market , By Service

• Aerial surveying
• Asset management
• GIS services
• Ground-based surveying
• Other services

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.

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