LiDAR Market Size, Growth Drivers, Trends, Opportunities from 2024 to 2029
The LiDAR market is projected to grow from USD 1.6 billion in 2024 to reach USD 3.7 billion by 2029; it is expected to grow at a Compound Annual Growth Rate (CAGR) of 18.2% from 2024 to 2029.The growth of the LiDAR market is driven by surge in the demand for 3D imagery in application areas, rise in the development of smart cities and infrastructure projects, emergence of 4D LiDAR, rising adoption of LiDAR systems in UAVs.
Applications of LiDAR
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Mapping and Surveying: LiDAR technology provides precise elevation data and 3D mapping capabilities, essential for urban planning, land surveying, and infrastructure development.
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Autonomous Vehicles: LiDAR sensors enable autonomous vehicles to navigate safely by detecting and identifying objects in their surroundings, contributing to advancements in self-driving cars and drones.
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Environmental Monitoring: LiDAR is used for monitoring vegetation health, forest management, and climate change studies through accurate biomass estimation and canopy analysis.
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Engineering and Construction: LiDAR assists in monitoring construction progress, conducting as-built surveys, and generating digital terrain models for infrastructure projects.
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North America is expected to hold the second largest share in the market by 2029.
The North American region is expected to hold the largest share of the LiDAR market during the forecast period. Major LiDAR companies, such as Teledyne Optech (Canada), Trimble, Inc. (US), and FARO (US), have their presence in North America. North America is witnessing growth opportunities in the automotive sector owing to the increasing adoption of technologies such as ADAS and AEB.The use of LiDAR in ADAS and driverless cars is expected to grow significantly in the coming years.
The report profiles key players in the LiDAR market with their respective market ranking analysis. Prominent players profiled in this report include Leica Geosystems AG (Sweden), Trimble Inc. (US), Teledyne Optech (Canada), FARO Technologies, Inc. (US), RIEGL Laser Measurement Systems GmbH (Austria), Sick AG (Germany), NV5 Geospatial (US), Beijing SureStar Technology Co. Ltd. (China), Ouster (Velodyne Lidar, Inc.) (US), YellowScan (France), Leishen Intelligent System Co., Ltd. (China), SABRE Advanced 3D Surveying Systems (Scotland), Hesai Technology (China), RoboSense (China).
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