The global LiDAR Market size was valued at USD 1.90 billion in 2022. The market is anticipated to expand from USD 2.31 billion in 2023 to USD 7.94 billion by 2030, exhibiting a CAGR of 19.3% during the estimated period. The growth is due to the increasing demand for automated cars for gathering accurate data. The technology is extensively deployed in surveying, mapping, and infrastructure planning.
This information has been furnished by Fortune Business Insights™ in its research report, titled “LiDAR Market, 2023-2030”.
Solid-State LiDAR to Register Substantial Growth Owing to Flexibility of Deployment Across Various Sectors
Based on type, the market is categorized into solid-state and mechanical LiDAR systems. Of these, the solid-state LiDAR segment is anticipated to record a commendable CAGR over the estimated period. The solution does not need any moving parts for functioning and is fabricated on a silicon chip, which favors its adoption across various sectors. Based on region, the industry is fragmented into Europe, Asia Pacific, North America, Latin America, and the Middle East & Africa.
Browse Detailed Summary of Research Report with TOC:
List of Key Players Mentioned in the Report:
- Teledyne Technologies
- FARO Technologies, Inc.
- SICK AG
- Beijing SureStar Technology Co. Ltd.
- Trimble Inc.
- RIEGL Laser Measurement Systems GmbH
Drivers and Restraints:
Surging 4D LiDAR Demand to Propel Industry Expansion
One of the major factors impelling the LiDAR Market growth is the increasing deployment of the technology for machine vision, autonomous vehicles, and factory automation. The technology demand is set to rise with the evolution of autonomous cars.
However, the industry growth may be affected by the rising usage of transportable and low-cost photogrammetry for surveying and mapping purposes.
North America to Hold Dominating Share Impelled by Rising Adoption of 3D and 4D Technologies
The North America LiDAR Market share is anticipated to register appreciable growth over the forecast period. The region will hold a dominant market share considering the rising adoption of core 3D and 4D technologies.
The Asia Pacific market is estimated to exhibit a substantial CAGR over the study period. The growth is due to a rise in mapping and survey activities.
Key Companies Enter Strategic Deals to Strengthen Industry Footing
Major market players are focused on adopting a series of strategic initiatives for expanding the reach of their products. These include merger agreements, partnerships, and collaborations. Additional steps comprise an upsurge in the formation of alliances and research and development activities.
Key Industry Development:
February 2023 – Innoviz Technologies inked a collaboration with General Laser to drive sales for the company’s LiDAR products in the Europe market.