Global LiDAR Market Size & Share Expected to Reach USD 3,200 Million by 2026: Facts & Factors

LiDAR Market

LiDAR Market

Global LiDAR market is expected to grow at a CAGR of over 18% and is anticipated to hit USD 3,200 Million by 2026.

NEW YORK, UNITED STATES, June 26, 2020 /EINPresswire.com/ -- Findings from Facts and Factors report “LiDAR Market By Type (Solid-State and Mechanical), By Technology (2D LiDAR, 3D LiDAR, and 4D LiDAR), By Range (Long, Medium, and Short), By Installation Type (Airborne LiDAR and Ground-Based LiDAR), By Component (Navigation & Positioning Systems, Laser Scanners, and Others), By Service (Ground-Based Surveying, Aerial Surveying, GIS Services, Asset Management, and Other Services), By Application (Exploration, ADAS & Driverless Cars, Urban Planning, Corridor Mapping, Environment, Engineering, Meteorology, Cartography, and Other Applications), By End-Use Industry (Consumer Electronics, Automotive & Transportation, Metals & Chemicals, Oil & Gas, Smart Cities & Building Automation, Medical, Power Stations, Food & Beverages, Water & Wastewater, and Mining), And By Region: Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020–2026” states that the global LiDAR market in 2019 exceeded USD 800 Million. The market is expected to grow at a CAGR of over 18% and is anticipated to hit USD 3,200 Million by 2026.

LiDAR (light detection and ranging) is a remote sensing technology that makes use of advanced light-detecting sensors to measure ranges. The sensors estimate the range between the source and obstruction through scattered light measurements. Both LiDAR and radar technology follow the same approach, but the former one uses short-wavelength rays for measuring range. LiDAR systems are extensively used in construction, automotive, consumer electronics, mining, and many other sectors. Moreover, the adoption rate of these systems has escalated remarkably with the emergence of 4D LiDAR technology. All the aforementioned factors are propelling the global LiDAR market growth.

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LiDAR systems offering medium-range observation will witness splendid demand in the market during the forecast period

Medium-range LiDAR systems are capable enough to efficiently detect objects present within the range of 200–500 Meters. The systems with this range are preferred where cost-effectiveness and precision are the major concerns. These LiDAR sensors help in generating real-time 2D and 3D data to easily detect & identify entities within the range. Owing to these applications, the medium-range LIDAR segment is likely to propel splendidly in the coming years.

LiDAR technology for GIS services is anticipated to grow at the highest rate during 2020–2026

Geospatial data reveals the real-time position of a particular object on the Earth’s surface. GIS services thoroughly analyze the captured data for topological modeling, hydrological monitoring, geometric networking, and cartographic modeling. The considerably rising demand for GIS services by governments has been driving the segment growth of the global LiDAR market.

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North America to hold the dominating position in the global LiDAR market throughout the study timeframe

By region, North America is likely to lead the global LiDAR market owing to the tremendous use of LiDAR technology in a wide range of applications such as meteorology, environment, corridor mapping, and automation. The penetration of this technology in the automotive and driverless cars segment is going to boost its adoption in the coming years.

Some of the key players driving the global LiDAR market are Quantum Spatial, VelodyneLidar, Hexagon, RIEGL, YellowScan, SICK AG, Teledyne Technologies, FARO, Beijing Beiketian Technology Co. Ltd., and Trimble, among others.

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This report segments the global LiDAR market as follows:

Global LiDAR Market: Type Segmentation Analysis

Solid-state
Mechanical

Global LiDAR Market: Technology Segmentation Analysis

2D LiDAR
3D LiDAR
4D LiDAR

Global LiDAR Market: Range Segmentation Analysis

Long
Medium
Short

Global LiDAR Market: Installation Type Segmentation Analysis

Airborne LiDAR
Ground-based LiDAR

Global LiDAR Market: Component Segmentation Analysis

Navigation and positioning systems
Laser scanners
Others

Global LiDAR Market: Service Segmentation Analysis

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

Global LiDAR Market: Application Segmentation Analysis

Exploration
ADAS & driverless cars
Urban planning
Corridor mapping
Environment
Engineering
Meteorology
Cartography
Other applications

Global LiDAR Market: End-Use Industry Segmentation Analysis

Consumer electronics
Automotive & transportation
Metals & chemicals
Oil & gas
Smart cities & building automation
Medical
Power stations
Food & beverages
Water & wastewater
Mining

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