LiDAR Sensor Market to hit $10 Billion by 2032, Says Global Market Insights inc.
LiDAR sensors industry is expected to register 20% CAGR between 2023 and 2032 propelled by the increasing adoption among environment & government applications.
Selbyville, Delaware, March 22, 2023 (GLOBE NEWSWIRE) — As per the report published by Global Market Insights Inc., the Global LiDAR Sensor Market was estimated at USD 1.5 billion in 2022 and is expected to surpass a valuation of $10 billion by 2032, progressing at a CAGR of 20% from 2023 to 2032. The report provides a detailed analysis of top winning strategies, drivers & opportunities, competitive scenario, wavering market trends, market size, statistics & estimations, and major investment pockets.
The increasing developments together with the emergence of innovative LiDAR sensors suitable for unmanned aerial vehicles (UAVs) for mapping and surveillance purposes will positively influence the industry outlook. UAV LiDAR systems are increasingly used across a wide range of utility cases, such as to create acute 3D models in the form of digital terrain models (DTMs). Moreover, UAV LiDAR is gaining substantial momentum as it offers faster collection of high-resolution data, cost-effectiveness, and greater personal safety.
However, the lack of adequate software advancements compatible with next-generation LiDAR hardware solutions could restrain the industry growth. The ongoing developments in the field of mapping and surveillance have necessitated the adoption of advanced software solutions for effective applications. The current software portfolio also showcases high incompatibility with next-generation technologies such as solid-state LiDAR systems, thus restricting the market expansion to some extent.
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Increasing use of satellite data in Earth science to foster demand for LiDAR sensors
LiDAR sensor market valuation from the satellite product segment crossed USD 200 million in 2022. Satellites combined with LiDAR technology have been extensively deployed by utility companies to gather highly accurate contextual data. Over the last decade, satellite LiDAR has gained significant momentum among researchers for surveying forest landscapes and vegetation to match the growing concerns associated with climate change.
Key reasons for LiDAR sensor market growth:
- Growing demand for 3D imaging.
- Increasing demand for mapping.
- Increasing adoption among environment & government applications.
- Advent of solid-state LiDAR technology.
- Surging penetration of LiDAR sensors in UAVs and the automotive sector.
Recent breakthroughs in solid-state LiDAR devices to enhance industry share
Solid state LiDAR held more than 40% share of the LiDAR sensor industry in 2022. Solid-state LiDAR technology is largely adopted considering its ability to shape the future of all LiDAR scanning and mapping. It minimizes the need for human intervention, reducing the scope for errors and speeding up the data retrieval process. Additionally, this technology can be easily adjusted to the desired size, focus, and direction of transmission owing to its compact and vibration-resistant nature.
Rising adoption of medium-range LiDAR sensors for infrastructure development to drive industry trends
In terms of revenue, the LiDAR sensor market share from medium-range LiDAR is estimated to reach USD 2 billion by the end of 2032. The surging demand for mid-range 3D LiDAR systems can be accredited to their ability to detect objects up to 120 meters away to offer better surveillance. These technologies are widely fitted as in-vehicle devices, safety devices, and fixed road installations for the purpose of surveillance and detection of obstacles and intruders, relatively better than their short-range counterparts. The growing focus on infrastructure development is also expected to proliferate the demand for mid-range LiDAR sensors.
Increasing integration of ADAS in the automotive sector to fuel demand for LiDAR sensors
LiDAR sensor market size from automotive applications is projected to expand at over 20% CAGR between 2023-2032. The advent of semi-autonomous vehicles is accelerating innovation in advanced driver assistance systems (ADAS), positively influencing the demand for automotive LiDAR sensors. Furthermore, the rollout of favorable federal laws and government directives worldwide for mandating new vehicles to feature ADAS is also indicating a substantial need for LiDAR. The increasing aftermarket burden and the growing focus on limiting the environmental impact of the automotive sector will also spur the industry expansion.
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Emergence of supportive government initiatives to drive Europe LiDAR sensor industry growth
Europe is anticipated to account for over 30% share of the LiDAR sensor market by 2032. The ongoing investments to boost innovation and development of highly advanced self-driving vehicles to compete with the U.S. and China will foster significant demand for LiDAR technologies in Europe. For instance, in February 2023, the U.K. government announced total funding of more than USD 98 million (£81 million) to support seven autonomous vehicle projects including the development of the world’s first full-sized self-driving bus. Similar initiatives in the field of road and telecom infrastructure development for better communication across connected vehicles will accelerate industry expansion across Europe.
New product launches to boost LiDAR sensor industry outlook
Quanergy Systems Inc, Hexagon AG, Teledyne Technologies, Mitsubishi Electric Corporation, and Infineon Technologies are some of the leading companies in the global LiDAR sensor market. These industry contenders are expanding their product portfolios with the launch of innovative technologies for improved customer engagement.
Partial chapters of report table of contents (TOC):
Chapter 4 Competitive Landscape, 2022
4.2 Company market share, 2022
4.3 Competitive analysis of major players, 2022
4.4 Competitive analysis of innovative market players
4.5 Competitive positioning matrix
4.6 Strategic outlook matrix
Chapter 5 LiDAR Sensor Market, By Product
5.1 Key trends, by product
Chapter 6 LiDAR Sensor Market, By Technology (Revenue and Shipments)
6.1 Key trends, by technology
6.2 Solid State Lidar
6.3 Mechanical LiDAR
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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