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The demand for 3D imaging technology is on the rise, and it's becoming increasingly important in the LiDAR market. This technology relies on advanced sensors and high-quality cameras to accurately detect objects, mainly used in applications like 3D mapping. What sets 3D imaging apart is its Time of Flight (ToF) sensing feature, which enhances accuracy and widens the scanning capabilities, allowing real-time information gathering.
To meet this growing demand, many suppliers are coming up with innovative methods to introduce new products for various applications. For instance, Konica Minolta has introduced 3D-LiDAR, incorporating exclusive optical technology to scan large surfaces with high resolution. By adopting this technique, Konica's business segment is poised to provide significant solutions and security for different industrial applications, including autonomous vehicles, sports, and geographical mapping. Given these developments, it's expected that 3D imaging technology will see substantial growth in the coming years.
The key strength of 3D imaging technology lies in its ability to employ advanced sensors and high-quality cameras. These components work together to detect objects with remarkable precision and resolution, making 3D imaging particularly valuable in the realm of 3D mapping applications. This technology goes beyond the basics by incorporating Time of Flight (ToF) sensing, a feature that not only enhances accuracy but also widens the scanning capabilities to cover larger areas in real-time.
Supply-side vendors are actively responding to the increasing demand for 3D imaging technology by adopting various strategies to introduce new and improved products. Konica Minolta, for example, has taken a step forward by unveiling 3D-LiDAR, a product that boasts exclusive optical technology designed for scanning large surfaces with exceptional resolution. The incorporation of this cutting-edge technique positions Konica's business segment to offer highly impactful solutions and enhanced security across diverse industrial applications, ranging from autonomous vehicles to sports and geographical mapping.
As these advancements unfold, the forecast for 3D imaging technology appears promising, with expectations of significant traction in the market. The application of this technology extends beyond traditional boundaries, finding relevance in critical sectors such as autonomous vehicles, where its precision and real-time scanning capabilities contribute to improved safety and performance. Similarly, in sports and geographical mapping, 3D imaging technology is proving to be a game-changer, providing detailed and accurate data that was previously challenging to obtain.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Opportunities | Rising investment in LiDAR startups by automotive giants |
| Market Dynamics | Technological shifts with the adoption of solid-state, MEMs, flash LiDAR, and other technology |
LIDAR Market Highlights:
Global LiDAR Market Overview:
LiDAR Market Size was valued at USD 1423.23 Million in 2023. The LiDAR market industry is projected to grow from USD 1679.4114 Million in 2024 to USD 6212.3 Million by 2032, exhibiting a compound annual growth rate (CAGR) of 17.76% during the forecast period (2024 - 2032). Rising investment in LiDAR startups by automotive giants and technological shifts with the adoption of solid-state, MEMs, flash LiDAR, and others technology are the key market drivers enhancing market growth.
Velodyne LiDAR, a prominent player in the industry, has emerged as the market leader with an impressive 28% share as recorded in June 2023. The company's extensive range of LiDAR sensors, known for their high accuracy and reliability, has solidified its position as a preferred choice for autonomous vehicle manufacturers and other LiDAR applications.
According to the stats published by Statista in June 2023, Innoviz Technologies, a leading LiDAR provider for the automotive sector, has witnessed a remarkable 200% increase in sales. As autonomous driving technology advances, automotive manufacturers are increasingly incorporating LiDAR sensors to enhance their vehicles perception capabilities, creating a significant surge in demand.
RIEGL, a key player in the drone LiDAR market, has experienced a significant boost in profits, with a 40% increase in revenue, as per the reports by Statista published in July 2023. The growing use of LiDAR-equipped drones for environmental monitoring, agriculture, and surveying applications has been a driving force behind the company's success.
In June 2023, the published stats by Statista states that the European LiDAR market has experienced a 30% increase in sales, largely driven by government investments in infrastructure and environmental projects. Governments across Europe are recognizing the potential of LiDAR technology for urban planning, transportation, and climate-related initiatives, fueling the demand for LiDAR solutions.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
LiDAR Market Trends
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Rising demand of 3D imagery to boost market growth
Increasing demand for 3D imagery in application areas such as military and defense, topographic surveying, civil engineering, and corridor mapping is expected to boost the market growth during the forecast period. Textured 3D images are used in applications such as 3D mapping, urban planning, and corridor mapping. Installations of advanced security features are growing exponentially.
Further, Demand for 3D imaging is increasing in consumer, commercial, and government applications. LiDAR is used in numerous government applications. Planning and monitoring of activities related to road, rail, city and forest management. In the consumer market, LiDAR is recognized as an enabling technology for self-driving car concepts. In photogrammetry, LiDAR serves as an effective alternative to other technologies due to its accuracy and speed, driving the growth of the global market.
Automation of the LiDAR processing system involves a combination of scientific algorithmic calculations and cloud-based processing of acquired data points for advanced analysis. This algorithm enables the LiDAR system to detect target objects more accurately and efficiently. Additionally, some automated LiDAR processing systems select the appropriate algorithm based on the environment, while others allow users to interact and select their preferred algorithm. These properties make LiDAR more suitable for many applications, boosting its adoption worldwide and driving the market growth. Therefore, such automation related to LiDAR has enhanced the LiDAR market CAGR across the globe in recent years.
LiDAR Market Segment Insights:
LiDAR Type Insights
The LiDAR Market segmentation, based on Product type, includes Airborne LiDAR, and Terrestrial LiDAR. The airborne LiDAR segment held the majority share in 2021 in respect to the LiDAR Market revenue. This is primarily owing to the increasing adoption of aerial mapping devices across the globe. The airborne LiDAR system replaces photogrammetry by producing precise and complete digital elevation models. Compared to terrestrial alternatives, this method provides more area coverage and does huge area mapping in less time.
October 2019: The lightweight airborne LiDAR for UAVs was introduced by RIEGL Laser Measurement Systems GmbH. This miniaturised UAV sensor is primarily used for UAV-based applications that require small object acquisition.
LiDAR Technology Insights
The LiDAR Market segmentation, based on Technology, includes 1D, 2D, and 3D. The 3D technology segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. This is due to the3D imagery used in application areas such as military and defense, topographic surveying, civil engineering, and corridor mapping. Hence, rising applications of 3D technology for LiDAR positively impacts the market growth.
June 2019: Teledyne Technologies Incorporated announced that imaging hardware and software from Teledyne Optech helped enable 3D spatial data acquisition and visual effects for HBO's hit series Game of Thrones.
Figure 2: LiDAR Market, by Technology, 2021 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
LiDAR Component Insights
The LiDAR Market data has been bifurcated by Component into laser scanner, navigation & positioning systems, and other component. This is due to the rising adoption of Lidar components globally. Laser scanners are utilized to record capability values in order to provide a return signal strength that can be used to differentiate objects with varying reflectivity. LiDAR data from laser scanners is used in localization, mapping, and object and environment modelling.
December 2019: Pepperl+Fuchs introduced the R2300 multi-layer scanner, which used LiDAR laser technology to provide high measurement density. This initiative has further broadened the growth opportunity for the LiDAR industry.
LiDAR Functional Areas Insights
Based on functional areas, the global LiDAR industry has been segmented into engineering, and corridor mapping, environment, adas & driverless car, urban planning, cartography, meteorology. corridor mapping held the largest segment share in 2021, owing to the surging incorporation of LiDAR-based sensors in various automotive safety applications. Moreover, increasing initiatives to improve the technology, and the growing number of LiDAR adoption is expected to bolster at a CAGR of 3.17% during the assessed timeline.
The corridor mapping segment is expected to decline in market share during the projection period. The most popular technologies include low-speed collision avoidance systems and driver assistance systems. In addition, the integration of map-enabled systems opens up diverse application possibilities that lead to benefits such as driver assistance systems, lane departure warning systems, and alert front lighting systems enabled by integrated adaptive front lighting.
In recent years, driver assistance vehicles have gained a foothold in the market. These cars use cameras and LiDAR to capture their surroundings and avoid accidents. For example, in July 2019, California-based lidar technology company Velodyne Lidar Inc. announced that it had acquired location and mapping software from Mapper.ai, Inc. This initiative was intended to accelerate the production of the company's ADAS systems.
September 2021: Tower Semiconductor, an Israeli integrated circuit manufacturer, announced a breakthrough in LiDAR technologies for Advanced Driver Assistance Systems (ADAS) by developing LiDAR IC technology. This initiative has further broadened the growth opportunity for the LiDAR industry.
LiDAR Regional Insights
By Region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. North America LiDAR market accounted for USD 0.54 billion in 2021 and is expected to exhibit a significant CAGR growth during the study period. This is attributed to the increasing adoption of administrative regulations mandating the installation of specific automotive safety technologies in both lightweight and heavyweight vehicles across the region.
Further, the major countries studied in the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: LiDAR Market SHARE BY REGION 2021 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe LiDAR market accounts for the second-largest market share due to the availability of cutting-edge treatment technoligies for the growth of the various industry, and increasing adoption of technologies such as ADAS and AEB. Further, the Germany LiDAR market held the largest market share, and the UK LiDAR market was the fastest-growing market in the European region
The Asia-Pacific LiDAR Market is expected to grow at the fastest CAGR from 2022 to 2030. This is due to wing to the rising investment by domestic and overseas players. For instance, in November 2021, Outer LiDAR collaborated with Kudan Inc. to expand its presence in Japan. Moreover, China LiDAR market held the largest market share, and the India LiDAR market was the fastest growing market in the Asia-Pacific region
LiDAR Key Market Players & Competitive Insights
Major market players are spending a lot of money on R&D to increase their product lines, which will help the LiDAR market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the LiDAR industry must offer innovative technologies to expand and survive in an increasingly competitive and rising market environment.
One of the primary business strategies adopted by manufacturers in the global LiDAR industry to benefit clients and expand the market sector is to manufacture innovative solutions, which help consumers address changing technologies, business practices, and security needs. In recent years, LiDAR industry has provided advanced solutions to meet with some of the most significant benefits. The LiDAR market major player such as Trimble Inc. (US), Faro Technologies Inc. (US), Teledyne Technologies Inc. (US), Beike Tianhui Technology Co. Ltd (China), Hexagon AB (Sweden), and others are working to expand the market demand by investing in research and development activities.
Trimble Inc. is an US based software, hardware, and services technology company. It delivers products and services that connect the physical and digital worlds. Its technologies in positioning, modeling, connectivity and data analytics enable customers to improve productivity, quality, safety and sustainability. It offers its software, hardware and services in various industries such as agriculture, construction, geospatial and transportation. In July 2021, Trimble Inc. added the Trimble MX50 mobile mapping system for asset management and mapping to its existing mobile mapping portfolio. This vehicle-mounted mobile LiDAR system is a mid-tier option for mobile mapping users and experienced providers looking to expand their equipment fleet with precise, high-volume data capture technology that integrates with Trimble's geospatial software solutions.
Furthermore, Teledyne is a market leader in sophisticated instrumentation, digital imaging products and software, aerospace and defence electronics, and engineered systems. The majority of Teledyne's operations are based in the United States, the United Kingdom, Canada, and Western and Northern Europe. In October 2022, Teledyne Technologies Inc. announced the launch of Optech CLS-A, a new survey-grade UAV lidar and camera system. The Optech CLS-A enables the highest quality surveying and inspection applications where the tight integration of a powerful, narrow beam divergence laser, high accuracy IMU.
Key Companies in the LiDAR market includes
• Trimble Inc. (US)
• Faro Technologies Inc. (US)
• Teledyne Technologies Inc. (US)
• Beike Tianhui Technology Co. Ltd (China)
• Hexagon AB (Sweden)
• Quantum Spatial (US)
• YellowScan (France)
• RIEGL Laser Measurement Systems GmbH (Austria)
• Geokno India Pvt Ltd (India)
LiDAR Industry Developments
In July 2023, Trimble launched a new cloud-based version of its log inventory and management system for forestry. A new cloud-hosted version of Trimble's popular Log Inventory and Management System (LIMS), LIMS PRO, has been released to manage the purchase of sawmill raw materials. The cloud-based log settlement system LIMS PRO is made to increase mills' operational visibility. Digitizing the workflows in the timber supply chain enables small and medium-sized forest product companies to achieve productivity and growth improvements that historically have only been accessible to major corporations.
In June 2023, An innovative Bridge Collision Detection system has been unveiled by Innoviz Technologies, a provider of LiDAR sensors & perception software for automotive sector, in collaboration with Drive Group, an Israeli toll road operator. This ground-breaking approach has the potential to drastically minimize bridge and tunnel mishaps on a worldwide scale, saving lives, reducing expensive infrastructure damage, and reducing stifling traffic congestion. In comparison to current camera-based software systems that use 2D pictures to construct 3D maps of the environment and thus produce false alarms, Innoviz's Bridge Collision Detection solution provides a substantial benefit.
In April 2023, FARO, a global leading name in 4D digital reality solutions, released Hybrid Reality Capture which is powered by Flash Technology and is the first solution in the AECO Markets of its kind, that delivers faster scanning for large volume projects in the field of engineering, architecture, construction and public safety applications. The most recent scan mode for Focus Premium Laser Scanner customers is Hybrid Reality Capture, which may be accessed through FARO's advanced workflows. It combines the quickness of a panoramic camera with the precision of a static 3D laser scanner.
In January 2023, Teledyne Technologies, a leading provider of sophisticated digital imaging products and software, acquired ChartWorld International Limited, a global leader in providing digital marine navigation hardware and software through the most cost-competitive subscription-based model.
LiDAR Market Segmentation:
LiDAR Product Type Outlook
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Airborne LiDAR
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Terrestrial LiDAR
LiDAR Technology Outlook
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1D
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2D
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3D
LiDAR Component Outlook
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Laser Scanner
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Navigation & Positioning Systems
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Other Component
LiDAR Functional Areas Outlook
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Engineering
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Corridor Mapping
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Environment
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ADAS & Driverless Car
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Urban Planning
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Cartography
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Meteorology
LiDAR Regional Outlook
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North America
- US
- Canada
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Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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