The market for lidar is expected to grow from its estimated $1.1 billion in 2021 to $7.7 billion by 2031, with a compound annual growth rate (CAGR) of 21.3% between 2022 and 2031.
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"The Global LiDAR Market 2021-2031 (USD Billion)")
One of the major factor driving the LiDAR market growth across the globe is rising usage of LiDAR in mining applications. In addition, LiDAR enables mine operators by assisting them with the planning of mining as well as assessment of slope stability. Moreover, rising investments in power generation sector is anticipated to boost the LiDAR market growth in upcoming. On the other hand, relatively higher cost of LiDAR for the analysis of the applications, coupled with the lack of awareness about the technology, is one of the major restraint towards market growth.
The global market of LiDAR has been segmented by different product type, components, application, end user industries and geography. Further, product type segment of the market has been sub-divided into static or terrestrial, mobile, aerial and short. Likewise, components segment of the global LiDAR market has been sub-segmented into inertial navigation system, laser scanner, GPS receiver and camera and micro-electro-mechanical system.
Furthermore, application segment of the market is bifurcated into seismology, corridor mapping and exploration & detection purpose. Similarly, end-user industry segment of the LiDAR market is divided into civil engineering, defense & aerospace, forestry & agriculture, archaeology, mining industry and transportation.
Geographically, global LiDAR market is divided into several key regions covering Europe, North America, Asia-Pacific and LAMEA. The market of North America region is probable of registering a substantial growth in the global LiDAR market, due to rising adoption of certain government regulations as well as making installation of certain technologies for automotive safety both in lightweight and heavyweight vehicles compulsory.
Some of the key players in the competitive land scape of the LiDAR market across the globe include Teledyne Optech Inc., Faro Technologies Inc., Quantum Spatial Inc., Velodyne LiDAR, Inc., Trimble Inc., Sick AG, Geokno, RIEGL USA, YellowScan and Leica Geosystems Holdings AG. Moreover, prominent players in the market are concentrating over upgrading their products in order to satisfy the growing demand in the developing markets.
LiDAR Market Scope
| Metrics | Details |
| Base Year | 2023 |
| Historic Data | 2018-2022 |
| Forecast Period | 2024-2031 |
| Study Period | 2018-2031 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2031 | $7.7 billion |
| Growth Rate | CAGR of 21.3 % during 2022-2031 |
| Segment Covered | By Technology, By Functional Areas, Region. |
| Regions Covered | North America, Europe, Asia Pacific, South America, Middle East and Africa |
| Key Players Profiled | Faro Technologies, Inc., Leica Geosystem Holdings AG, Teledyne Optech Incorporated (A part of Teledyne Technologies), Trimble Navigation Limited, RIEGL USA, Inc. Quantum Spatial, Inc., Velodyne LiDAR, Inc., Sick AG |
Key segment of the global LiDAR market include:
- Product Type Segment
- Terrestrial / Static
- Aerial
- Mobile
- Short-range
- Application Segment
- Corridor mapping
- Seismology
- Exploration and detection
- Others
- Laser
- LiDAR
- Inertial navigation system
- Camera
- Gps/Gnss receiver
- Micro Electro Mechanical System (MEMS)
- End-User industry Segment
- Defense and aerospace
- Civil Engineering
- Archaeology
- Forestry and Agriculture
- Mining Industry
- Transportation
- Geographical Segment
- North America
- Europe
- Asia-Pacific
- LAMEA
Frequently Asked Questions (FAQ) :
The market value of LiDAR Market in 2031 was $7.7 billion.
Teledyne Optech Inc., Faro Technologies Inc., Quantum Spatial Inc., Velodyne LiDAR, Inc., Trimble Inc., Sick AG, Geokno, RIEGL USA, YellowScan and Leica Geosystems Holdings AG are a few major players in lidar market.
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