PUNE, India, July 22, 2024 /PRNewswire/ -- The LiDAR
Market size was valued at USD 1.82
Billion in 2023 and the total LiDAR revenue is expected to
grow at a CAGR of 19.74% from 2024 to 2030, reaching nearly
USD 6.42 Billion by 2030.
Light Detection and Ranging (LiDAR) technology utilizes laser
tools, micro-electro-mechanical systems (MEMS), and GPS
transmitters to create high-quality 3D visual images. Widely
employed across automotive, healthcare, aerospace, and defence
sectors, LiDAR's diverse applications fuel LiDAR market growth.
Enhanced spatial resolution enables precise distance measurement,
benefiting operations like mining water runoff analysis and
hillside change detection.
Global Lidar Market 2023-2030: Key Highlights
Market Size in
2023:
|
USD 1.82 Bn
|
Market Size in
2030:
|
USD 6.42
Billion
|
CAGR:
|
19.74 %
|
Forecast
Period:
|
2024-2030
|
Base
Year:
|
2023
|
Number of
Pages:
|
229
|
No. of
Tables:
|
138
|
No. of Charts and
Figures:
|
193
|
Regional
Scope:
|
North America, Europe,
Asia Pacific, and Africa, South America
|
Report
Coverage:
|
Market Share, Size and
Forecast by Revenue | 2023−2030, Market Dynamics, Growth Drivers,
Restraints, Investment Opportunities, and Key Trends, Competitive
Landscape, Key Players Benchmarking, Competitive Analysis, MMR
Competition Matrix, Competitive Leadership Mapping, Global Key
Players' Market Ranking Analysis.
|
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- Historic Market Size 2017-2023
- CAGR of the market during 2024-2030
- Detailed information on factors that will assist Lidar market
growth during forecast period
- Forecasts on future trends & consumer behaviour
- The growth of the Lidar market
- Analysis of the competitive landscape and detailed information
on major players
- Comprehensive details of factors that will impede the growth of
Lidar major players
Lidar excels in providing high resolution images of the 3D
environment and compensates for the limitations of other sensors
such as cameras, radar, and ultrasonic systems. Despite its
capabilities, LiDAR faces challenges such as high cost, low
maturity compared to other sensors, and technical challenges
associated with its design and integration. The MMR report details
technology choices, market trends, and evolving industry trends,
and provides insights into how LiDAR can enhance safety and
performance in AVs, highlighting trends and future
opportunities.
MMR research analyst says advancements in optics, including new
VCSEL arrays and AR coatings, enhance lidar performance. For
example, AI's adaptive lidar system can change scanning patterns in
real time, improving safety in both urban and highway vehicles. The
commission also noted the addition of lidar to semiconductor
technology, which has reduced costs and improved efficiency. Future
lidar applications will extend beyond automotive applications,
encompassing areas such as architecture and smart city design.
Despite ongoing challenges such as achieving long detection ranges,
the technology is set to be widely adopted, driven by reduced
system integration and improved costs.
For a detailed analysis of regions and their contributions
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LiDAR Technology Gaining Traction in the Automotive
Industry
The lidar market is poised for significant growth, with
shipments expected to reach 100 million units by 2030, driven
largely by the automotive sector. This increased demand for LiDAR
is associated with the increasing adoption of advanced driver
assistance systems (ADAS) and driving automation in manned vehicles
and robotic wings. Major players like Tesla and Wave are developing
autonomous driving solutions without LiDAR, and most automakers
like Mercedes-Benz, Nissan, BMW, Stellantis, Volkswagen and Volvo
have offered plans to incorporate LiDAR into their sensor suites
for cars upcoming varieties have been announced.
Lidar faces competition from new technologies like cameras and
sensors, and some manufacturers say vision-based systems alone are
sufficient for autonomous driving. Given the relatively low
conversion costs associated with acceptably cheap vision-based
solutions, this presents a potential barrier to LiDAR
development.
There is intense competition in the automotive lidar market,
with more than 70-80 companies operating worldwide, targeting
different industries and geographies. As of 2020, 9 companies,
namely Velodyne, Luminar, AVA, Auster, Innoviz, Aye, Indie
Semiconductor, Quanergy and Septon, have announced stock listings
through special purpose acquisition company (SPAC) mergers.
Competitive Landscape
The Lidar Market includes the presence of several global as well
as regional key players. A few major players that offer Lidar in
the market are Lockheed Martin Corporation, Raytheon Technologies
Corporation, Israel Aerospace Industries, Thales Group, Honeywell
International Inc., Northrop Grumman, Saab AB, Airbus S.A.S. and
others.
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Key Offerings by major players:
- Valeo's Scala stands out as the world's first mass-produced
lidar for its vehicles. In 2021, Mercedes-Benz and Honda introduced
S-Class and Legend Level 3 models, both equipped with Scala LiDAR.
Valeo has delivered more than 170,000 LiDAR devices since 2017.
According to the MMR study, the automotive LiDAR market would be
worth $100 million in 2021, with
major automakers such as Toyota, Honda and Chinese companies such
as XPeng deploying LiDAR. Many original equipment manufacturers
(OEMs) are partnering with LiDAR providers for their upcoming
vehicles, with Chinese automakers leading such collaborations.
- Luminar Technologies is positioned to drive significant growth
in the LiDAR industry, with a focus on both Advanced Driver
Assistance Systems (ADAS) and Full Driving Automation (Level 5).
The company's vertical integration strategy, where critical
components are manufactured in-house, while other segments are
scaled through partnerships, maximizes control and cost savings.
Luminar's Iris LiDAR, with its advanced detection capabilities,
demonstrates its commitment to the upcoming Iris+ and new next-gen
LiDARs. CEO Austin Russell's
performance-based compensation aligns his interests with those of
shareholders. Despite challenges such as supply chain disruptions,
Luminar's strategic manufacturing and product development is poised
to take advantage of growing market opportunities.
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The updated report for Global Lidar Market provides
comprehensive insights from historical data covering 2017 and 2023
to forecasts up to 2030, with a focus on the CAGR from 2024 to
2030. Key updates include:
Global Lidar Market Overview: Overview of leading patents
in Lidar technology, including major companies holding patents
& their relevance, Analysis of patent filing trends and
emerging technologies in the Lidar sector, Upcoming industry events
& exhibitions showcasing Lidar technology advancements, Impact
of innovations like miniaturization, solid-state Lidar, &
enhanced accuracy., Overview of key end users, including major
corporations and government agencies utilizing Lidar
technology.
Competitive Landscape: Common revenue models in the Lidar
industry, including product sales, service contracts, and licensing
agreements, Analysis of leading companies & their business
strategies in the Lidar market, Notable collaborations, joint
ventures, and partnerships driving innovation and market
growth.
Product Portfolios: Includes updated company profiles
with financial details and product portfolios.
Recession Impact: Analysis the impact of the
recession on regional markets, North
America, Asia Pacific,
Europe, Latin America, and the Middle East & Africa.
Segment Overview
MMR has segmented the market based on
By Platform
By
Range
- Short
- Medium
- Long
- Very Long
By Component
- Transmitter
- Antenna
- Receiver
- Duplexer
- Others
By Frequency
- C-band
- S-band
- X-band
- L-band
- Others
By Application
- Weapon Guidance
- Airspace Monitoring & Traffic Management
- Airborne Mapping
- Ground Surveillance & Intruder Detection
- Navigation
- Others
Based on Installation, the LiDAR market is sub-segmented into
airborne and Ground-Based. The airborne segment is expected to hold
for the largest proportion of the market, which is expected to grow
at a CAGR of xx% during the forecast years as more aerial mapping
equipment are adopted. Aerial LiDAR replaces photogrammetry
as an accurate and thorough way of constructing digital elevation
models. Compared to its terrestrial counterparts, the technology
offers improved accuracy and greater area coverage. This allows
detailed field mapping to be done in a short period of time.
Ground-based lidar systems can be stationary or mobile. With the
help of a tripod and balance harness, it is mounted on mobile
platforms such as an SUV or an all-terrain vehicle (ATV).
Ground-based lidar costs less than airborne lidar. The automotive
industry is growing as a potential application for ground-based
lidar systems, and the number of high-end vehicles equipped with
Advanced Driver Assistance Systems (ADAS) is increasing every
year.
Detailed segmentation values for each segment and
explanations for growth are provided in the final
report.
https://www.maximizemarketresearch.com/market-report/global-lidar-market/15107/
Geography Overview
In 2023, North America asserted
its dominance in the LiDAR market, commanding a significant revenue
share of XX%. This was largely due to the company's increasing
compliance with regulatory mandates mandating the inclusion of
specific vehicle safety technologies in light and heavy vehicles.
Asia Pacific is poised to emerge
as the fastest growing region, with a expected compound annual
growth rate (CAGR) of 14.4% during the forecast period.
Asia-Pacific has witnessed
outstanding growth opportunities in the automotive industry,
fuelled by the increasing adoption of technologies such as Advanced
Driver Assistance Systems (ADAS) and Autonomous Emergency Braking
(AEB). China and India are expected to maintain their appeal as
attractive markets, driven by capital investments from domestic and
international players.
In the final report, past and future numbers and explanations
are incorporated seamlessly to provide a comprehensive
understanding of the Global Lidar market.
Related Reports:
LiDAR Drone Market size was valued at USD 3.9 Billion in 2023 and the total LiDAR Drone
revenue is expected to grow at a CAGR of 6 % from 2024 to 2030,
reaching nearly USD 4.46 Billion by
2030.
Airborne LiDAR (Light Detection and Ranging) Market was
valued US$ 683.33 Mn in 2023 and is
expected to reach US$ 1952.34 Mn by
2030 at a CAGR of 16.18% during the forecast period.
Remote Sensing Technology Market size was valued at
US$ 18.49 Bn. in 2023 and expected to
reach US$ 36.96 Bn. by 2030 at a CAGR
of 10.4 % during the forecast period.
Automotive Radar Sensors Market is expected to reach
US$ 3.67 Bn. by 2029, at a CAGR of
14.6% during the forecast period.
Automotive LiDAR Sensor Market is expected to grow at a
CAGR of 24.55% during the forecast period. Global Automotive LiDAR
Sensor Market is expected to reach US$ 2.60
Bn. by 2030.
Drone Sensor Market was valued at US$ 3.58 Bn. in 2023. The Global Drone Sensor
Market size is estimated to grow at a CAGR of 23.5 % over the
forecast period.
Military Radar Market size was valued at USD 15.11 Bn in 2023 and the total Military Radar
Market revenue is expected to grow by 4.97% from 2024 to 2030,
reaching nearly USD 21.22 Bn.
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