LiDAR Sensor Market Size, Share, Opportunities, And Trends By Sensor Type (Airborne, Topographic, Bathymetric, Terrestrial, Mobile, Static), By System Type (Pulse-based/Linear-mode, Phase-based, Geiger-mode/Photon-counting), By Industry (Agriculture, Infrastructure And Construction, Military And Defense, Environment, Mining, Transport, Others), And By Geography - Forecasts From 2023 To 2028
- Published : Mar 2023
- Report Code : KSI061611571
- Pages : 114
The global LiDAR Sensor market is expected to grow at a CAGR of 35.31% over the forecast period. Increasing spending by governments across the globe into strengthening their defense is one of the major factors driving the growth of this market. The rising incidence of terrorist attacks and geopolitical issues in many regions has been increasing the need for governments to spend on advanced technologies and armaments in order to strengthen their defense. According to data from the Stockholm International Peace Research Institute (SIPRI), total global spending by governments on defense was around US$1.74 trillion in 2017. The U.S. military and defense sector has apportioned a budget of US$700 billion in 2018, a 15.5% jump from that in 2017, which aimed to strengthen the country’s defense. It has been nearly a decade since LiDAR gained popularity in this sector. By 2011, the National Geospatial-Intelligence Agency (NGA) was using LiDAR in aircraft for the mapping of Afghanistan’s entire area of around 647,500 square kilometers. The technology has also been in use by many governments for various monitoring and rescue operations. For instance, in 2010, LiDAR played an active role in the mapping of Haiti’s landscape after an earthquake hit it 2010. This technology has been continuously gaining traction in this sector owing to its numerous benefits, which are driving with it the demand for LiDAR sensors. Furthermore, the increasing popularity of autonomous vehicles worldwide has been opening doors to immense growth opportunities for the growth of the LiDAR sensors market. Automakers are continuously funneling investments into the development of autonomous vehicles in order to reduce road accidents while improving traffic flow. According to the U.S. Energy Information Administration (EIA), congestion in the country resulted in rising in urban Americans’ travel time by 6.9 billion hours in 2014, resulting in the purchase of 3.1 billion gallons more fuel at a cost of US$160 billion. In 2016, Uber launched a pilot program for its self-driving cars in Pittsburgh while Ford Motors has plans to make self-driving taxis that work without a steering wheel, brake, or gas pedal and make them available for the public by 2021. The growth of self-driving cars is driving with it the demand for advanced technologies like LiDAR, thus boosting their market growth.
By Application, the market is segmented as Agriculture and Precision Forestry, Civil Engineering, and Surveying, Defense and Emergency Services, Environmental and Coastal Monitoring, Highways and Road Networks, Mining, Quarries and Aggregates, Rail Mapping, and others. Environmental and Coastal Monitoring and defense and emergency services hold a major share of this market on account of huge spending by governments in these sectors.
Geographically, the global LiDAR sensor market is segmented into North America, South America, Europe, the Middle East and Africa, and Asia-Pacific. North America accounted for a major market share in 2017 owing to the early adoption of newer technologies coupled with high investments in R&D across various industries. The high military and defense budget of countries like the U.S. and Canada contributes to the growth of the LiDAR sensor market. Europe also holds a significant share on account of high investments in the aerospace and defense sector and autonomous vehicles. The market for LiDAR sensors in the Asia Pacific is projected to grow at the highest CAGR over the forecast period. The growth of the market in this region is majorly attributed to the rising production of autonomous cars in China and increasing government spending in many countries on surveillance and defense.
Major industry players profiled as part of the report are SICK AG, Infineon Technologies AG, Leica Geosystems AG, Velodyne LiDAR, Inc., Quanergy Systems, Inc., Hitachi, Ltd., LeddarTech Inc., Neptec Technologies Corp and Innoviz Technologies, Ltd. among others.
The global LiDAR sensor market is segmented by sensor type, system type, industry, and geography.
- By Sensor Type
- By System Type
- Pulse-based/Linear-mode System
- Phase-based System
- Geiger-mode/Photon-counting System
- By Industry
- Infrastructure and Construction
- Military and Defense
- By Geography
- North America
- South America
- United Kingdom
- Middle East and Africa
- Saudi Arabia
- Asia Pacific
Infineon Technologies AG
Velodyne LiDAR, Inc.
Quanergy Systems, Inc.
Neptec Technologies Corp
Innoviz Technologies, Ltd.
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