Global LiDAR Market Garnered USD 2 Billion in 2021 and is Predicted to Grow with a CAGR of ~14% During 2022-2030; Market to Grow on Account of Booming Adoption of LiDAR Systems in Engineering, Manufacturing, and UAVs
New York, Aug. 02, 2022 (GLOBE NEWSWIRE) -- The concern for the rising prevalence of chronic diseases and the surge in awareness amongst the patients for early diagnosis and treatment of these diseases, is contributing to an increase in the availability of the number of hospitals worldwide. Based on Organization for Economic Corporation and Development (OECD) statistics, the number of hospitals in Mexico was 4909 in 2020 whereas, in 2021, the number increased to 4995. In addition, the estimated number of hospitals in the United Kingdom was 1921 in 2020. Moreover, the road infrastructure capital value for Sweden in 2019 was USD 52,844,093,849.23 which got elevated to USD 54,458,212,864.13 in 2020. These hospitals are more or less equipped with advanced medical diagnostic systems that uses light detection and ranging technology, also known as lidar, for the diagnosis of diseases in patients.
Recent research by Kenneth Research, titled “Global LiDAR Market” gives a quick rundown of market components, including growth drivers, restraint factors, current market trends, and potential for future growth. The market research report, which covers the forecast period, i.e.,2022-2030, thoroughly examines the impact of COVID-19 and its consequences on end-users. The research study also looks at the main competitor’s product lines and future market expansion strategies.
The global LiDAR market garnered around USD 2 billion in 2021 and is predicted to grow with a CAGR of ~14% during the forecast period. Nowadays, telehealth services are used for disease prevention, diagnosis, treatment, and management. The implications of this anatomical imagery made possible by LiDAR could improve the accuracy and customization of telemedicine. Hence the rise in hospitals, and initiatives towards infrastructure development in healthcare delivery are increasing demand for LiDARs.
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In addition to that, forestry, agriculture, geology mapping, watershed and river surveys, hazard assessment including (lava flows, landslides, tsunamis, and floods), and other land management and planning activities all made use of LiDARs. LiDARs can be utilized in high-resolution geological mapping. For instance, a report has been published by the American Chemical Society (ACS) publications, on high-resolution mapping of material blocks in buildings and infrastructures in Austria and Germany. In order to map patterns of material supplies for Austria and Germany, maps of built-up surface area, building height, and building kinds were created from optical Sentinal-2 and radar sentinel-1 satellite data. The mass of various buildings and infrastructure types were computed, identifying 9 different types of materials, at a special resolution of 10m using material intensity factors. In 2018, there were 39 Gt of buildings and infrastructures in Germany and 6 Gt in Austria.
Nevertheless, the technology has been in use for more than 60 years. The first LiDAR prototype was created by Hughes Aircraft Company in 1961. During the Apollo 15 mission in 1971, the American space program was one of the first to employ the technology to survey the moon. LiDAR is more practical today. It is utilized for computer vision, which is used to find lost towns, train self-driving cars, monitor climate change, and much more. In addition to that, use of LiDAR in smart devices further improve the growth prospects. In these lines, Apple, the world’s 3rd largest manufacturer, features LiDARs in their latest editions such as iPhone 12 Pro and iPhone 12 Pro Max. The gadgets have a LiDAR scanner that will enable faster autofocus in low light, shorter photo capture times, and more immersive augmented reality (AR) experiences.
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The global LiDAR market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region. Owing to the rapid growth of firms investing in driverless cars and advanced driver assistance systems (ADAS), as well as the increased awareness of the primary benefits of LiDAR, North America is predicted to hold the biggest market share over the forecast period. By 2030, it is anticipated that there will be 21 million autonomous vehicles on American roads. According to the statistics on autonomous vehicles, legislation on self-driving cars is being considered in 42 state. Also, Waymo, an American firm that develops autonomous driving technologies had produced over 620 driverless cars. Additionally, there are around 50 key suppliers in North America.
On the other hand, the market in the Asia Pacific region is predicted to experience significant growth over the forecast period. The export value for lidars for topography, oceanography, and meteorology or geophysics in China was USD 2675,536 thousand in 2020 and got increased to USD 464,342 thousand in 2021 with annual growth in value of 74% exports from 2020 to 2021. In addition, there are 35 key automotive suppliers of LiDARs from Asia among that, 21 start-ups are from China. The growth in trade and also the rising number of significant market players are predicted to fuel the market in the region.
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The study further incorporates Y-O-Y Growth, demand & supply and forecasts future opportunities in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia Pacific), Middle East and Africa (Israel, GCC[ Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of the Middle East and Africa).
The global LiDAR market is segmented by technology into 2D, 3D, and 4D. On account of its extensive acceptance in numerous applications, including environment, corridor mapping, engineering, and meteorology, the 3-D segment is expected to occupy the greatest share of the market and experience considerable growth throughout the forecast period. For instance, in order to reduce survey expenses and hasten the collection of topographical data, engineering and surveying companies across the United States are investing in drone technology. The United States geological survey (USGS) is collaborating with other organizations to make 3D elevation data accessible to towns and individuals all around the nation. The mainland, United States, American territories, and Hawaii are all expected to receive base line elevation data from the USGS. According to the projections, the scheme will benefit citizens and government organizations to the tune of USD 700 million a year. The information will be used for regional flood prevention plans as well as local planning and infrastructure projects. As the program was at its beginning stage, more than 65% of the country had its high-quality topographic data mapped according to 3 DEP standards. Almost 1550 data sets with over 13 trillion lidar points total are currently accessible to the public. Additionally, the global import value for drones was USD 1,374,656 thousand in 2021 whereas the value rose from USD 1,269,761 thousand in 2020 with annual growth in value of 10% from 2020 to 2021. The increase in trade for drones and the rising engineering and surveying companies are expected to expand the growth of the segment.
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The global LiDAR market is segmented by installation type into airborne and ground-based. Owing to the rising number of constructions, ground-based LiDARs are predicted to have a significant share in the market during the forecast period. Ground-based LiDARs collect 3D point clouds of objects at a sub-centimeter resolution by applying the principles of airborne LiDAR to a larger scale. For instance, the mobile terrestrial laser scanner (MTLS), a ground-based LiDAR instrument, is used to measure the limited geographic change in fuelbed structure. The MTLS is made up of Optech’s ILRIS 36D (Intelligent Laser Ranging and Imaging System) ground-based laser scanner, which is put on a lift on top of a movable platform to enhance its versatility in gathering landscape information from various angles. The ILRIS records the first or last returns of each laser pulse using a 1,500 nm wavelength laser with a 2,500 point per second pulse frequency. 40° in 40° is the size of the visual field in both the horizontal and vertical axes. Furthermore, the road infrastructure capital value for Germany was USD 654,898,210,176 whereas, in New Zealand, the road infrastructure capital value was USD 303,358,021,619.29 in 2020. The demand for ground-based LiDARs is anticipated to rise as building and infrastructure spending increases, which is predicted to contribute to the expansion of the segment during the forecast period.
The global LiDAR market is further segmented by component, range, service, and end-use.
Global LiDAR Market, Segmentation by Component:
Global LiDAR Market, Segmentation by Range:
Global LiDAR Market, Segmentation by Service:
Global LiDAR Market, Segmentation by End-Use:
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Few of the well-known market leaders in the global LiDAR market that are profiled in our analysis are Teledyne Optech, RIEGL Laser Measurement Systems GmbH, Trimble, Inc., Velodyne LiDAR, Inc., Leica Geosystems AG, FARO, NV5 Global, Inc., Quanergy Systems, Inc., Innoviz Technologies Ltd., Sick AG, and others.
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