LiDAR Sensor Market Demand is anticipated to Reach US$ 6,328.7 million by 2032 - Fact.MR
According to an industry analysis conducted by Fact.MR, in 2022, the worldwide LiDAR sensor market is projected to exceed a value of US$ 1,908.1 million, with a prospective growth rate of 12.7%. By the close of 2032, it is anticipated to extend to US$6,328.7 million. Notably, LiDAR sensor sales constituted less than 1% of the overall global sensor market by the conclusion of 2021.
The surge in demand for LiDAR sensors can be attributed to the increasing prevalence of autonomous vehicles and connected cars, which rely on these sensors to identify obstacles along their routes. Notably, advancements in vehicle automation and transportation planning will significantly shape the automotive industry's evolution throughout the forecast duration.
One notable sector contributing significantly to the LiDAR sensor market is meteorology. The integration of LiDAR sensors in this field has made meteorology the largest end-use segment for these sensors. LiDAR sensors play a crucial role in providing meteorological departments with valuable insights into the data they collect, aiding in the understanding of weather conditions.
Over time, LiDAR sensor technology has become more cost-effective and sophisticated, largely driven by ongoing technological innovations in the field. The use of LiDAR for creating 3D and 4D images of the surrounding environment has emerged as a key driver for its widespread adoption.
Key Takeaways from LiDAR Sensor Market Study
- The global LiDAR sensor market is projected to expand at an impressive CAGR of 12.7% and be valued at US$ 6,328.7 Mn by 2032.
- The market witnessed a 6.3% CAGR for the period of 2017-2021.
- Under technology type, Solid State LiDAR Sensor dominates the market and is estimated to be valued at US$ 1,414.9 million in 2022.
- East Asia dominated the market with an 18.9% market share in 2022.
- Vehicle Automation applications are likely to represent 7.9% market share in 2022.
- Based on region, demand for LiDAR Sensor is expected to increase at a CAGR of 12.3% and 10.9% in Europe and MEA respectively during the forecasted period.
Prominent manufacturers of the LiDAR sensor industry worldwide, including Trimble Inc., Topcon, SICK AG, Velodyne Lidar, and FARO, are emphasizing launching products that are technologically advanced and are grabbing marketing strategies such as acquisitions and collaborations with other market players to help improve production capacities, improve market penetration and gain a larger market share.
- Ouster, a LiDAR technology company, has acquired another LiDAR technology start-up named Sense Photonics for US$ 68 Mn in 2021. This will help the company improve its R&D.
- Aurora acquired a LiDAR start-up named OURS in 2022. Previously, Aurora had acquired another LiDAR start-up named Blackmore in 2019.
Key Companies Profiled
- Trimble Inc.
- SICK AG
- Velodyne Lidar
- BEA Group
- Teledyne Optech
- Faro Technologies
- Hexagon AG
- Innoviz Technologies
- Intermap Technologies Crop
- Teledyne Technology
- Quanergy System Inc
Segmentation of LiDAR Sensor Industry Research
- LiDAR Sensor Market by Type :
- Topographic LiDAR
- Bathymetric LiDAR
- Mobile LiDAR
- Static LiDAR
- LiDAR Sensor Market by Technology :
- Solid State LiDAR
- Mechanical LiDAR
- LiDAR Sensor Market by Application :
- Vehicle Automation
- Digital Elevation Model
- Forest Planning and Management
- Environmental Assessment
- Transport Planning
- Infrastructure Building
- Cellular Network Planning
- LiDAR Sensor Market by End-Use Industry :
- Oil & Gas
- IT & Communication
- Media & Entertainment
- Power & Energy
- Survey & Analysis
- Aerospace & Defenses
- Travel & Tourism
- Agriculture & Forestry
- LiDAR Sensor Market by Region:
- North America
- Latin America
- East Asia
- South Asia
- Middle East & Africa (MEA)
The global LiDAR sensor market is highly competitive. LiDAR technology has found its applications in the augmented reality industry as well. It provides detailed 3D mapping that enables other systems to integrate this information with their data. The LiDAR technology helps increase augmented reality's experience.
LiDAR is being used by scientists to understand the atmosphere on a deeper level. These sensors provide scientists with information about the vegetation cycles. When scientists receive data that show that there is destruction in vegetation, new policies are used to save it.
In the field of engineering and construction, LiDAR sensors are being used to create detailed spatial maps before designing the real structure, this helps them reduce errors and as a result, saves them a lot of money
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the desiccant air breathers market, presenting historical demand data (2017-2021) and forecast statistics from 2022 to 2032. The study divulges essential insights based on Type (airborne including topographic LiDAR, bathymetric LiDAR, and terrestrial including mobile LiDAR, static LiDAR), technology (solid-state LiDAR, and mechanical LiDAR), application (vehicle automation, digital elevation model, forest planning and management, environmental assessment, transport planning, infrastructure building, cellular network planning, meteorology, and others) and End Use Industry (automotive, oil & gas, IT & communication, media & entertainment, power & energy, survey & analysis, aerospace & defense, travel & tourism, agriculture & forestry, mining, and others) across six major regions (North America, Latin America, Europe, East Asia, South Asia, and Oceania and the Middle East & Africa).
These insights are based on a report on LiDAR Sensor Market by Fact.MR.
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