Lidar Market Projected to Witness 13.8% CAGR Growth | SkyQuest Technology

/EIN News/ -- Westford, USA, July 17, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Lidar Market will attain a value of USD 4.83 billion by 2031, with a CAGR of 13.8% during the forecast period (2024-2031). Increasing demand for 3D imaging in application areas such as military & defence, geodetic surveying, civil engineering and road design is expected to propel the market growth during the forecast period. Textured 3D imaging is used in applications such as in 3D modelling, urban planning and road design. The installation of advanced security features is becoming increasingly popular. These vehicles have been integrated with LiDAR for GPS and navigation applications.
Lidar is used in weather monitoring and environmental monitoring. For example, Canadian environmental centres use lidar technology to monitor pollutants in the atmosphere. Lidar stations are critical in managing ash from volcanic eruptions that can impede air travel. The technology also sees applications in oil sands monitoring mapping. This multi-use LiDAR technology along with its improved accuracy is anticipated to fuel the growth of the market during the forecast period.

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Browse in-depth TOC on " Lidar Market "

Pages – 157
Tables - 121
Figures – 77

Lidar Market Overview:

Report Coverage	Details
Market Revenue in 2023	USD 1.7 billion
Estimated Value by 2031	USD 4.83 billion
Growth Rate	Poised to grow at a CAGR of 13.8%
Forecast Period	2024–2031
Forecast Units	Value (USD Billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	LiDAR Technologies, Component, Type, Installation, Range, Service, End-use Application and Region
Geographies Covered	North America, Europe, Asia Pacific, and the Rest of the world
Report Highlights	Updated financial information / product portfolio of players
Key Market Opportunities	Growing Advancements in the Automotive Industry
Key Market Drivers	Growing Use of LiDAR-based UAVs

Airborne Segment to Dominate Due to Rise in Mapping Technologies

The airborne segment is the largest segment of the lidar market, which is expected to grow due to the rise in mapping technologies during the forecast period. Aerial lidar is an accurate and precise method for digital elevation model, which largely replaced photogrammetry. Compared to its terrestrial counterparts, the system offers greater accuracy and greater coverage. Provides detailed field maps in a short time. Ground-based lidar is suitable for the earth’s surface and can be mobile and stationary. Static terrestrial scanning is a popular survey technique for surveillance, traditional geography, forensic research, and cultural heritage documentation. Mobile UAVs and lidar operate in both mobile and aircraft on the Earth’s surface and in the surrounding atmosphere.

ADAS Segment to Drive Market Due to Increasing Variety of Applications and Environments

ADAS are the driverless vehicles and the fastest growing end-use segment in the LiDAR market and are expected to grow at a CAGR of 12.4%. Driven by the deployment of LiDAR-based sensors for driving safety due to the increasing variety of applications and environments surrounding these EDAS Cameras and lidar are used for object detection and accident avoidance. Thus, it drives market growth.

North America is Dominating Due to Increasing Adoption of Technologies such as ADAS

North America is the largest region in the global Lidar market. The region is using LiDAR technology for many applications such as urban planning, environmental monitoring, weather forecasting, and more. Increasing adoption of technologies such as ADAS and AEB is also driving market growth in the sector. Government regulations continue to support the sector’s growth by mandating the installation of automotive safety technology in heavy and light vehicles in the region.

On the other hand, Asia Pacific is the fastest growing region in the LiDAR market and is expected to grow at 13%. India, China and Japan are emerging as centres for drone technology and thus will encourage the development of lidar technology. The market is expected to remain profitable over the forecast period due to increasing investments. Brands are expanding their presence in Europe and Asia Pacific to enhance the customer experience.

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Drivers

Fast Paced Developments and Increasing Application of Drone
Increasing Adoption in the Automotive Industry

Restraints

High Cost of The LiDAR Systems

Prominent Players in Lidar Market
The following are the Top Lidar Companies

Quanergy Systems, Inc. (US)
Luminar Technologies, Inc. (US)
LeddarTech Inc. (Canada)
Innoviz Technologies Ltd. (Israel)
Ouster, Inc. (US)
Cepton Technologies, Inc. (US)
AEye, Inc. (US)
RoboSense LiDAR (China)
Ibeo Automotive Systems GmbH (Germany)
Livox Tech Co., Ltd. (China)
Trimble Inc. (US)
Hexagon AB (Sweden)
Sick AG (Germany)

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Key Questions Answered in Lidar Market Report

How big is the Global LiDAR Market?
What is the current Global LiDAR Market size?
Who are the key players in Global LiDAR Market?
Which is the fastest growing region in Global LiDAR Market?

This report provides the following insights:

Analysis of key drivers (fast paced developments and increasing application of drone, increasing adoption in the automotive industry), restraints (high cost of the lidar systems), opportunities (rising investments from automobile giants), influencing the growth of Lidar Market.
Market Dynamics: Comprehensive information about the various products offered by the dominant players in the Lidar Market.
Product Development/Innovation: An overview of emerging trends, R&D activities and product launches in the Lidar Market.
Market Growth: Detailed information on profitable growing industries.
Market Trends: Complete information about new products, emerging geographical areas and recent developments in the market.
Competitive Analysis: An in-depth analysis of the market segments, growth strategies, revenue analysis, and products of the key market players.

About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.

We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.

Contact:
Mr. Jagraj Singh
Skyquest Technology
1 Apache Way,
Westford,
Massachusetts 01886
USA (+1) 351-333-4748
Email: sales@skyquestt.com
Visit Our Website: https://www.skyquestt.com/

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