CHICAGO, Nov. 22, 2019 — (PRNewswire) — According to the new research report "LiDAR Market by Type (Mechanical, Solid-state), Installation Type, Service (Aerial Surveying, GIS services), Application (Corridor Mapping, Environment, Engineering, ADAS & Driverless Cars), Component, Range, and Geography - Global Forecast to 2024", published by MarketsandMarkets™, the LiDAR Market size is projected to reach USD 2,273 million by 2024 from an estimated USD 844 million in 2019, at a CAGR of 18.5% from 2019 to 2024.
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Rising adoption of LiDAR systems in UAVs, engineering, and construction applications; increasing use of LiDAR in geographical information systems (GIS) applications; and emergence of 4D LiDAR are the major factors driving the growth of the LiDAR market. Increasing investments in LiDAR startups by automotive giants; opportunities for SWIR-based design in the long term; technological shifts with the adoption of solid-state, MEMS, flash LiDAR, and other LiDAR technologies; and development of better geospatial solutions using sensor fusion present growth opportunities for the LiDAR market.
"By type, solid-state LiDAR is projected to register higher CAGR between 2019 and 2024
The higher CAGR of the market for solid-state LiDAR is attributed to the increasing range of applications of this LiDAR type in the automotive and robotics industries. Traditional LiDAR systems rely on mechanical moving parts that have to be precise to obtain the accurate measurements required for autonomous navigation. A solid-state LiDAR is built entirely on a silicon chip. It does not have any moving parts, which makes it more resilient to vibrations and smaller, leading to reduced production costs and high-volume manufacturing. Solid-state designs are built without motorized mechanical scanning, and it is expected that they would be used for mass-production automotive LiDAR solutions. Solid-state LiDAR is expected to be adopted in autonomous robots, drones, and cars.
By installation type, ground-based LiDAR is projected to register higher CAGR between 2019 and 2024
Ground-based LiDAR systems are either stationary or movable. They are placed on moving platforms such as sports utility vehicles (SUVs) or all-terrain vehicles (ATVs) with the help of a tripod and balancing assembly. Ground-based LiDAR systems are less expensive than airborne LiDAR systems. The automotive sector is emerging as an application area for mobile ground-based LiDAR systems, and the number of premium cars equipped with advanced driver assistance systems (ADAS) is rising every year. This is expected to further boost the market for mobile ground-based LiDAR systems.
By range, medium range projected to register highest CAGR between 2019 and 2024
Medium-range LiDAR is used to detect objects in the range of 200–500 m. This LiDAR is used in engineering, mapping, environment, and exploration applications. Medium-range LiDAR is used where precision and cost-effectiveness are the primary concerns. These LIDAR sensors are used to provide 2D and 3D real-time data to easily identify objects within the range of 200–500 m. The market for medium-range LIDAR is expected to grow at the highest rate, driven by the use of medium-range LiDAR in engineering and construction applications.
By region, Asia Pacific LiDAR market estimated to grow at highest CAGR throughout forecast period
The LiDAR market in the APAC region is expected to grow at the highest CAGR during the forecast period. The growth of this market can be attributed to the increase in surveying and mapping operations due to increasing infrastructural development, rising focus on forest management, and growing mining activities in the region. The increasing applications of airborne and ground-based LiDAR systems and the growing number of surveying and mapping activities in the region are anticipated to drive the demand for LiDAR in APAC.
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Teledyne Technologies (US), Hexagon (Sweden), Trimble (US), FARO (US), RIEGL (Austria), SICK AG (Germany), Quantum Spatial (US), Beijing Beiketian Technology Co., Ltd. (China), Velodyne Lidar (US), and YellowScan (France) are some of the key players in the LiDAR market.
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