Rockville, Dec. 14, 2022 (GLOBE NEWSWIRE) -- As per industry analysis by Fact.MR - a market research and competitive intelligence provider, the for LiDAR sensor market is expected to grow at a CAGR of 12.7% over the period of forecast.
Autonomous vehicles, as well as connected cars, are predicted to increase the demand for LiDAR sensors as they help the vehicles identify obstacles on their path. Innovations in vehicle automation and transportation planning will play a key role in transforming the automotive industry throughout the forecast period.
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The integration of LiDAR sensors in the field of meteorology has made it its biggest contributor to the market share of the end use of LiDAR sensors. They help us understand the weather conditions by providing the meteorological department insights into the data that it has collected.
With time, LiDAR sensor technology is becoming more economical and advanced. This is due to the technological innovations occurring in the field. Recently, the use of LiDAR to create 3D and 4D images of the surrounding space has become a driving factor for 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.
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Competitive Landscape
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.
- Topcon
- SICK AG
- Velodyne Lidar
- FARO
- BEA Group
- Teledyne Optech
- Valeo
- Leosphere
- Waymo
- Faro Technologies
- Hexagon AG
- Innoviz Technologies
- Intermap Technologies Crop
- Teledyne Technology
- Quanergy System Inc
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Segmentation of LiDAR Sensor Industry Research
- LiDAR Sensor Market by Type :
- Airborne
- Topographic LiDAR
- Bathymetric LiDAR
- Terrestrial
- Mobile LiDAR
- Static LiDAR
- Airborne
- 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
- Meteorology
- Others
- LiDAR Sensor Market by End-Use Industry :
- Automotive
- Oil & Gas
- IT & Communication
- Media & Entertainment
- Power & Energy
- Survey & Analysis
- Aerospace & Defenses
- Travel & Tourism
- Agriculture & Forestry
- Mining
- Others
- LiDAR Sensor Market by Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa (MEA)
Market Development
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).
Check out more related studies published by Fact.MR Research:
LiDAR Market: LiDAR Market is estimated to surge over US$ 6.29 billion by 2032. The North America LiDAR market values over US$ 506 million & holds 26.5% of global market.
Automotive Exhaust Sensor Market: Automotive Exhaust Sensor Market is expected to reach US$ 37 Billion and rise at a 3.2% CAGR by 2032. Gasoline engine segment holds 44% revenue share.
Automotive LiDAR Market: Automotive LiDAR Market is anticipated to reach US$ 3 billion by 2031, growing at a CAGR of 19.5%. Solid-state LiDAR systems hold major market share.
Smartphone LiDAR Market: Smartphone LiDAR Market is projected to reach nearly US$ 6.05 Bn in 2030. LiDAR expected to become commonplace in smartphones due to large-scale advantages
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