Light Detection and Ranging (LiDAR) Market Outlook
According to a new report by Expert Market Research titled, “Light Detection and Ranging (LiDAR) Market Size, Share, Analysis, Report and Forecast 2024-2032″, the global light detection and ranging (LiDAR) market is projected to grow at a CAGR of 22.90% between 2024 and 2032. Aided by the increasing applications in topographical surveys, forestry, environmental research, and autonomous vehicles, the market is expected to grow significantly by 2032.
Light detection and ranging (LiDAR) is an innovative method used for measuring distances by illuminating the target with laser light and gauging the reflection with a sensor. It precisely gauges the distance of an object on the Earth’s surface, making it an invaluable tool in creating high-resolution maps, especially in geology, seismology, and forestry. Over the years, LiDAR technology has transitioned from being a niche equipment in the surveying sector to an essential instrument for a plethora of industries.
A significant factor spearheading the global light detection and ranging (LiDAR) market growth is its rising application in the automotive sector, particularly in the development of autonomous vehicles. With the surge of interest and investments in self-driving cars, LiDAR systems are viewed as pivotal, offering real-time data that facilitates object detection and road mapping, ensuring the vehicle’s safety.
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As per the light detection and ranging (LiDAR) market analysis, in the realm of environmental conservation and research, LiDAR has seen widespread adoption. Scientists employ this technology for habitat modelling, forest canopy analysis, and flood modelling, ensuring accurate data collection and analysis. The precision and reliability offered by LiDAR technology, especially in mapping terrains and analysing topographical changes, have made it the go-to choice for geologists and environmentalists alike.
The expanding infrastructure and urban planning sectors are also significant contributors to the global light detection and ranging (LiDAR) market growth. Architects, urban planners, and city officials utilise LiDAR in assessing and planning urban landscapes, understanding terrains, and ensuring optimal land utilisation. Additionally, with advancements in technology, the integration of Artificial Intelligence (AI) with LiDAR systems has further enhanced its capabilities, propelling its demand across various sectors.
Another vital industry where LiDAR has carved a niche for itself is the energy sector, especially in wind farm planning. Here, LiDAR assists in wind resource assessment, helping energy companies in optimising the placement of turbines to capture maximum wind energy. This precise approach not only augments energy output but also ensures the sustainable development of wind farms.
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Light Detection and Ranging (LiDAR) Market Segmentation
The market can be divided based on type, product, component, application, end user, and region.
Market Breakup by Type
- Mechanical
- Solid States
Market Breakup by Product
- Terrestrial
- Aerial
- Mobile
Market Breakup by Component
- Laser Scanners
- Navigation Systems
- Positioning Systems
- Others
Market Breakup by Application
- Mapping and Cartography
- ADAS (Advanced Driver-Assistance System)
- Surveillance
- Environment
- Exploration and Detection
- Others
Market Breakup by End User
- Defence and Aerospace
- Civil Engineering
- Archaeology
- Forestry and Agriculture
- Mining
- Transportation
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global light detection and ranging (LiDAR) market. Some of the major players explored in the report by Expert Market Research are as follows:
- Faro Technologies, Inc.
- Jabil Inc.
- Trimble Inc.
- Velodyne Lidar, Inc.
- Innoviz Technologies Ltd
- Leica Geosystems AG
- Teledyne Geospatial
- Luminar Technologies, Inc.
- Quanergy Systems, Inc.
- Ouster, Inc.
- Others
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