Lidar Market: Regional Trend & Growth Forecast To 2030

As per a recent research report, Global Lidar Market share is likely to surpass USD 15 billion valuation by 2030

The global LiDAR market is expected to register commendable growth over the forecasted spell with the growing adoption of the technology for environmental applications.

Problems caused due to climate change are being increasingly tracked and resolved using LiDAR technology. Citing an instance, NASA has deployed the Global Ecosystem Dynamics Investigation (GEDI) LiDAR on the International Space Station (ISS) to tackle climate change. The system has been designed to assess the earth's vegetation with high accuracy. Developments such as these will create lucrative opportunities for LiDAR market growth.

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However, lack of standardization with the emergence of different LiDAR technologies may hamper industry progress. Prominent players are developing products catering to specific customer demands without complying with certain fixed regulations and standards which may impede LiDAR market growth during the stipulated timeframe.

The LiDAR industry is bifurcated in terms of product, type, application and region.

Based on the product, the terrestrial segment accounted for more than 70% of the LiDAR market share in 2021. Terrestrial LiDAR is being extensively used for creating 3D maps for road and rail corridors, with companies introducing the next generation of mobile mapping systems.

Citing an instance, Leica's new Pegasus TRK NEO was designed to address the challenges posed by an increasingly geospatially-dependent ecosystem. Developed with an accuracy of around 15 millimeters through the use of LiDAR sensors, the technology was meant to create high-resolution terrain maps, in consequence, propelling LiDAR market growth.

In terms of type, the mechanical LiDAR industry held a significant market share in 2021. This is attributed to the favorable properties of mechanical LiDAR, including the availability of a 360o field of view (FoV), via a spinning sensor that only focuses on a particular direction for a part of its 360o rotation.

These units can put more power into each laser pulse, making it easier to identify return flashes. This gives spinning sensors a range advantage over other sensors, stimulating industry expansion.

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Based on application, the LiDAR industry from the others segment is projected to exhibit a 10% CAGR through 2030. Apart its use in tracking forests and managing autonomous vehicles, LiDAR is also being adopted in the defense sector. Military agencies are adopting LiDAR units to perform aerial surveys in remote locations.

in August 2019, the U.S. Defense Intelligence Agency (DIA) used the Tactical Lidar Collection System (TLCS) to capture, acquire, and catalog insights on CBRN (chemical, biological, radiological, and nuclear) materials during SSE (sensitive site exploitation) for large-scale facilities in areas denied by GPS.

Regionally, the Middle East & Africa LiDAR market is expected to depict a 10% CAGR through 2030. Drones equipped with LiDAR technology are used for identifying targets and objects from remote locations. As a result, many LiDAR manufacturers are focusing on expanding their business operations in the region.

In August 2021, Ouster announced plans to commercially expand in the Middle East region. As part of this move, the company brought on a Dubai-based team to work on establishing local distribution networks for supporting the regional integration of digital LiDAR. Developments such as these will bolster LiDAR market demand over the forecast period.

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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