LiDAR Market size worth USD 30.8 Billion by 2035

New York – Oct 10, 2023 - Research Nester Analytics LLC’s recent market research report on LiDAR Market: Global Demand Analysis & Opportunity Outlook 2030delivers a detailed competitors analysis and a detailed overview in terms of market segmentation by product, technology, application, and by region.

Increasing Migration to Urban Areas to Drive Growth of Global LiDAR Market

The rising agricultural activities and the rising need to produce more fruits and vegetables is the major factor that is boosting the market growth. LiDAR is being used in agriculture for crop monitoring, production prediction, and effective utilization of resources. Precision agriculture seeks to improve crop productivity and ecological responsibility, which drives up demand for LiDAR. According to Food and Agriculture Organization (FAO) predictions, the world is going to have to produce 60% more food by 2050 to sustain a world population of 9.3 billion.

Access our detailed report on “LiDAR Market Size & Share, by Product (Airborne LiDAR, Ground-Based LiDAR, UAV LiDAR, Solid State LiDAR); Technology (2D LiDAR, 3D LiDAR, 4D LiDAR); Application (Corridor Mapping, Engineering, Environment, ADA & Unmanned Vehicles, Exploration, Urban Planning, Maps Production, Meteorology) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2022-2035”

https://www.researchnester.com/reports/lidar-market/5264

On the other hand, the use of LiDAR technology in multiple end-use industries, such as mining, oil & gas, construction, energy, defense and security, and others, is expected to drive the market growth. The growing dependence on renewable energy and the rising emergence of electric vehicles are driving the demand for rare earth minerals. By 2030, the demand for such supplies is increasing dramatically as the world shifts towards renewable energy.

LiDAR signals are sometimes affected by interference from other light sources or by multipath effects, where signals bounce off surfaces before returning to the sensor. These issues can reduce data accuracy and thus hamper the adoption. Moreover, the LiDARs vary in size, and thus the one with heavier sizes is a huge obstruction for devices which has space issues, such as autonomous vehicles and drones. 

In the LiDAR market, the product segment is categorized as airborne LiDAR, ground-based LiDAR, UAV LiDAR, and solid-state LiDAR. The airborne LiDAR segment is expected to grow at the fastest CAGR of 24.4% during the projection period. Rising development of railway tracks, highway designs, and airport runway analysis is expected to drive the growth of the segment. Furthermore, growing mining activities in the world, for rare earth mineral and rare metals is also driving the demand for airborne LiDAR.

On the basis of region, the market in the Asia Pacific, amongst the markets in all the other regions, is projected to hold a market share of USD 6.7 billion by the end of 2035. The growth of the market in the region is attributed to the growing development of highways and other infrastructural developments. The Indian government has been spending substantially on road infrastructure development. The Bharatmala Pariyojana, for instance, intends to enhance and extend the road network by building motorways, economic corridors, and feeder routes. Furthermore, the growing demand for LiDAR from the marine and aeronautics sector is also boosting the market growth in the region.

This report also provides the existing competitive scenario of some of the key players of the global LiDAR market which includes company profiling of Faro Technologies, Inc., Leica Geosystem Holdings AG, Teledyne Optech Incorporated, Trimble Navigation Limited, RIEGL USA, Inc., Quantum Spatial, Inc., Velodyne LiDAR, Inc., Sick AG, YellowScan, and GeoDigital.

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