LiDAR Market size is poised to reach USD 30.8 Billion by the end of 2035, growing at a CAGR of 24.6% during the forecast period, i.e., 2023 – 2035. In the year 2022, the industry size of LiDAR was over USD 1.8 Billion. The growth of the market can be attributed to the technological advancement in LiDAR–The rising development of LiDAR has increased the scope for the product thus boosting the market growth. Quantum-Systems, and YellowScan jointly announced the launch of a geomatics grade LiDAR scanner integrated into the payload chamber of the drone, with accompanying software.
In addition to these, factors that are believed to fuel the market growth of LiDAR is the increasing development of smart cities. LiDAR technology generates precise, superior-resolution 3D mapping data, which is useful for building utility infrastructure and metropolitan environments. Siemensstadt has initiated a project for smart city development. The company has provided has largest ever fund of USD 600 million for transforming industrial areas into urban and modern districts.
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
24.6% |
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Base Year Market Size (2022) |
~ USD 1.8 Billion |
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Forecast Year Market Size (2035) |
~ USD 30.8 Billion |
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Regional Scope |
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Growth Drivers
Challenges
Product (Airborne LiDAR, Ground-Based LiDAR, UAV LiDAR, Solid State LiDAR)
The airborne LiDAR market is estimated to gain the largest revenue of USD 11.5 billion in the year 2035 by growing at a CAGR of 24.4% over the forecast period. In 2022, the segment accumulated a revenue of USD 693.2 million. The growth of the segment can be attributed to the rising occurrence of unexpected natural calamities, such as earthquakes, floods, landslides, and others. Airborne LiDAR is crucial for creating precise floodplain maps, that enable better planning for the emergency response. In 2021, around 432 catastrophic occurrences were documented, which is significantly more than the typical number of 357 yearly catastrophic events from 2001 to 2020.
Application (Corridor Mapping, Engineering, Environment, ADA & Unmanned Vehicles, Exploration, Urban Planning, Maps Production, Meteorology)
LiDAR market from the corridor mapping segment is expected to expand at a CAGR of 24.1 % over the forecast period and generate revenue of USD 9.4 billion in the year 2035. LiDAR enables the monitoring of structural integrity, and vegetation clearances of utility infrastructures, including telecommunication cables, power lines, gas pipelines, and others. The growth of the segment is majorly attributed to the rise in the installation of new pipelines for oil and gas transmission and its rapid development. In the world, currently, there are many projects that are in development or being proposed for the expansion of oil and gas pipelines, the combined length of pipelines is around 131,760 miles.
Our in-depth analysis of the global market includes the following segments:
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Technology |
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Product |
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Application |
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North American Market Forecast
The LiDAR market in North America is projected to garner the largest revenue of USD 13 billion by the end of 2035. The market in the region is to grow at a CAGR of 24.3% over the projected time frame. The growth of the market can be attributed majorly to the rising demand for platoon operations in the region. Based on US Department of Transportation data, the total states that have permitted commercial truck platooning account for 51% of freight miles within the country. Furthermore, rising demand for automated vehicles, with features, such as ADAS radar systems and AEB is also expected to augment the market growth in the region
Europe Market Statistics
The European LiDAR market is estimated to be the second largest, registering a revenue of USD 8.5 billion by the end of 2035, by growing at a CAGR of 24.8% over the forecast period. The growth of the market in the region can be attributed majorly to the rising usage of LiDAR by the government to enable the study and analysis of historic landscapes. The government of the United Kingdom has been collecting LiDAR data for over 17 years and making it accessible to the public. According to a government official, the data will be leveraged by archaeologists who are interested in investigating historic infrastructures.
Author Credits: Abhishek Verma, Hetal Singh
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