LiDAR Market Trends

Growth Drivers

• Growing investment by companies in digitization - Since the pandemic the acceleration in adoption of digitization has grown significantly. Around 91% of organizations have some sort of digital program in place, and in 2023, up to 60% of organizations want to boost their investments in digital transformation. Furthermore, this digital adoption is poised to bring in maximum ROI further by increasing efficiency. However, digitization frequently required accurate and elaborative 3D spatial data, which increased the use of LiDAR for capturing 3D point images. Hence, Lidar technology can develop a digital model to spot irregularities before work starts, along with monitoring changes to show progress.
• Rising development in GPS - GPS has now become an integral part of individuals' lives owing to its feature of navigating seamlessly. In addition, its use for various security purposes such as protecting the property or detecting the criminal has also risen notably. Various end-user industries including automobiles and smartphones have boosted the deployment of GPS in their system. This is because GPS is often combined with LiDAR to provide precise land surveying mapping and accurate positioning and location data. Additionally, a number of developments have been surging which is forecasted to boost the market growth. For instance, the introduction of the GPS III system which was developed by the United States Space Force. Users can expect GPS signal accuracy and availability to improve with the deployment of GPS III satellites.
• Higher investment in LiDAR startups - The merging of new companies is foreseen to bring newly developed and cost-effective LiDAR technologies. NUview, a startup that maps the whole surface of the earth every year with the help of ranging LiDAR technology and light detection has locked the funding of USD 15 million.

Challenges

• High cost of LiDAR services -Various factors determine the cost of LiDAR, therefore fixing the cost of LiDAR is a challenge itself. The LiDAR service is formed by the integration of sensors, data processing, and analysis which increases the demand for overall service. With the growing development of LiDAR, the LiDAR services are becoming expensive thus hampering the growth of the market.
• Accident threats associated with UAV - UAV LiDAR have gained huge importance with advancements in technology in the world. It has proven its great efficiency in areas covered with plants and shrubs. However, the prevalence of accidents is also projected to rise, and the elements to influence these incidents could be operator errors, malfunctioning of the equipment, and environmental conditions. Additionally, human-UAV collision incidents are also estimated to surge which has further created huge concern.
• Risk of data theft captured by LiDARs