The global LiDAR market has gained significant momentum over recent years. Due to its capability to investigate both man-made and natural environments with precision, flexibility, and accuracy, 3D laser scanning technology is becoming popular among mapping professionals and scientists for making high-resolution maps. Based on the latest analysis by Global Market Insights Inc., the LiDAR market size may surpass USD 15 billion by 2030.
According to the American Institute of Geosciences, Light Detection and Ranging (LiDAR) is widely used in a spectrum of planning and land management efforts, including agriculture, forestry, hazard assessment, geologic mapping, and river and watershed surveys. The massive growth in world population and the accelerating pace of industrial development and urban migration have fostered the demand for town planning. This has resulted in the proliferation of advanced LiDAR technologies, which, in consequence, may stimulate the market outlook.
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Technological advancements pave the way for new growth opportunities
The demand for improved real-time data collection techniques providing better and more accurate information to avoid revenue leakage and drive quick decisions has reached an all-time high in recent years. This has encouraged enterprises globally to leverage cutting-edge technologies and deliver solutions offering better precision and optimization than traditional LiDAR systems.
For instance, in September 2022, AEye Inc., a leading manufacturer of high-performance, adaptive LiDAR solutions, in association with Intetra, a top supplier of end-to-end solutions for Electronic Toll Collection Systems (ETC) and Intelligent Transportation Systems (ITS), announced the development and deployment of their automated lidar-based tolling solution.
The advanced tolling system is fueled by AEye's Intelligent Sensing Platform, 4Sight™, which offers enhanced dependability at affordable prices than inductive loop systems and additional above-ground detection modalities, such as camera and radar. The development of state-of-the-art mapping and sensing solutions will increase the LiDAR industry share in the years to come.
Strategic moves to aid the development of more efficient and inexpensive sensing tech
LiDAR has transformed the way businesses operate across the automobile and IoT industries. Players operating in the competitive landscape have been focusing on leveraging features such as in-house failure analysis, supply chain expertise, direct fulfillment, and reliability testing to provide their customers with enhanced dependability, efficiency, cost-effectiveness, and timeliness.
In September 2022, Quanergy Systems, Inc., a leading manufacturer of smart 3D solutions and LiDAR sensors, announced its plan to partner with Fabrinet, one of the chief suppliers of advanced electronic and precision optical manufacturing services.
The move aims to scale Quanergy's production, expand its global presence based on consumer demand and provide more efficient products to the customers, opening new growth avenues for the LiDAR market.
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Rapid integration across autonomous vehicles to foster product adoption
The increasing family incomes and a positive economic outlook across major world economies have fostered the sales of autonomous vehicles in recent decades. Governments and private organizations are also implementing advanced LiDAR technology to enable highly durable and precise detecting systems.
To quote an instance, in September 2022, Innoviz Technologies inked a significant deal that will put to use its lidar sensing tech in AVs (Autonomous Vehicles) at shipping ports in China. The technology, fully integrated into the HiRain vehicles, is claimed to be highly precise and durable, offering the capability to detect pedestrians and vehicles as well as typical port infrastructure with enhanced worker safety and improved operational efficiency
Some of the key participants operating in the LiDAR market include Topcon Positioning Systems, Inc., Beijing SureStar Technology Co. Ltd., Innoviz Technologies Ltd, LeddarTech Inc., NV5 Inc. (Quantum Spatial), FARO Technologies, Inc., Geokno, Teledyne Technologies (Teledyne Optech), Hexagon AB (Leica Geosystem), Outster Inc., Quanergy Systems, Inc., RIEGL Laser Measurement Systems GmbH, RoboSense LiDAR, Sick AG, Trimble Inc., Vaisala (Leosphere), Valeo, Velodyne Lidar, and Yellowscan.
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