LiDAR Market Size Is Anticipated to Witness Considerable Growth Till 2025, North America To Be A Major Revenue Pocket

The North America region has held a major market share of over 50% in the LiDAR market in 2018. This is attributed to the strong foothold of large automobile companies operating in the region, undertaking various R&D initiatives to develop advanced LiDAR devices. The rising use of drones for recreational & commercial purposes is also spurring the LiDAR industry.
Asia Pacific LiDAR Market is expected to register a CAGR of over 35% during the projected time duration. The increasing number of smart city initiatives in the countries including Japan, China, and India has given rise to various new expansion opportunities for the LiDAR industry.
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LiDAR technology has also found its deployment in environment applications. Airborne LiDARs are used to detect and map vegetation, deep waters and dense clouds. LiDAR is being used in oceanography to estimate general biomass and phytoplankton fluorescence in the surface layers of the ocean. LiDAR also enables scientists to determine the biodiversity of the forest helping to preserve ancient trees. This in consequence, is expected to drive LiDAR market share from environment applications, projected to register a CAGR of 32% over 2019-2025.
The mechanical LiDAR market accounted for over 90% of the market share in 2018 due to the extensive demand for LiDAR systems in autonomous vehicles. The major automakers are exploring new avenues to develop inexpensive LiDAR devices for their driverless cars. Currently, LiDAR technology is being incorporated into advanced driver assistance systems to augment the safety features in semi-autonomous cars.
Back in day, companies struggled to procure detailed data for tropical surveys and other purposes due to scarce reliable alternatives. LiDAR however, has documented a revolution in terms of geospatial data and mapping. Currently, companies have started using LiDAR systems mounted onto a UAV for detailed and steadfast 3D mapping in the LiDAR market. Formerly, large historical sites used to take years for surveying, but now, entire cities can be mapped in 3D in a matter of minutes leveraging UAV aided with LiDAR technology. Versatility and ease of use, and the lure of accurate and visible details with effective mapping will further propel the expansion of LiDAR industry in the years ahead.
The increasing demand for advanced mapping and 3D imaging solutions is driving LiDAR market growth. The existing conventional mapping and imaging solutions have certain performance limitations, hindering their adoption in certain high-precision use-cases. The LiDAR technology uses shorter wavelengths, enabling it to identify minuscule objects, making it significantly more accurate as compared to the traditional methodologies such as aerial mapping and radar.
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Specifically, automakers are known to incorporate mechanical LiDAR devices in the vehicles, given their excellent efficiency. This has also been attracting investments from many automotive companies, expediting the growth of the global mechanical LiDAR industry. As a matter of fact, the continuous spate of R&D activities to commercialize this technology in cars is expected to propel mechanical LiDAR market size, slated to record a CAGR of 32% over 2019-2025.
Glimpse of Table of Content (ToC)
Chapter 3LiDAR Industry Insights
3.1 Introduction
3.2 Industry segmentation
3.3 Industry landscape
3.4 Industry ecosystem analysis
3.5 Industry ecosystem analysis
3.6 Technology & innovation landscape
3.6.1 Single photon or Geiger mode systems
3.6.2 Multi Pulse-in Air
3.7 Use cases
3.7.1 Land surveying
3.7.2 Power line inspection for maintenance
3.7.3 Forestry and farming
3.7.4 Mining
3.8 Regulatory landscape
3.9 Industry impact forces
3.9.1 Growth drivers Increasing demand for mapping Growing demand for 3D imaging Increasing adoption among environment & government applications Advent of solid-state LiDAR technology Deployment of LiDAR in UAVs
3.9.2 Industry pitfalls and challenges Software development gap Lack of standardization
3.10 Growth potential analysis
3.11 Porter's analysis
3.12 PESTEL analysis
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