LiDAR Market Set to Surge to $8.86 Billion by 2032
![LiDAR Market Set to Surge to $8.86 Billion by 2032](https://investorshangout.com/images/blog/investors-hangout-newswire.jpg)
LiDAR Market Size & Growth Outlook
The LiDAR market is valued at USD 1.77 billion in 2023, and it is estimated to reach USD 8.86 billion by 2032, growing at a compound annual growth rate (CAGR) of 19.60% during the forecast period.
Drivers of Market Growth
The rise in the LiDAR market is fueled by the growing use of autonomous vehicles, with over 2.5 million sold worldwide in recent times. This number is expected to increase significantly. Self-driving cars rely on LiDAR sensors for navigation, collision avoidance, and real-time 3D mapping. The integration of LiDAR systems into Advanced Driver-Assistance Systems (ADAS) by major automotive manufacturers further drives demand.
Applications in Geospatial and Infrastructure
Beyond autonomous vehicles, LiDAR applications in geospatial use are expanding, including urban planning, topographic mapping, and infrastructure monitoring. Governments and environmental organizations are increasingly adopting LiDAR for infrastructure development, supported by significant funding directed towards such initiatives. The U.S. federal government's budget includes substantial allocations for infrastructure improvement and expansion.
Leading Players in the Market
Key players in the LiDAR market include:
- Teledyne Optech
- Leica Geosystems
- RIEGL Laser Measurement
- Beijing SureStar Technology
- Geokno
- Leddartech Inc
- Trimble
- FARO Technologies
- Quantum Spatial
- Velodyne Lidar
- Phoenix LiDAR Systems
- Quanergy Systems
Market Scope and Coverage
The report includes detailed insights on market size, segment analysis, competitive landscape, regional analysis, and forecasts.
Segment Analysis
The mechanical segment dominated with over 55% market share, while the solid-state segment is projected to witness the fastest growth due to its innovative design involving microelectromechanical systems and non-moving components.
Regional Insights
North America held a significant share of the market due to high demand for automotive safety technologies. Meanwhile, Asia Pacific is expected to grow rapidly, driven by expanding markets in countries like China and India.
Recent Technological Innovations
Recent advancements include Velodyne Lidar's launch of the M1600 for various sectors and Innoviz Technologies' introduction of the InnovizTwo LiDAR sensor tailored for autonomous vehicles.
Frequently Asked Questions
What is the projected market size for the LiDAR market?
The LiDAR market is projected to reach USD 8.86 billion by 2032.
What are the main drivers for the growth of the LiDAR market?
The main drivers include increased demand in autonomous vehicles, geospatial applications, and infrastructure development initiatives.
Which segments dominate the LiDAR market?
The mechanical segment currently holds the largest share, while solid-state systems are expected to grow the fastest.
What geographical region leads in the LiDAR market share?
North America leads in market share, owing to advancements in technology and funding for innovation in LiDAR applications.
Who are the key companies in the LiDAR market?
Key companies include Teledyne Optech, Leica Geosystems, RIEGL Laser Measurement, and Velodyne Lidar.
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