LiDAR Market Analysis

LiDAR Market Analysis

The bathymetric product segment is anticipated to exhibit a growth rate of around 20% through 2030. Growing concerns surrounding climate change, and rising sea levels have increased the importance of gaining more insights into coastlines through airborne mapping solutions.

In August 2022, Hexagon collaborated with conservation NGO Beneath The Waves to help safeguard the marine ecosystem in the Bahamas. R-evolution, the company’s sustainability business venture, involves the use of an advanced airborne bathymetric technology from Leica Geosystems to determine the composition, condition volume, and extent of the region’s endangered seagrass ecosystem.

The solid-state LiDAR market is expected to register gains of at approximately 50% through 2030. Solid-state LiDARs are affordable and offer high performance compared to conventional LiDAR solutions, which has attributed to market expansion. Scientists have made significant advancements in solid-state LiDAR technology to enhance its capabilities.

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The LiDAR demand from the engineering application is poised to depict a CAGR of more than 20% through 2030. This growth is attributed mainly to the rise of industrialization and urbanization, which has amplified the need for proper town planning. LiDAR is used extensively in the civil engineering sector to collect accurate biological and physical information of any physical environment. LiDAR can develop comprehensive virtual maps to offer precise surveying, further fueling segmental progress.

The North America LiDAR market share surpassed USD 900 million in 2021 impelled by rising demand for self-driving cars in the region. LiDAR technology offers long-range operability and a higher resolution which has enabled automotive manufacturers to integrate this system into their vehicles. For instance, in July 2022, Mercedes-Benz announced the introduction of Driver Pilot, the carmaker’s Level 3 autonomous driving technology, in US-bound cars. This system uses LiDAR, cameras, and a 4-GPS antenna setup to extract data from the satellites.