According to MarketsandMarkets, the LiDAR market is projected to grow from USD 1.1 billion in 2020 to USD 2.8 billion by 2025, at a CAGR 20.7% between 2020 and 2025. Major factors driving the growth of the LiDAR market include rising adoption of LiDAR systems in UAVs, increasing adoption of LiDAR in engineering and construction applications, use of LiDAR in geographical information systems (GIS) applications, the emergence of 4D LiDAR, and easing of regulations related to use of commercial drones in different applications.
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By installation type, the ground-based segment is estimated to account for the largest share of the LiDAR market by 2025. Ground-based LiDAR systems are either stationary or movable. They are placed on a moving platform such as a sports utility vehicle (SUV) or an all-terrain vehicle (ATV) with the help of a tripod and balancing assembly. Ground-based LiDAR systems are less expensive than airborne LiDAR systems. However, they are not capable of scanning every portion of the surface. For example, vertical cliff faces cannot be scanned, and the fast-changing surface conditions are difficult to track using this type of LiDAR systems.
By technology, the 3D LiDAR segment is expected to lead the LiDAR market during the forecast period. The major factor contributing to the dominance of 3D LiDAR is the widespread adoption of 3D LiDAR in applications, such as corridor mapping, engineering, environment, meteorology, and cartography.
In terms of range, the LiDAR market has been segmented into short, medium, and long ranges. Due to the adoption of short-range LiDAR in applications such as automobile, security, and robotics, the short-range LIDAR segment is projected to lead the market. The market for medium-range LIDAR is projected to grow at the highest rate, driven by the use of medium-range LiDAR in engineering and construction applications.
By application, the ADAS & driverless cars segment is expected to lead the LiDAR market during the forecast period. the market for ADAS & driverless cars application is projected to grow at the highest CAGR during the forecast period. The rising adoption of solid-state LiDAR in ADAS and driverless cars for assuring safety is expected to boost the market in the coming years. Automotive giants are adopting LiDAR systems for their L3 and L4 level vehicles, which is expected to have a positive impact on the sales of these vehicle types, and subsequently, the LiDAR market.
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In terms of geographic coverage, the LiDAR market has been segmented into North America, Asia Pacific (APAC), Europe, and Rest of the World (RoW). North America accounted for the largest market share of the LiDAR market. North America is one of the important markets for LiDAR; it comprises the US, Canada, and Mexico. This region is more advanced in the adoption of LiDAR than other regions. Growing investments in ADAS and driverless cars and increasing awareness about the benefits of LiDAR systems spur the growth of the LiDAR market in North America. Besides, major players in the LiDAR market, comprising manufacturers, developers, distributors, and suppliers of LiDAR sensors and equipment, are based in North America. In recent years, major technological developments pertaining to LiDAR have taken place in the North American and European regions, which have enabled manufacturers in these regions to export high-end LiDAR to the growing markets such as Asia Pacific and the Middle East regions. These exports are one of the key factors expected to drive the LiDAR market in North America and Europe.
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