According to Fact.MR’s industry analysis, the global LiDAR sensor market is expected to be worth US$ 2.42 billion in 2024, growing at a remarkable CAGR of 14% to US$ 7.95 billion by 2034. LiDAR sensors are expected to account for 1% of the global sensor market in 2023.
The integration of IoT technology has resulted in revolutionary changes in the global automotive industry. The rise of autonomous and connected vehicles is expected to increase demand for LiDAR sensors, which allow vehicles to detect obstacles along their routes. These sensors have the potential to reshape the automotive landscape as vehicle automation and transportation planning continue to advance.
In meteorology, the use of LiDAR sensors improves weather forecasting by providing valuable data to meteorological agencies. As technology advances, these sensors become more cost-effective and sophisticated, owing to ongoing advances in the field. Using LiDAR to generate 3D and 4D images of the environment has produced significant results over time.
Key Takeaways from Market Study:
· The global LiDAR sensor market is projected to expand at an impressive CAGR of 14% and reach US$ 7.95 billion by 2034-end.
· The market expanded at 7.8% CAGR from 2019 to 2023.
· Solid-state LiDAR sensors lead the market and their sales are estimated at US$ 1.83 billion in 2024.
· North America led the global market with 27.2% share in 2023.
· The vehicle automation segment is estimated to occupy 9% market share in 2024.
· Based on region, demand for LiDAR sensors is projected to increase at CAGRs of 14.6% and 12.7% in East Asia and Latin America, respectively, during the forecast period (2024 to 2034).
“Growing demand for LiDAR sensors in autonomous and connected cars and advancements in vehicle automation are projected to drive market expansion in the coming decade. Their applications in meteorology are expanding to make accurate weather predictions. Market players are focusing on developing cost-effective technologies, thus contributing to their growing significance,” says a Fact.MR analyst.
Top Key Players are Trimble Inc., Topcon, FARO, Valeo, Ouster, Inc., Waymo, Intermap Technologies Corp., SICK AG, Hexagon AG, Leosphere, Inc., Innoviz Technologies, BEA Group, Teledyne Optech, Velodyne Lidar, RIEGL, Quanergy System Inc.
Competitive Analysis
In the competitive landscape of the LiDAR sensor industry, leading manufacturers like Trimble Inc., Topcon, SICK AG, Velodyne Lidar, and FARO are prioritizing the launch of technologically advanced products. They are employing strategic marketing tactics such as acquisitions and collaborations with other LiDAR companies to bolster production capacities, expand market reach, and secure a larger market share.
Recent News
· Aurora, for instance, bolstered its LiDAR portfolio by acquiring OURS, a LiDAR start-up, in 2022, following its acquisition of another LiDAR start-up named Blackmore in 2019. This strategic move strengthens Aurora’s position in the LiDAR market and enhances its technological capabilities.
· Similarly, Ouster made a significant acquisition by purchasing Sense Photonics, a LiDAR technology start-up, for US$ 68 million in 2021. This acquisition is expected to bolster Ouster’s research and development capabilities, positioning the company for further innovation and market growth.
Market Developments
The global LiDAR sensor market is highly competitive. LiDAR technology has found applications in the augmented reality industry as well. It provides a detailed 3D mapping that enables other systems to integrate this information with their data.
LiDAR is being used by scientists to understand the atmosphere on a deeper level. These sensors provide scientists with information about vegetation cycles. When scientists receive data that show that there is destruction in vegetation, new policies are used to save it.
In the field of engineering and construction, LiDAR sensors are being used to create detailed spatial maps before designing the real structure. This helps them reduce errors and, as a result, saves costs.