(MENAFN- GlobeNewsWire - Nasdaq) Growing requirements for 3D visuals in industries such as military & defense, land surveys, civil engineering, and route mapping are boosting the LiDAR market.New York, USA, Dec. 17, 2024 (GLOBE NEWSWIRE) -- market Facts
The global LiDAR market size is projected to grow from USD 1,648.09 million in 2024 to USD 8,629.47 million by 2034, at a CAGR of 18.0%, according to a new report by Polaris Market Research.
Market Overview
LiDAR, which is an abbreviation for light detection and ranging, is a remote sensing process that utilizes light in the configuration of a pulsed laser to compute ranges to the earth. These light pulses, amalgamated with other data registered by the airborne system, create accurate three-dimensional details about the configuration of the earth and its surface attributes. A LiDAR tool chiefly comprises a laser, a scanner, and a detailed GPS receiver. Airplanes and helicopters are the most normally utilized platforms for receiving LiDAR data over inclusive areas.
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Key Insights from Report
The market for LiDAR is significantly shaped by its usage in applications such as autonomous vehicles, ecological observation, and topographic surveying. The LiDAR market segmentation is mainly based on type, component, range, installation, services, application, and region. Based on the range, the short-range (< 200m) segment is expected to experience the highest CAGR during the forecast period. By region, the report provides market insights into Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa.
LiDAR Market Scope
| Report Attributes | Details |
| Market size value in 2024 | USD 1,648.09 million |
| Market size value in 2025 | USD 1,942.60 million |
| Revenue forecast in 2034 | USD 8,629.47 million |
| CAGR | 18.0% from 2025 to 2034 |
| Base year | 2024 |
| Historical data | 2020-2023 |
| Forecast period | 2025-2034 |
Market's Growth Drivers
Growing Need for 3D Visuals : The market is encountering strong growth propelled by growing requirements for 3D visuals in industries such as military & defense, land surveys, civil engineering, and route mapping. Additionally, LiDAR technology eases ecological observations in smart cities by bestowing accurate 3D data for mapping green areas, observing vegetation wellbeing, and gauging air quality contributing to the LiDAR market growth.
Assimilation of AI in LiDAR Technology : The market's CAGR is surging due to the assimilation of AI into LiDAR technology. This combination is improving the potential and applications of LiDAR systems covering several industries. AI sanctioned LiDAR system is being used to process extensive magnitudes of data more productively and precisely.
Growing Smart City Projects : The market is witnessing sizeable growth pushed by the growing execution of smart city projects for urban planning, advancement, and management. For instance, as per the Indian Ministry of Housing and Urban Affairs, 90% of 100 smart city projects have been finished, with an enduring 10% presently in progress and acquiring an issuance of Rs. 19,102 crores.
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List of LiDAR Market Key Players
FARO Technologies, Inc. GeoDigital Leica Geosystem Holdings AG Quantum Spatial, Inc. RIEGL USA, Inc. Sick AG Teledyne Optech Incorporated Trimble Navigation Limited Velodyne LiDAR, Inc. YellowScan
Geographical Analysis
North America accounted for the largest LiDAR market share. The region's promising growth is due to the growing administrative need for the positioning of automotive safety technologies in both weightless and bulky vehicles. The administration of administrative needs was done as a reaction to the surging aggregate of accidents.
Asia Pacific is also expected to grow at the highest CAGR during the forecast period, owing to urbanization and infrastructural advancements in nations such as China, Japan, and India. Additionally, critical market contenders are augmenting their existence in LiDAR technology for smart frameworks, conveyance networks, robotics, and ecological observation.
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Market Segmentation
By Type Outlook
By Component Outlook
Navigation & Positioning Systems Laser Scanners Others
By Range Outlook
Short Range (< 200m) Medium Range (200-500m) Long Range (> 500m)
By Installation Outlook
By Services Outlook
Aerial Surveying Ground-based Surveying Asset Management Geographic Information Systems Others
By Application Outlook
Urban Planning ADAS & Driverless Cars Corridor Mapping Environment Engineering Exploration Meteorology Others
By Regional Outlook
North America Europe Germany France UK Italy Spain Netherlands Russia Rest of Europe
Asia Pacific China Japan India Malaysia South Korea Indonesia Australia Vietnam Rest of Asia Pacific
Middle East & Africa Saudi Arabia UAE Israel South Africa Rest of the Middle East & Africa
Latin America Mexico Brazil Argentina Rest of Latin America
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About Polaris Market Research & Consulting, Inc:
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR's clientele spread across different enterprises. We at Polaris are obliged to serve PMR's diverse customer base present across the industries of healthcare, technology, semiconductors, and chemicals among various other industries present around the world. We strive to provide PMR's customers with updated information on innovative technologies, high-growth markets, emerging business environments, and the latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced, and extremely qualified team of experts comprising SMEs, analysts, and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR's customers.
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