LiDAR Market is expected to witness high growth during the forecast period.
Northbrook, IL -- (SBWIRE) -- 09/23/2019 -- The LiDAR market for the advanced driver-assistance systems (ADAS) and self-driven cars is growing impressively with the inclination toward the self-driven cars. Also, the new mandates in the automotive sector are expected to create an additional opportunity for the LiDAR market. For instance, Europe has the provision of the emergency braking system (EBS) in cars for all the automotive manufactures. Also, the US is expected to mandate the same in the coming year.
As the cost of LiDAR sensors is currently high, their application in vehicle safety systems is limited to high-end automobiles only. However, the cost of LiDAR sensors is rapidly declining due to the advancements in semiconductor technology. This, further, is expected to make vehicle safety systems more affordable to the automotive sector. LiDAR systems are being used in the development of fully autonomous cars by various companies, such as Google (US), Ford Motor Company (US), and Nissan Motor Company (Japan). These autonomous cars have performed relatively well since the time they were launched.
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Growing Demand for 3D Imaging Technology Drives the Growth of LiDAR market
The LiDAR market was valued at USD 677.5 million in 2017 and is expected to reach USD 1,809.5 million by 2023, at a CAGR of 17.2% during the forecast period from 2018-2023. According to Sachin Garg, Associate Vice President (Semiconductors and Electronics), MarketsandMarkets– "government in different countries are taking the initiative for encouraging the use of LiDAR for mapping, surveillance, monitoring, and topographical surveys, which has led to the increased demand for the LiDAR technology."
Moreover, increasing use of drones equipped with LiDAR for greater accuracy, growing demand for 3D imaging technology, encouragement from the governments and institutes for the adoption of LiDAR, and introduction of technologically enhanced LiDAR are the factors driving the LiDAR market. While undertaking a LiDAR mapping project, the weather constraints need to be considered before scheduling the survey. Thus, environmental traits affecting the performance of the LiDAR system is hindering the growth of the LiDAR market. However, LiDAR has been deemed as a high-cost mapping data purchase method. Hence, the high cost of the LiDAR services for surveying applications is the challenge for the LiDAR market.
Enhancing Road and Personal Safety with LiDAR Technology
The LiDAR systems are effective means for topographic and bathymetric data gathering and survey. The various applications in which LiDAR is used are corridor mapping, engineering, environmental survey, advanced driver assistance system (ADAS) and driverless cars, exploration, urban planning, cartography, and meteorology, among others. "LiDAR system expected to boost the business of the automotive industries in the future," Amit Shetkar, Research Analyst, MarketsandMarkets. The automotive sector is focusing on enhancing vehicle safety and has brought down the number of road accidents by introducing innovative technologies such as ADAS. Nowadays, LiDAR sensors are used in conjunction with radar to further enhance vehicle safety even at high speeds. LiDAR systems can be used in cars for pedestrian avoidance, lane change warnings, and auto-braking solutions along with adaptive cruise control applications. The market for ADAS and driverless cars is expected to grow at the highest CAGR during the forecast period. Rising adoption of solid-state LiDAR in ADAS and driverless car for assuring safety is expected to boost the market in the coming years.
North America to Dominate the LiDAR Market
North America accounts for a substantial share of the global LiDAR market, wherein the US is considered to be one of the major contributors. North America is the hub for the automotive industry, and several LiDAR manufacturers are based in North America. Favorable economic conditions and the support from the governments in this region are the key factors contributing to the significant share of North America in this market. Furthermore, the LiDAR market in the Asia Pacific is expected to grow at the highest CAGR during the forecast period. Increasing awareness among governments and customers is driving the LiDAR market in APAC. For instance, the Indian Transport Ministry has mandated the use of LiDAR systems in surveying areas before constructing a new highway.
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Product Launch and Developments Emerged as Key Growth Strategies Adopted By Companies between 2015 and 2017
The key players operating in the LiDAR market are Teledyne Optech (Canada), Leica Geosystems (Sweden), Riegl Laser Measurement Systems (Austria), Trimble (US), Faro Technologies (US), Quantum Spatial (Aerometric) (US), Beijing Surestar Technology (Isurestar) (China), Velodyne Lidar (US), Geokno (India), Sick AG (Germany), Yellowscan (France), Leddartech (Canada), Geodigital (US), Topcon Positioning Systems (US), Blom (Europe), Michael Baker International (US), Quanergy Systems (US), Innoviz Technologies (Israel), Delair (France), Phoenix Lidar (US), and Precisionhawk (US).
Major players in this market have adopted product launch and development as key growth strategies. They have also adopted inorganic growth strategies such as acquisitions, contracts, agreements, collaboration, and partnerships, for the growth of the overall LiDAR market. For instance, in November 2017, Leica Geosystems (Sweden) launched the Leica ScanStation P50, the fastest and safest long-range 3D laser scanner. This launch enabled the company to strengthen its product portfolio. Furthermore, in November 2017, Faro Technologies (US) acquired Dustin Forensics (US). Dustin Forensics is specialized in the usage, sale, and servicing of 3D scanning as well as imaging devices.
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