A Deep Dive into the Leading LiDAR Companies | IMARC Group
Light detection and ranging (LiDAR) represents a remote sensing technology that utilizes laser light to measure distances and create precise 3D models of the environment. It usually comprises a scanner, laser, and specialized GPS receiver that operates by targeting an object with a pulsed laser and calculating the time taken for the reflected light to return to the receiver. LiDAR can be mounted on numerous platforms, including a tripod, aircraft, drone, vehicle, helicopter, train, etc. It is widely utilized for detecting, examining, and mapping of objects. LiDAR also offers high precision, low cost, enhanced features, etc., as compared to conventional methods. Consequently, it is also widely used to quickly assess damage to infrastructure after a disaster, such as a hurricane or an earthquake.
The global LiDAR market size reached US$ 2.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 7.0 Billion by 2028, exhibiting a growth rate (CAGR) of 20.9% during 2023-2028.
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The growing utilization of autonomous vehicles (AVs), on account of the inflating income levels of individuals, is primarily driving the LiDAR market. Additionally, the increasing construction activities of roads, bridges, tunnels, etc., owing to the expanding global population and the rising investments in the development of smart cities, are further bolstering the market growth. Besides this, the widespread adoption of LiDAR in the automotive industry to detect and track lane markings, which can be used for measuring the distance between vehicles, lane departure warnings and lane keeping assistance, adjusting the speed accordingly, etc., is acting as another significant growth-inducing factor. Moreover, it is also gaining extensive traction in aerospace and defense industries for tracking low-flying aircraft, as they can perform efficiently in all weather conditions and accurately measure the dimension and distance of the target, which is projected to fuel the LiDAR market in the coming years.
Some of the Top Companies in LiDAR Market
- Faro Technologies Inc
- Innoviz Technologies Ltd.
- LeddarTech Inc.
- Leica Geosystems AG (Hexagon AB)
- NV5 Global Inc.
- Quanergy Systems Inc.
- RIEGL Laser Measurement Systems GmbH
- Sick AG
- Teledyne Technologies Inc
- Trimble Inc.
- Valeo
- Velodyne Lidar Inc.
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