The global market for LiDAR is projected to reach $1.34 billion by 2024, according to a study titled "LiDAR Market Size & Forecast Report, 2014 – 2024" by market research firm Million Insights. The market is expected to grow at a compound annual growth rate (CAGR) of 13.8% throughout the forecast period.
Government initiatives, large-scale engineering infrastructure projects, increasing urbanization, and improved project efficiency are vital factors that will have a positive impact on the market in forecast period.
While LiDAR’s growth is often associated with the growth of autonomous vehicles, the study noted that terrestrial and airborne systems will also be a key market driver. According to Million Insights, LiDAR is used for atmospheric research and meteorology, and the LiDAR instruments also have applications in aircraft and satellites with the main purpose of surveying and mapping. For airborne systems, LiDAR creates an accurate 3D representation of a target with the help of laser light and sensors, making it possible to replace photogrammetry for detecting and mapping objects.
Corridor mapping is considered a key LiDAR application, according to the study. Corridors are considered to be applications such as highway passages, pipeline inspection, and railway track or power lines. Airborne and terrestrial LiDAR systems help collect accurate data.
For vehicles, by 2024 LiDAR is expected to be widely deployed in Advanced Driver Assistance (ADAS) applications due to their key role in vehicle safety, such as Automated Emergency Braking (AEB) systems, especially in Europe and North American region.
The study considers Leica Geosystems Holding AG, RIEGL USA Inc., Velodyne LiDAR Inc., Faro Technologies Inc. and Trimble Navigation limited are major players in the LiDAR market.