Global LiDAR Market is expected to grow at a CAGR of 12.9% during the forecast period 2022-2030

The global LiDAR software market is growing with a CAGR of 12.9% during forecast period of 2022-2030. The rising use of drones across various application is one of the key forces which is up surging the growth in the global LiDAR market.  The LIDAR UAVs and their applications are growing rapidly and it is expected to be a constant increase in the next decade. The rising application of the LiDAR technology across applications is driving the growth in the global market.According to the American Society of Civil Engineers, the US total infrastructure spending would cost around $4 trillion in GDP by 2025 which is expected to reach to $14 trillion by the end of 2040. Thus, the rising use of LiDAR systems in UAV for mapping, surveying and navigation is boosting the growth of the global LiDAR market.

Asset Management is the fastest growing service segment which is growing with a CAGR of 15.4% during forecast period. LiDAR technology is a cost effective and accurate data capturing system to manage large assets such as power line asset management, public private infrastructure, railways stations, highways, complex infrastructure planning, urban planning and city development. For example: LiDAR technologies are used in highways for asset management and data collection. Government supports for adoption of LiDAR technologies are estimated to be the major driving factor of the asset management service market. The Washington state Division of Geology and Earth Resources (DGER) was approved funding through 2021 for the dissemination and collection of LiDAR data and derived products. DGER has joined with the Puget Sound LiDAR Consortium, King County, and an assembly of local municipalities to gather more than 1,000 square miles of new altitude data in King County.

UAV LiDAR segment is growing with a CAGR of 16.9% during forecast period. UAV LiDAR is relatively a new technology relative to land surveying, which is made up of highly advanced laser scanners, Inertial Navigation Systems (INS) and Global Positioning System (GPS) which permits the orientation and positioning of the footmark of a laser beam as it hits on the objects for collecting high quality of data. Due to cost, effective and advanced technology most of the governmental bodies of various countries adopted this technology for their several projects to utilize the high-quality data. The rising technological development and rising research and development activity in the UAV drones is rising the growth in the UAV LiDAR market. Increase in UAV market revenue will boost the utilization of LiDAR technique for commercial as well as military use promoting a strong growth in the LiDAR market.

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Globally, North America held the largest market share of around 39.85% in 2021 in global LiDAR market. The growth in North America LiDAR market is mainly attributed by the rising adoption of the LiDAR technology in UAV drones. Moreover, the US is the key country which is influencing the growth of North America LiDAR market. Moreover, Asia Pacific is the fastest growing region in the global LiDAR market which is growing with a CAGR of 14.0% during forecast period. India is the key country which is influencing the growth of Asia Pacific LiDAR market. India is growing with a CAGR of 14.8% during forecast period. The growth of India LiDAR market is mainly driven by the rising government support for the development of the LiDAR technology. Market demand for aerial LiDAR systems would increase with growing drone market. Overall drone market in India is anticipated to grow at 29% per annum.

Product launch and investment strategies are key strategy that are adopted by the companies to gain competitive advantages. The companies are investing a significant amount in research and development which ultimately results in the development of new products in the market. The acquisition remains as the secondary strategy that allows the companies to expand their product portfolio, geographical expansion, and increase in customer base, technological innovation and increase revenue share in the market. Key companies in this market include Velodyne, quantum Spatial Inc, RIEGL, Teledyne Optech and others.

KEY MARKET MOVEMENTS

• The global LiDAR software market is growing with a CAGR of 12.9% during forecast period of 2022-2030.
• Asset Management is the fastest growing service segment which is growing with a CAGR of 15.4% during forecast period.
• UAV LiDAR segment is growing with a CAGR of 16.9% during forecast period.
• North America held the largest market share of around 39.85% in 2021 in global LiDAR market.
• Asia Pacific is the fastest growing region in the global LiDAR market which is growing with a CAGR of 14.0% during forecast period.
• India is growing with a CAGR of 14.8% during forecast period.
• Product launch and investment strategies are key strategy that are adopted by the companies to gain competitive advantages.
• Key companies in this market include Velodyne, quantum Spatial Inc, RIEGL, Teledyne Optech and others.