The North America LiDAR market size was USD XX Billion in 2022 and is likely to reach USD XX Billion by 2031, expanding at a CAGR of 26% during 2023–2031.The growth of the market is attributed to increasing demand for 3D imaging in corridor mapping, city planning, topographical surveys, military and defense.
LiDAR is a remote sensing technique used to determine the accurate distance of an object between the two objects. Major components of LiDAR are GPS receiver, laser, and scanner. Airborne LiDAR and terrestrial LiDAR are two types of LiDAR, based on functionality. It uses oceanography and digital elevation or terrain model to collect the data. Private and government organizations use LiDAR-based helicopters, airplanes, and drones to collect crucial information. The COVID-19 outbreak has completely disrupted the market due to barriers faced on the export of prime parts.
Market Trends, Drivers, Restraints, and Opportunities
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Rising utilization of LiDAR technology in automotive applications is expected to drive the market growth.
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Increasing trend of self-driving cars is speculated to fuel the market growth during the forecast period.
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Growing implementation of LiDAR in the construction sectors is expected to fuel the growth of the market.
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Cost-effectiveness is the key driver of the market growth.
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Ongoing technological advancements and rising R&D investments are anticipated to proliferate the growth of the North America LiDAR market in the projected timeline.
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Lack of awareness about the LiDAR system can hamper the market growth.
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The in-accuracy in providing data in harsh weather condition can restrain the growth of the market.
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High cost of LiDAR can negatively impact the growth of the market.
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The advent of latest technologies and integration of the same with LiDAR sensors can create growth opportunities for the market.
Scope of the Report
The report on the North America LiDAR market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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North America LiDAR Market - Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Products (Aerial LiDAR, Ground-based LiDAR), Components (GBS, Laser Scanners, Inertial Measurement Units, and Other Components), End-users (Engineering, Automotive, Industrial, and Aerospace)
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Geographical Scope
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The US, Canada, and Mexico
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Sick Ag; Trimble inc; Quanergy Systems; Velodyne LiDAR Inc; and Topcon Corporation
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North America LiDAR Market Segment Insights
Aerial LiDAR segment is expected to grow at a rapid pace
Based on products, the market is divided into aerial LiDAR and ground-based LiDAR. The aerial LiDAR segment is expected to grow at a rapid pace during the forecast period due to capability of the product to accurately measure and collect the surface information along with the ability to capture the position of the object. However, the ground-based LiDAR segment is anticipated to hold a key share of the market in the coming years due to rising traffic on roads. Moreover, rising use of ground-based LiDAR in self-driving technologies is propelling the market segment growth.
GPS segment is projected to expand at a considerable CAGR
On the basis of components, the market is segregated into GPS, laser scanners, inertial measurement units, and other components. The GPS segment is projected to expand at a considerable CAGR during the forecast period. Rising usage of GPS in aerospace and military is driving the market segment. On the other hand, the laser scanners segment is anticipated to account for a major market share during the forecast period owing to increasing penetration of 3D imaging systems.
The US is anticipated to constitute a key market share
In terms of geography, the market is classified as the US, Canada, and Mexico. The US is expected to constitute a key share of the market during the projected period due to wide usage of LiDAR technology in military applications. However, the market in Canada is anticipated to expand at a rapid pace during the forecast period.
Segments
The North America LiDAR market has been segmented on the basis of
Products
- Aerial LiDAR
- Ground-based LiDAR
Components
- GPS
- Laser Scanner
- Inertial Measurement Units
- Other Components
Geography
Key Players
- Sick Ag
- Trimble inc
- Quanergy Systems
- Velodyne LiDAR Inc
- Topcon Corporation
Competitive Landscape
Key players competing in the North America LiDAR market are Sick Ag; Trimble Inc.; Quanergy Systems; Velodyne LiDAR Inc.; and Topcon Corporation.
Companies are engaging mergers, acquisitions, and partnerships to expand their market share. Moreover, they’re investing in R&D activities to leverage their market position.
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