LiDAR Services Market Size, Share & Growth | Forecast [2031]

Report Description

The global LiDAR services market size was valued at USD 985.1 million in 2020 and expanded at a CAGR of 14.2% during the forecast period, 2021–2028. The growth of the market is attributed to the current mapping and remote sensing technologies. LiDAR technology has established itself as a leading remote sensing tool for the mapping community and field surveyors all over the world.

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The LiDAR method makes use of light energy generated by a laser, which is utilized to scan the ground and measure changing distances. This is used to assemble ground information and bare-earth features in difficult, isolated, and wooded locations. Transportation authorities in the United States and Germany are using LiDAR technology for transit-related applications such as public transportation including self-driving taxis and autonomous truck fleets. Moreover, 3D imaging technologies including textured 3D imaging, which are utilized in areas for example 3D mapping and city planning, complement LiDAR services.

The COVID-19 pandemic had forced governments to impose lockdown across the globe; as a result, the public transportation had been limited regulated and the fuel usage were dramatically lowered globally. LiDAR technology is also widely used in various exploratory applications including oil and gas exploration and mining. Therefore, the pandemic has a significant impact on the LiDAR market due to restriction of exploration.

Market Trends, Drivers, Restraints, and Opportunities

• Growing technical advancements in user interface and diagnostic tools for identifying LiDAR sensor malfunctions are projected to drive market growth.
• Increasing demand for 3D imaging technology for various applications across several industries is expected to boost the market expansion.
• High cost of the equipment used in services acts as a key restraining factor that can restrict the market growth.
• Growing customers’ knowledge of identity protection and the associated hazards of services are anticipated to have negative impact on the market growth.
• Rapid improvements in UAV LiDAR technology and services that ensure advanced manufacturing processes are projected to create immense lucrative opportunities in the coming years.

Scope of the Report

The report on the global LiDAR services market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Market Segment Insights

Corridor mapping segment is expected to grow at a rapid pace

Based on applications, the LiDAR services market is divided into environment, exploration, ADAS, corridor mapping, engineering, and others. The corridor segment is expected to grow at a rapid pace during the forecast period owing to wide use of the technology for various applications associated with the corridor construction and management. However, the ADAS segment is anticipated to hold a key share of the market in the coming years. The growth of the ADAS segment is attributed to raising awareness of the benefits and usage of LiDAR systems in self-driving vehicles, unmanned/manned aerial vehicles, building modeling, and 3D images.

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Modeling segment is projected to expand at a considerable CAGR

On the basis of service types, the market is segregated into modeling, aerial surveying, ground-based surveying, mapping, GIS service, and asset management. The modeling segment is further bifurcated into city modeling and others. The modeling segment is projected to expand at a considerable CAGR during the forecast period. The service has made it possible for users to create aerial imaging data, which was previously difficult and expensive to get operational. Moreover, the GIS service and asset management segment are anticipated to account for a major market share during the forecast period owing to its uses in automated GPS to make multiple passes to collect data across a low-altitude area.

North America is anticipated to constitute a key market share

In terms of regions, the LiDAR services market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to constitute a key share of the market during the projected period due to growing demand of the technology for various mining purposes. However, the market of Asia Pacific is anticipated to expand at a rapid pace during the forecast period owing to the governments and other non-profit organizations’ increased expenditures in LiDAR systems and their quick use in different applications.

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