Lidar Market Size, Share, Growth Analysis, By Component(Laser Scanners, Navigation & Positioning Systems, and Others), By Installation Type(Aerial, and Terrestrial), By Technology Type(Mechanical Lidar, Solid-State Lidar, Flash Lidar, and Others), By Range(Short (< 200 m), Medium (200-500 m), and Long (> 500 m)), By Application(Search and Rescue, Environmental, Mining and Construction, and Others), By Region - Industry Forecast 2024-2031

Global LiDAR Market size was valued at USD 1.3 Billion in 2022 and is poised to grow from USD 1.6 Billion in 2023 to USD 5.6 Billion by 2031, growing at a CAGR of 17.2 % in the forecast period (2024-2031).

In recent times, the demand for LiDAR is increasing because the technological innovations in spatial resolution of LiDAR-driven digital terrain models are offering better precision in applications like change direction on hillsides, water runoff for agriculture or mining sites, and inland waterways. The development is primarily owing to the increase of automation in LiDAR for minimizing human efforts and increasing efficiency. The increasing demand for 3D imagery in application areas like military & defense, topographical surveys, civil engineering, and corridor mapping is boosting the market growth. Textured 3D imagery is also implemented in applications like 3D mapping, city planning, and corridor mapping. The installation of innovative safety features is also rising exponentially. Moreover, in countries like the US, self-driving cars are also approved by the government of the regions, these vehicles are embedded with LiDAR for GPS and navigation applications. LiDAR is also utilized in tracking weather conditions and environmental monitoring. LiDAR stations are vital in monitoring the ash from volcanic eruptions that can interfere with air travel. The technology is also used in mapping the oil sand monitoring system. These applications of LiDAR technology are propelling the growth of the market owing to its improved accuracy.

US Lidar Market is poised to grow at a sustainable CAGR for the next forecast year.