Light Detection and Ranging (LiDAR) Market to grow by USD 6.62 Billion from 2024-2028

The global light detection and ranging (LIDAR) market  size is estimated to grow by USD 6.62 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 28.82%  during the forecast period. Expanding application areas of LiDAR technology is driving market growth, with a trend towards development of lidar sensors based on continuous-wave frequency modulation (CWFM) technology. However, high cost of lidar sensors  poses a challenge.

The LiDAR market is experiencing significant growth due to increasing demand for 3D imagery and mapping applications. This technology, which uses laser scanner technology to create digital elevation models, is trending in various sectors including military and defense, civil engineering, city planning, environmental monitoring, and weather monitoring. Airborne and terrestrial LiDAR are popular choices for corridor mapping and topographical surveys. Innovations such as MEMS scanners and electromechanical systems are driving advancements in LiDAR technology. The technology is also being used in industries like oil and gas, energy, aerospace and defense, healthcare, construction, and smart infrastructure. Applications include collision avoidance systems, driver assistance systems, 4D technology, and 3D imaging. New sensors like PlusDrive and next-generation LiDAR are being developed for autonomous vehicles, unmanned aircraft systems, smart grids, and advanced geospatial solutions. Other emerging applications include urban planning, disaster response, infrastructure monitoring, robotics, aerial surveying, and biomass estimation. LiDAR technology is also used in geomatics, meteorological physics, archeology, geomorphology, coastal geospatial services, wildlife ecosystems, and seismology.

LiDAR (Light Detection and Ranging) market participants are focusing on enhancing the measurement technology of LiDAR sensors. Current LiDAR sensors employ a time-of-flight method to determine the time and distance taken by laser beams to hit targets and return. However, next-generation LiDAR sensors are under development, utilizing continuous-wave frequency-modulated (CWFM) technology. This advanced approach sends continuous laser beams towards targets, which are then split into two. One beam travels to the target and bounces back, while the other remains constant. The recombined beams' frequency shift upon interaction with the target provides more precise distance measurements. This innovation could potentially improve LiDAR sensors' accuracy and efficiency in various industries, such as autonomous vehicles and surveying.