The market is expected to increase at CAGR of 21.53% during the forecast period 2022-2031
BIS Research, the global leader in providing market intelligence on deep technologies, has released its latest study titled LiDAR Market – A Global and Regional Analysis.
According to this study, the global LiDAR market was valued at $335.4 million in 2022 and is projected to reach $1.94 billion by 2031.
The following factors are responsible for the increase in demand for LiDAR software:
- Increasing focus on advanced LiDAR solutions for improvement in existing ADAS features in the automotive industry
- Growing demand for LiDAR solutions in surveying and mapping
- Rising adoption of LiDAR solutions for streamlining construction projects
The detailed study is a compilation of 132 market data tables and 37 figures spread through 199 pages.
Check out the detailed table of content here:
https://bisresearch.com/requestsample?id=1475&type=toc
Analyst’s Take on the Market Projection
According to Dhrubajyoti, Principal Analyst, BIS Research, “The LiDAR software market is likely to grow multi-fold in the coming years during the forecast period, owing to the rapidly growing adoption of LiDAR software solutions across automotive and smart infrastructure applications. With the advancement in LiDAR technologies, hardware, and software, LiDAR solutions are becoming more cost-effective and high-performing solutions. The LiDAR software solution providers are focused on developing LiDAR solutions that align with the changing demand patterns across various end-use verticals for LiDAR software solutions. In terms of market rivalry/competition, LiDAR software is highly fragmented; however, the market is expected to reach higher consolidation levels over the coming years, with companies getting involved in merger and acquisition activities. The established LiDAR software solution providers are expected to face stiff competition from established and emerging LiDAR software solution providers that are entering the LiDAR industry.”
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Major Existing Industry Leaders in the Global LiDAR Market
The companies that are profiled have been selected based on input gathered from primary experts and analyzing company coverage, product portfolio, and market penetration. Some of the established names in the market are:
- Phoenix LiDAR Systems
- Terrasolid
- GreenValley International
- Geo-Plus
- GeoCue
- Routescene
- YellowScan
- LeddarTech Inc.
- Blickfeld GmbH
- Velodyne LiDAR, Inc.
- Shanghai Huace Navigation Technology Ltd. (CHC Navigation)
- Leica Geosystems AG – Part of Hexagon AB
- Quanergy Systems, Inc.
- Innoviz Technologies Ltd
- Teledyne Geospatial
Recent Developments in the Global LiDAR Market
- In January 2023, Quanergy Systems, Inc. launched a LiDAR-based hyper-accurate mantrap tailgating solution. This mantrap solution comprises the company’s perception software and MQ-8 series LiDAR sensors.
- In December 2022, LeddarTech Inc. entered into a development and commercial partnership agreement with Ficosa International S.A., a Spain-based multinational corporation involved in the R&D and production of automotive components and systems. Under the terms of this agreement, Ficosa is to integrate the former’s LeddarVision software solution into its own ADAS solution for parking.
- In December 2022, Innoviz Technologies Ltd entered into a partnership agreement with Outsight SA, a Paris (France)-based start-up company that specializes in real-time 3-D situation awareness solutions. Under this partnership agreement, Innoviz’s LiDAR InnovizOne is to be integrated with the processing software solution of the latter, thereby enabling 3-D localization and perception capabilities for LiDAR solutions used in automotive, industrial, and smart city applications.
- In December 2022, Blickfeld GmbH established a new branch office in Shanghai (China) with an aim to expand its global footprint and offer its solutions to its target customers in China, one of the major markets for LiDAR solutions.
- In October 2022, Velodyne LiDAR, Inc. acquired Bluecity, a Canada-based AI software provider that primarily offers advanced LiDAR solutions addressing infrastructure, safety, and traffic issues.
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