Light Detection and Ranging (LiDAR) Market to Expand at 19.3% CAGR over 2023 to 2030; LeddarTech Rolled out LeddarSteer to Gain Competitive Edge

The global Light Detection and Ranging (LiDAR) market size stood at USD 1.90 billion in 2022. The market value is slated to rise from USD 2.31 billion in 2023 to USD 7.94 billion by 2030 at a CAGR of 19.3% during 2023-2030. The surge is impelled by the increasing usage of LiDAR in numerous applications in various industries such as healthcare, aerospace & defense, automotive, and others.

Fortune Business Insights™ presents this information in its report titled “Light Detection and Ranging (LiDAR) Market Size, Share & Russia-Ukraine War Impact Analysis, By Component (Hardware and Software), By Type (Mechanical and Solid-state), By Deployment (Ground-based and Airborne), By Range (Short Range, Medium Range, and Long Range), By Industry (Automotive, Aerospace and Defense, Smart Infrastructure, Environment Sector, Oil and Gas, and Others), and Regional Forecast, 2023–2030”.

Russia-Ukraine War May Lead to Supply Chain Disruption Affecting Market Growth

The war has impacted the supply chain relationship and the price system of raw materials. The conflict could create hindrances in manufacturing capabilities. Additional impact of the war could be an unstable atmosphere in Europe and globally. The technology is extensively deployed in infrastructure planning, surveying, and mapping.

LeddarTech Launched LeddarSteer to Strengthen Market Footing

In May 2022, LeddarTech announced the launch of LeddarSteer. The solution was designed for Tier 1-2 automotive suppliers and LiDAR smart sensor developers. It can provide an improved signal-to-noise ratio via the concentration of laser power on a small area while decreasing the complexity, cost, and size.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/light-detection-and-ranging-lidar-market-101969

Soaring LiDAR Demand from Unmanned Aircraft Systems, Construction, and Other Applications to Propel Industry Expansion

The Light Detection and Ranging market growth is being propelled by the surging product deployment in various applications. These include advanced driving assistance systems, unmanned aircraft systems, measurement, and others.

However, the industry expansion may be restrained by the easy availability of low-cost light photogrammetry.

Pivotal Players Launch New Products to Gain Competitive Edge

Leading industry participants develop and launch new products for strengthening their business positions. These comprise collaborations, partnerships, and the formation of alliances. Other initiatives include a rise in research and development activities.

Key Players Profiled:

• FARO Technologies, Inc. (U.S.)


• Hexagon AB (Sweden)


• Innoviz Technologies Ltd. (Israel)


• LeddarTech Inc. (Canada)


• Leica Geosystems (Switzerland)


• Ouster Inc. (U.S.)


• Sick AG (Germany)


• Teledyne Technologies (U.S.)


• Trimble Inc. (U.S.)


• Valeo S.A. (France)

Notable Industry Development

• February 2023 – Innoviz Technologies entered into a partnership with General Laser. The deal was aimed at driving the sales of the company’s LiDAR solutions in the Europe market.

Further Report Findings

• The North America market is slated to record appreciable growth throughout the forecast period. The region is set to account for a major market share driven by the escalating adoption of core 3D and 4D technologies.


• The Europe Light Detection and Ranging market share is estimated to register considerable growth over the forecast period. The expansion is driven by the growing product demand in numerous industries such as machinery, car production, and others.


• By component, the market is bifurcated into hardware and software. The hardware segment is poised to register notable growth over the study period. The growth is propelled by an increase in hardware solutions.


• On the basis of type, the market is segmented into mechanical and solid-state. The mechanical segment accounted for a leading market share and is slated to expand at a considerable rate over the projected period. The surge is propelled by the soaring product deployment in advanced driving assistance systems.


• Based on range, the market is fragmented into short range, medium range, and long range. The medium range segment is estimated to expand at a considerable CAGR over the analysis period. The growth is due to the increasing product adoption in engineering, mapping, exploration, and other applications.

Table of Segmentation