3D LiDAR Sensor Market Expected to Reach $2.30 Billion By 2030

According to a new report published by Allied Market Research, titled, “3D LiDAR Sensor Market By Type, Application, Connectivity, and End User: Global Opportunity Analysis and Industry Forecast, 2021–2030”, The global 3D LiDAR sensor market size was valued at $0.51 billion in 2020, and is projected to reach $2.30 billion by 2030, registering a CAGR of 14.5%. Asia-Pacific is expected to be the leading contributor toward the 3D LiDAR sensor market during the forecast period, followed by North America and Europe.  

3D LiDAR sensor is a compact and miniaturized device that is a vital part of a 3D mapping system. The device emits light from multiple angles to capture the shape of an object in three dimensions. It is widely used in automotive and mobility applications.

The growth of the global 3D LiDAR sensor market is anticipated to be driven by factors such as ability of these 3D LiDAR sensors to capture a 3D image that has augmented their application in various industry verticals such as automotive, consumer electronics, & healthcare sectors, and rising penetration of image sensors in automobiles. In addition, growing demand for 3D LIDAR sensor for agricultural robots boosts the overall market growth. However, high manufacturing cost of these sensors acts as a major restraint of the global 3D LiDAR sensor industry. On the contrary, increasing application of 3D LiDAR sensor in defense and civil engineering field is expected to create lucrative opportunities for the global industry.

Moreover, developing nations tend to witness high penetration of 3D LiDAR sensor products specially in healthcare & automotive sector, which is anticipated to augment the market growth. Factors such as surge in demand for self-driving vehicle accelerate the market growth.

The global 3D LiDAR sensor market is segmented into type, application, connectivity, end user, and region. By type, the market is classified into mechanical and solid state. Depending on application, the market is categorized into navigation devices, advanced driver assistance system [ADAS], corridor mapping, seismology, security & surveillance, and others. By connectivity, it is divided into wired and wireless. On the basis of end user, the market is classified into consumer electronics, aerospace & defense, automotive, transportation, healthcare, and others.

Region wise, the 3D LiDAR sensor market trends have been analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America contributed maximum revenue in 2020. However, between 2020 and 2030, the 3D LiDAR sensor market in Asia-Pacific is expected to grow at a faster rate as compared to other regions. This is attributed to increase in demand from the emerging economical countries such as India, China, Japan, Taiwan, and South Korea.

COVID-19 Impact Analysis

The outbreak of COVID-19 has significantly affected the electronics and semiconductor sector. Business and manufacturing units across various countries were closed, owing to increase in number of COVID-19 cases and are expected to remain close in 2021. Furthermore, partial or complete lockdown has disrupted global supply chain posing challenges for manufactures to reach customers.

The COVID-19 pandemic is impacting the society and overall economy across the globe. The impact of this outbreak is growing day-by-day as well as affecting the overall business globally. The crisis is creating uncertainty in the stock market and resulting in falling business confidence, massive slowing of supply chain, and increasing panic among the customer segments.

Asian and European countries under lockdowns have suffered major loss of business and revenue due to shutdown of manufacturing units. The operations of production and manufacturing industries have been heavily impacted by the outbreak of COVID-19, which further impacted the 3D LiDAR sensor market growth.

In addition, the COVID-19 pandemic has impacted the electronics sector as production facilities have stalled, which, in turn, boosted the demand for electronics and semiconductor products in industries. Its major impact includes a large manufacturing interruption across Europe and interruption in Chinese parts exports, which may hinder the market growth.

Key Findings of the Study

• The transportation sector is projected to be the major application, followed by automotive.
• Asia-Pacific and North America collectively accounted for more than 65% of the 3D LiDAR sensor market share in 2020.
• India is anticipated to witness highest growth rate during the forecast period.
• U.S. was the major shareholder in the North America 3D LiDAR sensor market, accounting for approximately 68% share in 2020.
• Depending on application, the corridor mapping segment generated the highest revenue in 2020. However, the advanced driver assistance system (ADAS) segment is expected to witness the highest growth rate in the near future.
• Region wise, the 3D LiDAR sensor market was dominated by North America. However, Asia-Pacific is expected to witness significant growth in the coming years.

The key players profiled in the report include Faro Technologies Inc., GeoSLAM Ltd., Infineon Technologies AG, Leddartech, Leica Geosystems AG, Raymetrics S.A., Sick AG, Vaisala, Velodyne Lidar, Inc., and Mitsubishi Electric Corporation. These players have adopted various strategies such as product launches, acquisition, partnership, agreement, and product expansion to strengthen their foothold in the industry.