Market Size of Europe LiDAR Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 23.60 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Europe LiDAR Market Analysis
The Europe LiDAR market is expected to grow at a CAGR of 23.6% during the forecast period. Light detection and ranging (LiDAR) mapping and detection are becoming an established system of generating detailed geo-referenced spatial information of a surrounding and its characteristics. Some of the benefits of using LiDAR include capturing large amounts of area in a relatively small amount of time and the low requirement of manual labor.
- LiDAR-based mapping solutions are agile and can be used on a stationary or moving vehicle. Due to this, they are being adopted by many industries, especially for application in engineering, construction, environment, and exploration, proving the effectiveness and demand for this technology. The technology was invented for military use but was first adopted widely by meteorologists to study clouds in the early 2010s.
- Governments across the continent are investing in aerial LiDAR development technologies aggressively. The UK government has been collecting LiDAR data for the past 17 years and has made it available to the public. A spokesperson for the government claimed that the data may be beneficial for archeologists to visualize ancient landscapes.
- Further, the French government is supporting the development of self-driving cars, aiming to deploy 'highly automated' vehicles on public roads between 2020 and 2022. The government had aimed to establish a legislative regulation that is likely to allow the use of autonomous public transport and the circulation of third-level autonomous cars.
- However, the market is challenged by a relatively high cost of equipment and surveying applications, along with a lack of education and awareness about the technology, which impedes the market's growth. However, increasing innovation by the studied vendors is expected to bring down the prices and further expand the commercial scope of the technology.
- The COVID-19 outbreak has affected industries across the globe. The automotive industry is one of the significant adopters of LiDAR. The outbreak has led to the shutdown of various production plants. According to the European Automobile Manufacturers Association (ACEA), the region-wide production losses in the automotive industry due to factory shutdowns amounted to at least 2,446,344 motor vehicles, including passenger cars, trucks, vans, buses, and coaches.
