Market Trends of Europe LiDAR Industry
This section covers the major market trends shaping the Europe LiDAR Market according to our research experts:
Engineering Industry to Hold Considerable Market Share
- Surveying and civil engineering find crucial importance in the LiDAR technology for the aerial and terrestrial scanning to provide valuable insights as to the existing architecture or details regarding the stability of the inclinations and other factors, which could play a vital role in the development of the plans for construction and other operations.
- UAVs (unmanned aerial vehicles) are also being used for surveying applications as they eliminate the challenges faced by technicians who use fixed solutions in hazardous areas. Also, considering cost reduction advantages compared to helicopters with LiDAR technologies, UAVs integrated with LiDAR are expected to gain traction.
- The remote operation of the ground-based LiDARs has further ensured a safe investigation of the locations by the authorities for monitoring the rock mechanics for the rock mass characterization and slope stability. Geomechanical details hold critical importance in establishing safe locations for laying the roadways and other modes of ground transport.
- LiDAR is widely used in the railroad industry to monitor the asset health reports for efficient asset management and the responsible government authorities to assess the pathway conditions due to increasing passenger traffic. LiDAR is frequently used to understand the riverbed's depth and flow strength to create appropriate designs for dams and other flow control constructions. They also play a vital role in designing stormwater or flood management systems as they help analyze the possible complications resulting from an environmental disaster.
- The LiDAR products and technology usage in construction and restoration applications are expected to increase during the forecast period as awareness about their safe and easy operation spread through the regions. In addition, using aerial LiDAR for construction applications is also preferred over other methods, like photogrammetry (data collected from high-resolution cameras to create either a 2D or 3D survey of an area), considering the technical limitations, i.e., the technology cannot be used to get past brush or ground cover.
- Moreover, the growing number of constructions in this region drives the growth of the LiDAR market. For instance, according to OECD (Organisation for Economic Co-operation and Development) and Eurostat, the revenues generated from the European construction/engineering industry are predicted to increase by EUR 2,132.8 billion in 2024 from EUR 2,026.2 billion in 2021, which is expected to drive the growth of the LiDAR market in Europe.
Understand The Key Trends Shaping This Market
Download Sample
Increasing Adoption of LiDAR in the Automotive Industry to Drive the Market Growth
- The growing trends in the automotive industry toward self-driving cars and electric vehicles are expected to be the critical drivers for newer applications of LiDAR. Self-driving cars increasingly use LiDAR sensors for generating huge 3D maps for 360° vision and for accurate information to assist in self-navigation and object detection.
- With the growing consumer propensity toward electric vehicles, preference for ADAS, and the growing adoption of autonomous technology in the industry, the LiDAR market is expected to attract significant investments in the region. For instance, Ouster, a provider of LiDAR sensors for autonomous vehicles, mapping, and robotics, announced its expansion into Europe with a new office in Paris.
- To meet the growing demand for LiDAR sensors, various automobile OEMs have started working on new electric cars and presenting them at auto expos. Additionally, these OEMs have started setting up multiple factories across the region to gain a competitive advantage in terms of first-mover advantage in the marketplace.
- Moreover, self-driving and autonomous cars are becoming a reality soon, with major giants, such as Google, Tesla, and BMW, already releasing their prototype models. The Canadian car components supplier, Magna, and an Israeli LiDAR technology developer, Innoviz Cooperated, will provide BMW with its innovative sensor and system. It is expected to offer high-resolution LiDAR technology, which generates a 3D point cloud in real-time of the vehicle's surroundings under all weather conditions.
- With the recent technological advancements in reducing both size and cost of the sensor, LiDAR sensors are expected to be used in autonomous vehicle technology. They have become commonplace in mass-market vehicles such as cameras, radars, and other low-cost safety technology.
- For instance, Velodyne Lidar Inc., a supplier of sensing systems for the autonomous vehicle (AV) industry, launched a new LiDAR unit which costs USD 100 and comes in a compact size smaller than a deck of cards to be embedded in a range of various solutions in the industry.
- According to ACEA, With the increasing sales of passenger cars in key European markets in 2021, the sales in Germany were 26,22,132 million, followed by France in the European region. These sales numbers will also continue to rise in the future, which is expected to drive the growth of the LiDAR market.
Get Analysis on Important Geographic Markets
Download Sample
