Latin America LiDAR Market Size

Latin America LiDAR Market Analysis

The Latin America LiDAR Market size is estimated at USD 1.48 billion in 2024, and is expected to reach USD 2.29 billion by 2029, growing at a CAGR of 9.26% during the forecast period (2024-2029).

Moreover, the lower cost of labor as compared to the United States and Europe attracted both local and international manufacturers toward the Latin American countries.

• LiDAR is increasingly being used by various agencies and institutions for mapping or tracing out of the archeological remains in the region, which is expected to boost the growth of this market. Several new cities are being explored, like the ancient Mayan city within the dense jungles of Guatemala. Additionally, archeologists, in 2018, discovered the civilization of Purépecha of Mexico. In September 2018, an open LiDAR portal was created at the city of Guadalajara.
• Companies like Intel is focusing on the autonomous vehicle space and are investing in Mexico to contribute significantly to the autonomous passenger vehicles in the market within 2023 or 2024. Hence these types of increasing investment will influence the growth of this market.
• The construction industry in Latin America is projected to remain strong over the next five years, which is supported by improving the business environment, low base effects, and a robust pipeline of projects. The construction industry is expected to grow faster, especially in Brazil and Panama, which is bolstered by the Panama Canal expansion, the construction of the metro, and the development of the Colon Free-Trade Zone. This growing construction industry is expected to drive the demand for LiDAR systems in this region.
• The government of Argentina is emphasizing on the importance of infrastructure for economic growth. It is planning to spend USD 16 billion over the next decade to fund new residential buildings, roads, renewal of regional airports, and rehabilitation of the Belgrano cargo rail line, which includes connections to ports of Chile on the Pacific. The government is also planning to improve transportation by building a metro line linking all modes of public transport in Buenos Aires.
• Additionally, the limited rail network is acting as a barrier to the development of unconventional energy, forcing producers to move materials by road, which is expensive. It is opening new opportunities for investing in rail infrastructure, which drives the market for LiDAR systems. However, the ongoing COVID 19 pandemic situation has disrupted the overall supply chain process of the major vendors for this market. Hence this pandemic situation can create a major restraint for the growth of this market.