Market Trends of North America LiDAR Industry
The Demand for Advanced Global Positioning System (GPS) will Drive the Growth of the Market
- The Global Positioning System (GPS) is a satellite-based radio navigation technology, and it is one of the essential components of a LiDAR system, which helps to determine an object's latitude, longitude, and height (altitude) in terms of 3 coordinates while mounted on an airplane or vehicle. One of the major advantages of GPS on the LiDAR system is the ability to remotely map dangerous or inaccessible areas by suppressing the challenge from ground control points.
- Navigation-based GPS applications enable end-users to optimize their daily schedules by offering features such as shortest path selection, approximate time to reach the destination, presence of traffic, and roadblocks along the way, among others. Moreover, owing to the technological advancements and capabilities of mobile devices, there is fast growth in geospatial computing in the automotive sector, which requires GPS data.
- Additionally, the growing demand for sophisticated sensor systems (satellite systems, GNSS/GPS) and the portable nature of the devices that can capture geospatial data and process it are also influencing the growth of the market. However, the creation of maps is one of the major applications of LiDAR systems, where GPS plays a prominent role in their high accuracy and resolution.
- Major vendors in this market are also using innovative strategies to gain some competitive advantage over their other competitors. For instance, in October 2022, Cepton Inc. announced a collaboration with LidarSwiss Solutions GmbH to deploy its lidar technology in a drone-based mapping and analytics solution for infrastructure management and engineering design applications.
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Automotive Industry will Hold the Largest Market Share for this Market
- LiDAR has been recently incorporated into the development of a pre-scan system that assesses the surface of the road through a pulse laser to establish ideal suspension levels to ease the consumer's driving experience. Moreover, this provides the smoothest ride by preparing the tires to react to the imperfections in the road and alerting the driver to the presence of potholes and other obstacles.
- LiDAR is primarily used for the advanced driver assistance systems (ADAS) in automobiles for the convenience of the driver, with a human-machine interface for safe guidance and smooth operation. The autonomous nature of the vehicle requires considerably high accuracy and assistance for obstacle detection, avoidance, and safe navigation through the roadways.
- According to the National Highway Traffic Safety Administration, a division of the Department of Transportation, 42,915 people died in motor vehicle traffic crashes in 2021, a 10.5% increase from the 38,824 fatalities in 2020. Hence, the Federal Motor Carrier Safety Administration is committed to accelerating the deployment of ADAS technologies in four categories, which include active braking systems, active steering systems, active warning systems, and camera monitoring systems. These types of government initiatives are expected to definitely support the growth of this market.
- Moreover, the growing demand for electric vehicles is also influencing the growth of this market. In 2022, the US Department of Transportation's (USDOT) Federal Transit Administration announced over USD 1.6 billion in grant selections through the Low- or No-Emission (Low-No) Grant program. It will fund the deployment of transit buses and infrastructure that use enhanced propulsion technologies, which are fueling the growth of this market.
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