In this article, we will be taking a look at the 15 biggest LiDAR companies in the world. To skip our detailed analysis, you can go directly to see the 5 biggest LiDAR companies in the world.
Many of you are likely to be unaware of what LiDAR refers to. LiDAR refers to a method which is used to determine ranges by targeting either a surface or object by use of a laser and then measures the time taken for the reflected light to return to the receiver. Another application of LiDAR (light detection and ranging) is to make accurate 3-D representations of the Earth’s surface in difference areas, including the bottom of the ocean and has airborne, mobile and terrestrial applications. Lidar technology was first developed in the 1950s, but it was not widely used until the 1970s, when it began to be used in atmospheric research.
Apart from making high-resolution, highly accurate maps which are used in many different fields including seismology, geology, geography and atmospheric physics among others, one of the newest uses of LiDAR technology is its use in navigation and control for autonomous cars, which are considered to be the next big thing in the automotive industry, one of the biggest industries in the world.
Photo by ThisisEngineering RAEng on Unsplash
LiDAR is a relatively new, growing industry which is why there aren’t a lot of players and most major companies in the industry are loss-making, with little revenue to boast about. Many companies entering the LiDAR market are either very small in size or are engaged in some other applications as well. According to Grand View Research, the LiDAR market size was worth around $1.8 billion in 2021 and, based on a CAGR of 9.8%, is expected to grow to a significant size by 2030. An almost double digit CAGR across 9 years is a very healthy sign for an industry. The application of LiDAR by most of these companies is to provide better accuracy in various applications such as change detection on hillsides and water runoff in various sites including agriculture and mining, not to mention inland waterways. The reason LiDAR is in increasing demand isn’t just because it’s more accurate, but also because it is responsible for reducing human efforts, which may be an issue later on in terms of job security for people currently manually carrying out these processes.
In Europe, the LiDAR market was worth $371 million in 2020 and $425 million in 2021. It is expected to grow at a somewhat lower CAGR of 7.5% by 2030 with the majority of its application being in the airborne sector. This is because there is an ever-increasing demand for aerial imagery in areas including defense and military, civil engineering, corridor mapping and topographical surveys not to mention 3D mapping and city planning. As mentioned earlier, many autonomous or self-driving cars which are approved for road use in the U.S. also use LiDAR technology. Another usage of LiDAR technology is in monitoring the weather and even the environment. For example, in Canada, environment monitoring stations use LiDAR technology which allows them to trace tropospheric pollution, while in other countries, this technology is used to monitor ash from volcanic eruptions too. However, one thing that the industry needs to work on is ensuring that more people are aware of the technology and its usage, as lack of awareness is one of the primary reasons why the growth of the industry could be stifled.
One potential limitation of lidar technology is its cost. Lidar systems can be expensive, which can make them cost-prohibitive for some applications. Additionally, lidar systems can be large and bulky, which can make them difficult to use in some situations. Another potential drawback of lidar is that it can be disrupted by certain environmental conditions, such as heavy rain or fog, which can limit its effectiveness in certain situations. Finally, lidar technology can be relatively slow, with some systems taking several minutes or even hours to produce a detailed map of an area.
The biggest LiDAR companies in the world are mostly based in the United States, with some also based in Europe. As discussed earlier, profits are still a few years away for these mostly newly established companies. For our rankings, we have considered the market cap, revenue, profits and assets of each company, assigning 30% weightage to the first three criteria and 10% weightage to the last one. So, without further ado, let’s take a look at the pioneers of an exciting, innovative field starting with number 15:
15. Neuvition
Total market cap of the company (in millions): N/A
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The California based LiDAR company provides multiple LiDAR solutions including LiDAR solutions for smart road, subway screen door accident prevention and rail traffic safety solutions among others.
14. Riegl
Total market cap of the company (in millions): N/A
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Riegel Laser Measurement Systems is a Germany LiDAR company and one of the biggest such companies in Europe.
13. Sense Photonics
Total market cap of the company (in millions): N/A
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Total profit / loss of the company from continuing operations (in millions): N/A
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Founded 6 years ago, Sense Photonics uses flash LiDAR to produce 3D data which can be used by automotive OEMs.
12. Baraja
Total market cap of the company (in millions): N/A
Total revenue of the company (in millions): N/A
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Just like most of the biggest LiDAR companies in the world, Baraja provides innovative solid-state LiDAR that can be used for future advancements.
11. Ibeo Automotive Systems
Total market cap of the company (in millions): N/A
Total revenue of the company (in millions): N/A
Total profit / loss of the company from continuing operations (in millions): N/A
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Ibeo Automotive Systems recently claimed to have developed the first worldwide 4D solid-state LiDAR sensor which can be used by automotive companies, to further develop autonomous driving..
10. Quanergy Systems
Total market cap of the company 11 December 2022 (in millions): $4.364
Total revenue of the company (in millions): $3.9
Total profit / loss of the company from continuing operations (in millions): -$63.5
Total assets of the company (in millions): $36.6
Quanergy is home to various high performance smart perception LiDAR solutions which are designed to help automate various key business procedures which in turn will increase efficiency as well as safety.
9. AEye, Inc. (NASDAQ:LIDR)
Total market cap of the company 11 December 2022 (in millions): $150.6
Total revenue of the company (in millions): $4.4
Total profit / loss of the company from continuing operations (in millions): -$100
Total assets of the company (in millions): $186.2
AEye, Inc. (NASDAQ:LIDR) mentions that its “4Sight Intelligent Sensing Platform, with its adaptive sensor-based operating system, enhances perception by capturing accurate information faster and more reliably. This enables early detection and supports autonomy—increasing safety and new performance features.” AEye, Inc. (NASDAQ:LIDR) uses LiDAR technology to make this happen.
8. Cepton, Inc. (NASDAQ:CPTN)
Total market cap of the company 11 December 2022 (in millions): $206.7
Total revenue of the company (in millions): $3.8
Total profit / loss of the company from continuing operations (in millions): -$32.5
Total assets of the company (in millions): $48.7
Like most of the biggest LiDAR companies in the world, Cepton, Inc. (NASDAQ:CPTN) is headquartered in California. Cepton, Inc. (NASDAQ:CPTN) was founded in 2016 and provides several LiDAR solutions to its customers.
7. Aeva Technologies, Inc. (NYSE:AEVA)
Total market cap of the company 11 December 2022 (in millions): $333.9
Total revenue of the company (in millions): $6.9
Total profit / loss of the company from continuing operations (in millions): -$136.4
Total assets of the company (in millions): $479.2
Aeva Technologies, Inc. (NYSE:AEVA) used FMCW LiDAR technology which is primarily used in the autonomous vehicles sector. Recently, Aeva Technologies, Inc. (NYSE:AEVA) also introduced the world’s first 4D LiDAR with camera-level resolution which Aeva Technologies, Inc. (NYSE:AEVA) boasts has unparalleled capabilities.
6. MicroVision, Inc. (NASDAQ:MVIS)
Total market cap of the company 11 December 2022 (in millions): $473.2
Total revenue of the company (in millions): $1.2
Total profit / loss of the company from continuing operations (in millions): -$52.2
Total assets of the company (in millions): $130.2
The primary purpose of MicroVision, Inc. (NASDAQ:MVIS) is to use LiDAR technology in autonomous driving. MicroVision, Inc. (NASDAQ:MVIS) solutions have the capability to provide more than 10 million points per second in dynamic field of view.
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Disclosure: None. 15 biggest LiDAR companies in the world is originally published at Insider Monkey.
