Market Size of Latin America LiDAR Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
Market Size (2024) | USD 1.48 Billion |
Market Size (2029) | USD 2.29 Billion |
CAGR (2024 - 2029) | 9.26 % |
Market Concentration | Low |
Major Players*Disclaimer: Major Players sorted in no particular order |
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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.
Latin America LiDAR Industry Segmentation
LiDAR systems are helping scientists and mapping professionals to examine both natural and manmade environments with precision, accuracy, and flexibility. Moreover, LiDAR systems are also used in the sports industry like football for creating heat maps of team movement, speed, and distance between players, which can help trainers come up with better strategies. The Latin America LiDAR market is segmented in Product, Component, End-User.
Product | |
Aerial LiDAR | |
Ground-based LiDAR |
Components | |
GPS | |
Laser Scanners | |
Inertial Measurement Unit | |
Other Components |
End-User | |
Engineering | |
Automotive | |
Industrial | |
Aerospace & Defense |
Country | |
Brazil | |
Mexico | |
Argentina | |
Rest of Latin America |
Latin America LiDAR Market Size Summary
The Latin America LiDAR market is poised for significant growth, driven by various factors including the region's lower labor costs compared to the United States and Europe, which attract both local and international manufacturers. The increasing application of LiDAR technology in archaeological mapping and exploration, such as the discovery of ancient civilizations in Guatemala and Mexico, is expected to further propel market expansion. Additionally, investments in autonomous vehicle technology by companies like Intel in Mexico are contributing to the market's growth. The construction industry in Latin America, particularly in Brazil and Panama, is also a key driver, supported by infrastructure projects like the Panama Canal expansion and metro developments. Government initiatives in countries like Argentina, focusing on infrastructure development, are set to boost the demand for LiDAR systems, despite challenges posed by the COVID-19 pandemic disrupting supply chains.
The demand for laser scanners is rapidly increasing due to their capability to create 3D point clouds for various applications, including topographic mapping and measuring environmental changes. The region's automotive sector, supported by government incentives and free trade agreements, is experiencing growth, with connected car technology and ADAS-equipped vehicles gaining traction. This trend is expected to influence the LiDAR market positively. The competitive landscape in the Latin America LiDAR market is marked by strategic partnerships and acquisitions among major vendors like Jenoptik Ag, Sick Ag, and Velodyne Lidar Inc., aiming to differentiate themselves and expand their market presence. These dynamics, coupled with the region's evolving automotive manufacturing hub status, underscore the promising outlook for the LiDAR market in Latin America.
Latin America LiDAR Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Industry Attractiveness - Porters Five Force Analysis
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1.2.1 Threat of New Entrants
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1.2.2 Bargaining Power of Buyers
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1.2.3 Bargaining Power of Suppliers
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1.2.4 Threat of Substitute Products
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1.2.5 Intensity of Competitive Rivalry
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1.3 Industry Value Chain Analysis
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1.4 Market Drivers
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1.4.1 Fast Paced Developments And Increasing Applications Of Drones
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1.4.2 Growing Applications In Government Sector
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1.4.3 Increasing Adoption In Automotive Industry
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1.5 Market Restraints
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1.5.1 High Cost of The LiDAR Systems
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2. MARKET SEGMENTATION
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2.1 Product
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2.1.1 Aerial LiDAR
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2.1.2 Ground-based LiDAR
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2.2 Components
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2.2.1 GPS
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2.2.2 Laser Scanners
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2.2.3 Inertial Measurement Unit
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2.2.4 Other Components
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2.3 End-User
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2.3.1 Engineering
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2.3.2 Automotive
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2.3.3 Industrial
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2.3.4 Aerospace & Defense
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2.4 Country
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2.4.1 Brazil
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2.4.2 Mexico
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2.4.3 Argentina
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2.4.4 Rest of Latin America
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Latin America LiDAR Market Size FAQs
How big is the Latin America LiDAR Market?
The Latin America LiDAR Market size is expected to reach USD 1.48 billion in 2024 and grow at a CAGR of 9.26% to reach USD 2.29 billion by 2029.
What is the current Latin America LiDAR Market size?
In 2024, the Latin America LiDAR Market size is expected to reach USD 1.48 billion.