The global light detection and ranging (LiDAR) market size was USD 1.32 billion in 2018 and is expected to hit USD 6.71 billion by 2026, exhibiting a CAGR of 22.7% during the estimated period. LiDAR is used in a wide range of applications including geomorphology, atmospheric physics, archaeology, geomatics, airborne laser swath mapping, and others.
This information has been furnished by Fortune Business Insights™ in its research report, titled “Light Detection and Ranging (LiDAR) Market, 2019-2026”.
Segments:
Solid-State LiDAR to Register Substantial Growth Owing to Flexibility of Deployment Across Various Sectors
Based on type, the market is categorized into solid-state and mechanical LiDAR systems. Of these, the solid-state LiDAR segment is anticipated to record a commendable CAGR over the estimated period. The solution does not need any moving parts for functioning and is fabricated on a silicon chip, which favors its adoption across various sectors. Based on region, the industry is fragmented into Europe, Asia Pacific, North America, Latin America, and the Middle East & Africa.
List of Key Players Mentioned in the Report:
- Teledyne Technologies
- FARO Technologies, Inc.
- SICK AG
- Beijing SureStar Technology Co. Ltd.
- Trimble Inc.
- YellowScan
- HEXAGON
- RIEGL Laser Measurement Systems GmbH
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/light-detection-and-ranging-lidar-market-101969
The LiDAR (Light Detection and Ranging) market has experienced significant growth in recent years, driven by various factors. LiDAR technology utilizes laser light to measure distances and create detailed 3D maps of the surroundings. It finds applications in industries such as automotive, aerospace, robotics, and environmental monitoring. Here are some driving factors and segmentation aspects of the LiDAR market:
Driving Factors:
- Increasing Demand in Autonomous Vehicles: LiDAR plays a crucial role in enabling advanced driver-assistance systems (ADAS) and autonomous vehicles. The growing adoption of self-driving cars and the need for accurate and real-time perception of the surrounding environment have propelled the demand for LiDAR technology.
- Advancements in Sensor Technology: Technological advancements, such as the development of solid-state LiDAR sensors, have significantly improved the performance and reliability of LiDAR systems. These advancements have made LiDAR more compact, cost-effective, and suitable for various applications.
- Government Regulations and Safety Standards: Governments worldwide are implementing regulations to enhance road safety and reduce accidents. LiDAR technology is considered a crucial component in achieving these goals, leading to increased adoption in automotive applications.
- Expansion of LiDAR Applications: LiDAR has expanded beyond automotive applications and is now widely used in industries such as aerospace, forestry, urban planning, agriculture, and archaeology. The versatility of LiDAR technology has opened up new market opportunities and contributed to its growth.
