LiDAR Market size is set to exceed USD 7 billion by 2027, according to a new research report by Global Market Insights Inc.
The market growth is attributed to the increasing demand for advanced mapping solutions. LiDAR technology provides an extensive amount of accurate & quality information for various applications. These solutions are being increasingly used in UAVs to generate high-resolution digital surfaces, terrains, and elevation models for various business applications. The increasing emphasis on 3D imaging and mapping is further contributing to the technology developments, enabling the market expansion.
The emergence of LiDAR sensors over UAVs is fueling the segment growth
The UAV segment is estimated to witness 20% growth rate through 2027. The LiDAR sensors mounted on UAVs are equipped with a sophisticated photogrammetry software. The sensors can process high resolution images rapidly in the cloud and provide real-time actionable insights. They provide critical ranging data for safe navigation along with accurate positioning. The UAV-oriented LiDAR solutions are used for agriculture & forestry, archaeology & cultural heritage documentation, etc., spurring the industry growth.
Industry-wide focus on dispersed data processing capabilities is enabling the popularity of mechanical components in the market
The mechanical segment will dominate 90% of revenue share by 2027. Mechanical LiDAR is largely used for real-time scanning and navigation applications. It leverages a solid-state detector system fitted within a spinning system to take advantage of the 360-degree view and gather data at higher speeds. The need for enhanced measurement and data processing speeds is contributing to the segment expansion.
Browse key industry insights spread across 270 pages with 373 market data tables and 34 figures & charts from the report, “LiDAR Market Size By Product (Airborne [Topographic, Bathymetric], UAV, Terrestrial [Mobile, Static]), By Type (Mechanical, Solid-state), By Application (Corridor Mapping [Roadways, Railways, Bridges & Tunnels], Engineering, Environment, Driverless Cars, Exploration & Meteorology, Cartography), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
The driverless cars segment is expected to grow significantly in the global market
The driverless cars segment is poised to grow significantly over the forecast timeline. The LiDAR sensor helps to carry out operations without the help of drivers or automatically. It provides high-resolution & three-dimensional information about the surrounding environment. The enterprises operating in the industry are integrating advanced tools into automotive.
The growing development of self-driving vehicles across APAC is anticipated to support the market demand for LiDAR solutions
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Asia Pacific LiDAR market will reach USD 2 billion by 2027 owing to the development of autonomous driving vehicles and significant technology developments. The companies operating in the market are also focusing on the development of advanced solutions. For instance, in March 2021, RoboSense unveiled its solid-state LiDAR production line for automotive applications. The company planned to commercialize the production by the second quarter of 2021. This is predicted to help the company in strengthening its market position.
Focus on product development and strategic partnerships by key players to augment the revenue share
Some of the key players operating in the market are Beijing SureStar Technology Co. Ltd., FARO Technologies, Inc., Geokno, Hexagon AB (Leica Geosystem), Innoviz Technologies Ltd, LeddarTech Inc., NV5 Inc. (Quantum Spatial), Outster Inc., Quanergy Systems, Inc., RIEGL Laser Measurement Systems GmbH, RoboSense LiDAR, Sick AG, Teledyne Technologies (Teledyne Optech), Topcon Positioning Systems, Inc., Trimble Inc., Vaisala (Leosphere), Valeo, Velodyne Lidar, and Yellowscan.
The companies are focusing on collaborative development initiatives to address the industry demand. For instance, in July 2021, Velodyne Lidar, Inc. entered into NVIDIA Metropolis program to enhance its intelligent infrastructure solutions for traffic analytics & monitoring. The company planned to improve the functional capabilities of its infrastructure solutions comprising AI software and LiDAR sensors. Through this development, the company is slated to offer advanced solutions to enterprise customers, contributing to the industry expansion.
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