The global LiDAR market size is anticipated to be worth USD 3.7 billion by 2027 and registering 13.2% CAGR during the forecast period from 2020 to 2027, as per a new report by Million Insights. Increasing use of LiDAR system in automobile safety, environmental mapping and corridor mapping is attributing to its growth. In addition, increasing adoption of autonomous vehicles is likely to spur product demand. LiDAR plays a vital role in sensing and it is integrated with ADAS technologies to ensure vehicle safety.
Safety parameters are gaining traction as governments are mandating the use of ADAS system in the automotive industry. For example, the U.K. government has framed regulatory guidelines to necessitate the installation of collision avoidance feature. In addition, increasing use of 3D mapping technology is anticipated to bolster the demand for LiDAR technology. Considering the high demand for this technology, market players are focusing on the introduction of new products. For example, Faro Technology in 2018 introduced a brand new airborne LiDAR scanning system in collaboration with STORMBEE.
Increasing concern pertaining to environment safety has enforced government authorities to frame stringent regulations. Authorities are introducing activities, policies and strategies to address the concern. LiDAR ability to store large point files is a stumbling block for new users. However, technological advancements have offered high accuracy in various applications such as water runoff for mining sites agricultural sites, inland waterways and hillsides.
North America held the largest share in the LiDARmarket in 2019 owing to stringent regulations that mandate the use of LiDAR in automotive safety. The country has mandated the use of LiDAR in both heavy-duty and light-duty vehicles. Besides, Asia Pacific is anticipated to register the highest CAGR over the forecast duration.
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Further key findings from the report suggest:
• By product, airborne segment is likely to register the considerable growth rate owing to increasing automation across industries.
• North America accounted for the highest share in the market in 2019 owing to the increasing adoption of LiDAR technology in automotive and growing spending on research and development.
• Increasing product demand in countries such as India, China and Japan are supplementing to the growth of the market.
• Key players operating in the market are RIEGL USA Inc., Trimble Navigation Limited, Velodyne LiDAR and Faro Technologies Inc. among others.
Million Insights segmented the global LiDAR market on the basis of product type, application type, component type and region:
LiDAR Product Type Outlook (Revenue, USD Million, 2016 - 2027)
• Mobile & UAV
LiDAR Application Outlook (Revenue, USD Million, 2016 - 2027)
• Corridor Mapping
• Advanced Driver Assistance Systems (ADAS)
LiDAR Component Outlook (Revenue, USD Million, 2016 - 2027)
• Laser Scanners
• Navigation (IMU)
LiDAR Regional Outlook (Revenue, USD Million, 2016 - 2027)
• North America
• Asia Pacific
• South America
• Middle East & Africa