The global LiDAR market size is expected to reach USD 3.7 billion by 2027, expanding at a CAGR of 13.2% over the forecast period, according to a new report by Grand View Research, Inc. Increasing acceptance in environmental mapping, automobile safety application, construction and architectural sectors for monitoring, and 3D-modeling applications arenas is expected to boost the market growth. Furthermore, increasing development and adoption of self-driving cars and trucks is expected to boost the market growth, as Light Detection and Ranging (LiDAR) is one of the key sensing technologies that is required to enable hybrid to full autonomous driving.
The
advanced driver assistance systems (ADAS) application segment is expected to
grow at a remarkable pace owing to surging incorporation in automotive safety
and forward-collision avoidance systems. In U.K., the regulatory authorities
have mandated installation of certain automotive safety technologies such as
the collision avoidance technologies. The Euro NCAP Advanced aims to provide
buyers with clear guidance regarding the safety benefits offered by
technologies such as blind spot monitoring, lane support, Autonomous Emergency
Braking (AEB), speed alert, attention assist, vision enhancement, and pre-crash
sensing. Rising developments in 3D scanning solutions is anticipated to boost
the market growth over the forecast period. For instance, in October 2018, Faro
Technology, Inc. introduced new airborne LiDAR scanning in partnership with
STORMBEE, in order to provide cost effective airborne 3D scanning solution.
Furthermore,
growing environmental concerns have enforced governments to establish
regulations over the past decade. The authorities have been implementing
strategies, activities, and policies to tackle the concerns. The ability to
store large LiDAR point files has been a stumbling block for new users however,
the technological advancements in spatial resolution of LIDAR-based digital
terrain models are providing incredible accuracy in applications such as change
detection on hillsides, water runoff for agriculture or mining sites, and
inland waterways.
For Full Research Report On LiDAR Market Visit Here:
https://www.grandviewresearch.com/industry-analysis/lidar-light-detection-and-ranging-market
Further key
findings from the report suggest:
- The LiDAR market is
estimated to grow significantly due to automation in industries, leading
to reduced human efforts and increased efficiency. Technological
superiority of LiDAR in engineering projects of large magnitude is
estimated to trigger the demand further
- Airborne systems are
expected to remain the dominant product segment over the forecast period
on account of the surging adoption of aerial mapping devices
- North America is expected to
emerge as one of the leading regional markets owing to rising R&D
spending coupled with high adoption in the automotive sector and
environmental scanning and modeling operations
- Growing demand in emerging
economies, such as India, Japan, and China, is driving the industry growth
in the Asia Pacific region. The surge in the demand across the automotive
industry is one of the reasons boosting the market demand
- The key industry
participants include Velodyne LiDAR, Inc.; Leica Geosystems Holdings AG;
Faro Technologies Inc.; Trimble Navigation Limited; and RIEGL USA Inc.
- The current market
environment is witnessing an intense competition between the key players
for achieving the market domination via product differentiation and
enhancement of quality.
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Grand View Research has 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)
- Airborne
- Terrestrial
- Mobile & UAV
LiDAR Application
Outlook (Revenue, USD Million, 2016 - 2027)
- Corridor Mapping
- Engineering
- Environment
- Exploration
- Advanced Driver Assistance
Systems (ADAS)
- Others
LiDAR Component
Outlook (Revenue, USD Million, 2016 - 2027)
- Laser Scanners
- GPS
- Navigation (IMU)
- Others
LiDAR Regional
Outlook (Revenue, USD Million, 2016 - 2027)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Asia Pacific
- China
- India
- Japan
- South America
- Brazil
- Middle East & Africa
About Grand View Research
Grand View Research, Inc. is a U.S. based
market research and consulting company, registered in the State of California
and headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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