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.
Full Research Report On LiDAR Market Visit Here:
https://www.grandviewresearch.com/industry-analysis/lidar-light-detection-and-ranging-market
LiDAR
Market Report Highlights
- 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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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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