SAN FRANCISCO, March 24, 2020 /PRNewswire/ -- 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.
Key suggestions from the report:
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.
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.
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)
Mobile & UAV
LiDAR Application Outlook (Revenue, USD Million, 2016 - 2027)
Advanced Driver Assistance Systems (ADAS)
LiDAR Component Outlook (Revenue, USD Million, 2016 - 2027)
LiDAR Regional Outlook (Revenue, USD Million, 2016 - 2027)
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.