Growing Demand for The 3D Imaging Technology Driving the Growth of LiDAR Market

(IT-NEWSWIRE.COM, September 12, 2019 ) LiDAR Market is expected to witness high growth during the forecast period. The LiDAR market was valued at USD 677.5 Million in 2017 and is estimated to reach USD 1,809.5 Million by 2023, at a CAGR of 17.2% during the forecast period. The base year considered for the study is 2017, and the forecast period is between 2018 and 2023. The objective of the report is to provide a detailed analysis of the LiDAR market based on component, type, installation, range, service, application, and geography. The report provides detailed information regarding the major factors influencing the growth of the LiDAR market. The report also provides a detailed overview of the LiDAR value chain.

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The market for solid-state LiDAR is expected to grow at the highest CAGR during the forecast period. This growth of this segment is attributed to the increasing applications of this type in the automotive and robotics industries. In a solid-state LiDAR, the entire components, such as scanner and precision clock, are integrated on one or two chips to reduce its size and cost. The low cost of these systems enables combining two or more sensors to increase the area coverage and meet the specific requirements of the planned application.

The ground-based LiDAR systems are expected to hold a major share of the market during the forecast period. The ground-based LiDAR systems are either stationary or movable. They are placed on a moving platform such as sports utility vehicle (SUV) or all-terrain vehicle (ATV) with the help of a tripod and balancing assembly. The ground-based LiDAR systems cost less and have less stringent approval criteria for mapping or survey, which leads to the larger size of these systems in LiDAR market.

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Among applications, the LiDAR market for ADAS and driverless car is expected to grow at the highest CAGR between 2018 and 2023. The growing adoption of solid-state LiDAR in ADAS and driverless cars for assuring safety is expected to boost the market in the coming years. Moreover, automotive giants are adopting LiDAR systems for their L3 level vehicles to boost the sales of these vehicles.

The LiDAR Market in APAC is expected to grow at the highest CAGR between 2018 and 2023. Increasing awareness among customer regarding the benefits of LiDAR systems in various application and government support are the factors contributing to the high growth of this market. Moreover, the regional development in APAC, especially in countries such as China and India, is expected to contribute to the growing demand for LiDAR systems in this region.

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The key market players such as Teledyne Optech (Canada), Leica Geosystems (Switzerland), Reigl Laser Measurement Systems (Austria), Trimble (US), and Faro Technologies (US), Quantum Spatial (Aerometric) (US), Velodyne LiDAR (US), Beijing Surestar Technology (Isurestar) (China), Geokno (India), and Sick AG (Germany) are focusing on product launches and developments, agreements, contracts, partnerships, collaborations, acquisitions, and expansions to enhance their portfolio of product offerings and expand their business in LiDAR Market.

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Growing Demand for The 3D Imaging Technology Driving the Growth of LiDAR Market