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Light Detection and Ranging (LiDAR) Market Size, And Industry Trends
The global light detection and ranging (LiDAR) market size was USD 1.32 billion in 2018 and is expected to hit USD 6.71 billion by 2026, exhibiting a CAGR of 22.7% during the estimated period. LiDAR is used in a wide range of applications including geomorphology, atmospheric physics, archaeology, geomatics, airborne laser swath mapping, and others.
This information has been furnished by Fortune Business Insights™ in its research report, titled “Light Detection and Ranging (LiDAR) Market, 2019-2026”.
The Light Detection and Ranging (LiDAR) market refers to the market for devices that use light pulses to measure distances and create precise 3D digital representations of objects and environments. LiDAR technology has a wide range of applications, including in surveying, mapping, autonomous vehicles, and environmental monitoring.
The LiDAR market has experienced significant growth in recent years, driven by increasing demand for mapping and surveying applications, as well as the growing popularity of autonomous vehicles. The market is expected to continue to grow in the coming years, with the development of new and innovative applications for LiDAR technology.
Solid-State LiDAR to Register Substantial Growth Owing to Flexibility of Deployment Across Various Sectors
Based on type, the market is categorized into solid-state and mechanical LiDAR systems. Of these, the solid-state LiDAR segment is anticipated to record a commendable CAGR over the estimated period. The solution does not need any moving parts for functioning and is fabricated on a silicon chip, which favors its adoption across various sectors. Based on region, the industry is fragmented into Europe, Asia Pacific, North America, Latin America, and the Middle East & Africa.
The market for LiDAR is segmented based on type, component, application, and geography. The type segment includes airborne LiDAR, terrestrial LiDAR, and others. The component segment includes lasers, scanners, GPS/GNSS receivers, and others. The application segment includes surveying and mapping, ADAS and driverless cars, urban planning, and others. Geographically, the market is segmented into North America, Europe, Asia Pacific, and Rest of the World.
List of Key Players Mentioned in the Report:
- Teledyne Technologies
- FARO Technologies, Inc.
- SICK AG
- Beijing SureStar Technology Co. Ltd.
- Trimble Inc.
- RIEGL Laser Measurement Systems GmbH
Browse Detailed Summary of Research Report with TOC: