The global Lidar Market size is anticipated to be worth USD 3.7 billion by 2027 and registering 13.2% CAGR during the forecast period from 2020 to 2027, as per a new report by Million Insights. Increasing use of LiDAR system in automobile safety, environmental mapping and corridor mapping is attributing to its growth. In addition, increasing adoption of autonomous vehicles is likely to spur product demand. LiDAR plays a vital role in sensing and it is integrated with ADAS technologies to ensure vehicle safety.
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Market Synopsis of LiDAR Market:
Safety parameters are gaining traction as governments are mandating the use of ADAS system in the automotive industry. For example, the U.K. government has framed regulatory guidelines to necessitate the installation of collision avoidance feature. In addition, increasing use of 3D mapping technology is anticipated to bolster the demand for LiDAR technology. Considering the high demand for this technology, market players are focusing on the introduction of new products. For example, Faro Technology in 2018 introduced a brand new airborne LiDAR scanning system in collaboration with STORMBEE.
Increasing concern pertaining to environment safety has enforced government authorities to frame stringent regulations. Authorities are introducing activities, policies and strategies to address the concern. LiDAR ability to store large point files is a stumbling block for new users. However, technological advancements have offered high accuracy in various applications such as water runoff for mining sites agricultural sites, inland waterways and hillsides.
North America held the largest share in the LiDARmarket in 2019 owing to stringent regulations that mandate the use of LiDAR in automotive safety. The country has mandated the use of LiDAR in both heavy-duty and light-duty vehicles. Besides, Asia Pacific is anticipated to register the highest CAGR over the forecast duration.
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Table of Contents:-
Chapter 1 Methodology and Scope
Chapter 2 Executive Summary
Chapter 3 LiDAR: Market Variables, Trends & Scope
Chapter 4 LiDAR: Product Estimates & Trend Analysis
Chapter 5 LiDAR: Application Estimates & Trend Analysis
Chapter 6 LiDAR: End-use Estimates & Trend Analysis
Chapter 7 LiDAR: Industrial End-use Estimates & Trend Analysis
Chapter 8 LiDAR: Regional Estimates & Trend Analysis
Chapter 9 Competitive Landscape
Chapter 10 LiDAR: Manufacturers Company Profiles
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