Pune, India, June 07, 2022 (GLOBE NEWSWIRE) -- The global LiDAR market size is projected to reach USD 6.71 billion by 2028. Driven by increasing investments in the development of newer products, the market will rise considerably in the coming years. According to a report published by Fortune Business Insights, the market was worth USD 1.32 billion in 2018 and will exhibit a CAGR of 22.7% during the forecast period.
Light detection and ranging or LiDAR is the process of creating a three-dimensional visual image. It is inclusive of a high-intensity laser tool, a micro-electro-mechanical system (MEMS), and a GPS transceiver. Accounting to the functional abilities of each of these systems, the device can yield images of the highest caliber. As a result, it is widely used in diverse applications such as automotive, healthcare, and aerospace, and defense. The increasing demand for LiDAR resulting from the widespread applications will aid the growth of the overall LiDAR market in the forthcoming years.
Key Industry Developments:
September 2017 - LedderTech, invested around USD 130 million for the expansion of its LiDAR development programs and accelerate its ASIC development efforts.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2019 to 2028 |
| Forecast Period 2019 to 20268CAGR | 22.7% |
| 2028 Value Projection | USD 6.71 Billion |
| Base Year | 2018 |
| LiDAR market Size in 2018 | USD 1.32 Billion |
| Historical Data for | 2015 to 2017 |
| No. of Pages | 160 |
| Segments covered | Type, Application, Industry and Geography |
| LiDAR market Growth Drivers | “Rising Emergence of Innovative 3D and 4D imaging technology to Offer Traction for the Adoption of LiDAR” |
| “Rising Demand for LiDAR from UAVs, Engineering, and Construction Applications Will Facilitate Growth of the Market” |
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Drivers and Restraints
Increasing Number of Product Innovations to Aid Growth
The report encompasses several factors that have contributed to the growth of the market in recent years. The increasing investment in research and development has yielded several new and innovative products. The increasing number of product innovations have had the highest impact on the growth of the market in recent years. In February 2018, FARO Technologies Inc. developed a new platform based on the LiDAR technology. The company introduced the FARO Zone 3-D platform, a system that assists investigators and security experts for enhancing the quality of construction sites. FARO’s latest technology will not only help the company to generate a high market revenue but will have a direct impact on the growth of the market. The report identifies a few of the leading products of recent years and gauges their impact on the global LiDAR market in the coming years.
Market Segmentation:
By component, the market is bifurcated into hardware, and software. By type, it is divided into bitcoin, ether, litecoin, ripple, ether classic, and others. By end-use, it is divided into trading, E-commerce and retail, peer-to-peer payment, and remittance.
Based on end use, the trading segment held the LiDAR market share of 42.8% in 2020, because it focuses on crypto solutions that are used for trading such as Pionex, Cryptohopper, Bitsgap, Coinrule, and others.
Lastly, in terms of geography, the market is divided into North America, Europe, Asia Pacific, the Middle East & Africa and Latin America.
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Regional Insights
North America to Emerge Leading; Increasing Investment in Product R&D to Aid Growth
The report analyzes the ongoing LiDAR market trends across five major regions including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among these regions, the market in North America is projected to exhibit a high LiDAR market share in the coming years. Recent advances in LiDAR technologies and their applications in core 3-D and 4-D imaging will have a positive impact on the growth of the market in North America. As of 2018, market in North America was worth USD 0.58 billion and this value is likely to increase in the coming years. Besides North America, the market in Europe will witness considerable growth driven by the expansion activities taken by major companies in leading countries such as Germany and UK.
Competitive Landscape
The LiDAR market is assessed to witness significant product launches and strategies, such as mergers & acquisitions, partnerships, collaborations, expansions, and product & technology launches. These market players make significant investments to drive research and development activities and expansion plans.
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Some of the leading companies that are operating in the global LiDAR Market Size are:
- Beijing SureStar Technology Co.Ltd.
- FARO Technologies, Inc.
- HEXAGON
- Leica Geosystems
- RIEGL Laser Measurement Systems GmbH
- SICK AG
- Teledyne Technologies
- Trimble Inc.
- Velodyne Lidar, Inc.
- YellowScan
Major Table of Contents:
- Global LiDAR Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights, and Forecast – By Type
- Mechanical
- Solid-state
- Market Analysis, Insights, and Forecast – By Deployment
- Ground-based
- Airborne
- Market Analysis, Insights, and Forecast – By Applications
- Mapping and Cartography
- ADAS (Advanced Driver-Assistance System)
- Surveillance
- Environment
- Exploration and Detection
- Others (Meteorology, etc.)
- Market Analysis, Insights, and Forecast – By Industry
- Automotive
- Aerospace and Defense
- Healthcare
- IT & Telecom
- Oil & Gas
- Other (Manufacturing, Mining, etc.)
- Market Analysis, Insights, and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- North America LiDAR Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights, and Forecast – By Type
- Mechanical
- Solid-state
- Market Analysis, Insights, and Forecast – By Deployment
- Ground-based
- Airborne
- Market Analysis, Insights, and Forecast – By Applications
- Mapping and Cartography
- ADAS (Advanced Driver-Assistance System)
- Surveillance
- Environment
- Exploration and Detection
- Others (Meteorology, etc.)
- Market Analysis, Insights, and Forecast – By Industry
- Automotive
- Aerospace and Defense
- Healthcare
- IT & Telecom
- Oil & Gas
- Other (Manufacturing, Mining, etc.)
- Market Analysis, Insights, and Forecast – By Country
- U.S.
- Canada
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