Rockville , Jan. 29, 2024 (GLOBE NEWSWIRE) -- As per the latest industry report by Fact.MR, the global LiDAR Sensor Market is estimated at a value of US$ 2.42 billion in 2024. Worldwide sales of LiDAR sensors are forecasted to increase at a CAGR of 14% between 2024 and 2034.
Incorporation of IoT technology has brought about revolutionary transformations in the global automotive sector. Autonomous vehicles as well as connected cars are projected to account for increased demand for LiDAR sensors as they help vehicles identify obstacles on their path. With innovations in vehicle automation and transportation planning, these sensors can play a key role in transforming the automotive sector.
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Key Segments of LiDAR Sensor Market Research Report
| By Type | By Technology | By Application | By End-use Industry | By Region |
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Utilization of LiDAR sensors in the field of meteorology helps forecast weather conditions by offering valuable insights to the meteorological department based on the collected data. With time, LiDAR sensors are becoming more economical and advanced due to the technological innovations occurring in the field. The use of LiDAR to create 3D and 4D images of the surrounding space has proven to be beneficial.
Key Takeaways from Market Study:
- The global LiDAR sensor market is projected to expand at an impressive CAGR of 14% and reach US$ 7.95 billion by 2034-end.
- The market expanded at 7.8% CAGR from 2019 to 2023.
- Solid-state LiDAR sensors lead the market and their sales are estimated at US$ 1.83 billion in 2024.
- North America led the global market with 27.2% share in 2023.
- The vehicle automation segment is estimated to occupy 9% market share in 2024.
- Based on region, demand for LiDAR sensors is projected to increase at CAGRs of 14.6% and 12.7% in East Asia and Latin America, respectively, during the forecast period (2024 to 2034).
“Growing demand for LiDAR sensors in autonomous and connected cars and advancements in vehicle automation are projected to drive market expansion in the coming decade. Their applications in meteorology are expanding to make accurate weather predictions. Market players are focusing on developing cost-effective technologies, thus contributing to their growing significance,” says a Fact.MR analyst.
Market Developments
The global LiDAR sensor market is highly competitive. LiDAR technology has found applications in the augmented reality industry as well. It provides a detailed 3D mapping that enables other systems to integrate this information with their data.
LiDAR is being used by scientists to understand the atmosphere on a deeper level. These sensors provide scientists with information about vegetation cycles. When scientists receive data that show that there is destruction in vegetation, new policies are used to save it.
In the field of engineering and construction, LiDAR sensors are being used to create detailed spatial maps before designing the real structure. This helps them reduce errors and, as a result, saves costs.
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| Report Attribute | Details |
| Value Projection (2034) | USD 7.95 Billion |
| Growth Rate (2024-2034) | 14% CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 224 Tables |
| No. of Figures | 176 Figures |
More Valuable Insights on offer
Fact.MR, in its new offering, presents an unbiased analysis of the LiDAR sensor market, presenting historical demand data for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study divulges essential insights based on type (airborne including topographic LiDAR and bathymetric LiDAR, terrestrial including mobile LiDAR and static LiDAR), technology (solid-state LiDAR, mechanical LiDAR), application (vehicle automation, digital elevation model, forest planning & management, environmental assessment, transport planning, infrastructure building, cellular network planning, meteorology, others), and end-use industry (automotive, oil & gas, IT & communication, media & entertainment, power & energy, survey & analysis, aerospace & defense, travel & tourism, agriculture & forestry, mining, others), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
Checkout More Related Studies Published by Fact.MR Research:
Current Sensor Market: Current sensor market analysis shows that global demand reached total valuation of around US$ 2,569.7 million, and is forecast to reach US$ 6,404.2 million with CAGR of 9.6% between 2022-2032.
LiDAR Market: As of 2022, the global LiDAR market stands at a valuation of US$ 1.9 billion and is estimated to surge to US$ 6.29 billion by the end of 2032. LiDAR demand is projected to rise rapidly across the world at a CAGR of 12.6% between 2022 and 2032.
Smartphone LiDAR Market: The global smartphone LiDAR market has reached a valuation of US$ 1.63 billion in 2022 and is expected to race ahead at a CAGR of 17.8% to reach US$ 6.05 billion by the end of 2030.
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