New York, Dec. 10, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "LiDAR Market With Covid-19 Impact by Technology, Component, Installation Type, Range, Service, End-Use Application And Region - Global Forecast to 2026" - https://www.reportlinker.com/p03872741/?utm_source=GNW
However, safety threats related to UAVs and autonomous cars and the easy availability of low-cost and lightweight photogrammetry systems are restraining the growth of the market.
Increasing investments in LiDAR startups by automotive giants, opportunities for SWIR-based design in the long term, technological shifts with the adoption of solid-state, MEMS, flash LiDAR, and other LiDAR technologies, development of better geospatial solutions using sensor fusion, and initiatives undertaken by governments of different countries to encourage the use of LiDAR drones for large-scale surveys are expected to provide growth opportunities to the LiDAR market players during the forecast period. Moreover, the high cost of LiDAR services and the limited availability of geospatial data pose challenges to the LiDAR market.
3D LiDAR technology is estimated to hold a major share of the market
Based on technology, the LIDAR market is segmented into 2D, 3D, and 4D LiDAR.In 2020, the 3D LiDAR segment accounted for the largest market share among other segments of the LiDAR market.
The major factor contributing to the dominance of 3D LiDAR is the widespread adoption of 3D LiDAR in applications such as corridor mapping, engineering, environment, meteorology, and cartography.However, the market for 4D LiDAR is projected to grow at the highest CAGR from 2021 to 2026.
This growth is attributed to the high adoption of 4D LiDAR in applications such as ADAS, driverless cars, and robotics.
ADAS and driverless cars end–use application is expected to grow at the highest CAGR from 2021 to 2026
The LiDAR market is segmented, by application, into corridor mapping, engineering, environment, ADAS & driverless cars, exploration, urban planning, cartography, metrology, and other applications.ADAS and driverless cars have provided attractive growth opportunities to the LiDAR market, as automotive giants and other business leaders are increasingly investing in ADAS and driverless cars.
Owing to this, the market for ADAS & driverless cars application is projected to grow at the highest CAGR during the forecast period.The rising adoption of solid-state LiDAR in ADAS and driverless cars for assuring safety is expected to boost the market in the coming years.
Automotive giants are adopting LiDAR systems for their Level 3 and Level 4 autonomous vehicles, which is expected to have a positive impact on the sales of these vehicle types, and subsequently, on the LiDAR market.
APAC is attributed to growing at the highest CAGR in the LiDAR market during the forecast period (2021-2026)
North America accounted for the largest market share of the LiDAR market in 2020.North America is one of the important markets for LiDAR; it comprises the US, Canada, and Mexico.
This region is more advanced in the adoption of LiDAR than other regions.Growing investments in ADAS and driverless cars and increasing awareness about the benefits of LiDAR systems spur the growth of the LiDAR market in North America.
Besides, major players in the LiDAR market, comprising manufacturers, developers, distributors, and suppliers of LiDAR sensors and equipment, are based in North America.In recent years, major technological developments pertaining to LiDAR have taken place in the North American and European regions, which have enabled manufacturers in these regions to export high-end LiDAR to the growing markets such as Asia Pacific and the Middle East regions.
These exports are one of the key factors expected to drive the LiDAR market in North America and Europe.
The break-up of primary participants for the report has been shown below:
• By Company Type: Tier 1 - 45%, Tier 2 - 35%, and Tier 3 - 20%
• By Designation: C-level Executives - 35%, Director Level - 43%, and Others - 22%
• By Region: North America - 33%, Europe - 30%, APAC - 24%, and RoW - 13%
LiDAR market was dominated by Leica Geosystems AG (Sweden), Trimble, Inc. (US), Teledyne Optech (Canada), FARO Technologies, Inc. (US), RIEGL Laser Measurement Systems GmbH (Austria).
Research Coverage:
This research report categorizes the LiDAR market market by technology, component, type, installation type, range, service, end-use application, and region. The report describes the major drivers, restraints, challenges, and opportunities pertaining to the LiDAR market and forecasts the same till 2026.
Key Benefits of Buying the Report
The report would help leaders/new entrants in this market in the following ways:
1. This report segments the LiDAR market comprehensively and provides the closest market size projection for all subsegments across different regions.
2. The report helps stakeholders understand the pulse of the market and provides them with information on key drivers, restraints, challenges, and opportunities for market growth.
3. This report would help stakeholders understand their competitors better and gain more insights to improve their position in the business. The competitive landscape section includes product launches and developments, collaborations, contracts and acquisitions.
4. This report would help understand the pre and post-COVID-19 scenarios as to how would the penetration of LiDAR will look like for the forecast period. The region segment includes the country wise impact analysis of COVID-19 and initiatives taken to overcome these impacts.
Read the full report: https://www.reportlinker.com/p03872741/?utm_source=GNW
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