LiDAR Market Growth, Share, Size, Trends and Analysis 2027

Felton, California , USA, Dec 28, 2020 — /EPR Network/ — 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.

 

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.

 

Get Free PDF Sample Copy of the Report (Including Full TOC, List of Tables & Figures, Chart and Covid-19 Impact Analysis): https://www.millioninsights.com/industry-reports/lidar-market/request-sample

 

Impact of COVID-19

The outbreak of COVID-19 has negatively affected the market. LiDAR technology is mostly used in engineering, automotive, exploring and corridor mapping. Following the virus outbreak in late 2019, these industries were either forced to shut down or operated with limited capacity, thereby leading to significant fall in the demand of LiDAR technology in the first and second quarter of 2020. Moreover, manufacturers restrain themselves for making huge investment amid low demand, thereby, delaying the introduction of new products. However, with resumption in various industrial operations in the third quarter of 2020, the market is projected to recover to some extent. However, reaching to pre-COVID levels is likely to take a few more years. Financial support from the government is expected to help the market to recover faster.

 

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 LiDAR market 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.

 

Further key findings from the report suggest:

• By product, airborne segment is likely to register the considerable growth rate owing to increasing automation across industries.
• North America accounted for the highest share in the market in 2019 owing to the increasing adoption of LiDAR technology in automotive and growing spending on research and development.
• Increasing product demand in countries such as India, China and Japan are supplementing to the growth of the market.

 

Global LiDAR Market: Key Players

RIEGL USA Inc., Trimble Navigation Limited, Velodyne LiDAR and Faro Technologies Inc.

 

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