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LiDAR Market to Expand at a 11.6% CAGR by 2034, Reaching US$ 7.1 Billion

05-09-2024 11:12 PM CET | IT, New Media & Software

Press release from: Fact.MR

LiDAR Market to Expand at a 11.6% CAGR by 2034, Reaching US$ 7.1

The projected growth trajectory for the global LiDAR market (LiDAR-Markt) indicates an initial valuation of US$ 2.4 billion in 2024, with forecasts anticipating a robust expansion at a Compound Annual Growth Rate (CAGR) of 11.6%. By the conclusion of 2034, the market is expected to soar to US$ 7.1 billion, reflecting significant advancements and increasing adoption of LiDAR technology. The LiDAR (Light Detection and Ranging) market has witnessed remarkable growth in recent years, fueled by advancements in technology and increasing applications across various industries. LiDAR systems utilize laser pulses to measure distances and generate precise three-dimensional maps of the surrounding environment. Originally developed for remote sensing applications, LiDAR has found widespread adoption in sectors such as autonomous vehicles, aerospace, urban planning, and forestry.

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The LiDAR market has experienced significant expansion, driven by the growing demand for high-resolution mapping and spatial data. The versatility of LiDAR technology enables its integration into a wide range of applications, including topographic mapping, infrastructure monitoring, and environmental assessment. Moreover, the decreasing cost of LiDAR systems, coupled with improvements in performance and accuracy, has made this technology more accessible to a broader audience. Several key factors contribute to the dynamic growth of the LiDAR market. One primary driver is the increasing adoption of LiDAR in autonomous vehicles for navigation, obstacle detection, and object recognition. Additionally, the rise of smart cities and infrastructure projects has fueled demand for LiDAR-based solutions for urban planning, construction monitoring, and asset management. Furthermore, advancements in LiDAR technology, such as the development of solid-state LiDAR and miniaturized sensors, are driving innovation and expanding the potential applications of this technology.

The demand for LiDAR technology continues to surge across various industries, driven by the need for accurate and detailed spatial data. In the automotive sector, LiDAR is essential for enabling autonomous driving capabilities, enhancing vehicle safety, and reducing accidents. Similarly, in the aerospace industry, LiDAR is utilized for terrain mapping, obstacle detection, and navigation support. Furthermore, the demand for LiDAR-based solutions in environmental monitoring, precision agriculture, and archaeology is also on the rise, driven by the need for precise and reliable data collection.

List of Key Companies Profiled in The Report:

Leica Geosystems AG
FARO Technologies Inc.
RIEGL Laser Measurement Systems GmbH
Trimble Inc.
Teledyne Optech Inc.
Beijing Beike Technology Co. Ltd.
Velodyne Lidar Inc.
YellowScan
Geokno India Pvt. Ltd.
Others

Recent industry news within the LiDAR market highlights the ongoing advancements and innovations shaping the industry landscape. For instance, major players in the automotive sector have announced strategic partnerships and acquisitions to accelerate the development and commercialization of LiDAR technology for autonomous vehicles. Additionally, advancements in solid-state LiDAR, lightweight sensors, and cloud-based LiDAR processing platforms have been reported, signaling a trend towards more efficient and scalable LiDAR solutions.

Notable developments in the LiDAR market include the introduction of LiDAR sensors with longer range, higher resolution, and enhanced reliability. These advancements enable LiDAR systems to capture more detailed and accurate spatial data, making them indispensable for a wide range of applications. Moreover, the integration of LiDAR with other sensing technologies such as cameras, radar, and inertial measurement units (IMUs) is enabling multimodal sensor fusion, further enhancing the capabilities and performance of LiDAR-based systems.

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Competitive Landscape

Major players in the LiDAR industry are strategically launching new products to broaden their business horizons and enhance revenue-generating potential. The competitive landscape also anticipates a surge in mergers and acquisitions as LiDAR market leaders aim to bolster their market presence on a global scale.

In a significant development in June 2022, Toshiba, a prominent Japanese multinational organization, unveiled advancements in its LiDAR (Light Detection and Ranging) unit. The introduction of a new laser projector unit has extended the detection range to an unprecedented 300 meters, setting a world record. This breakthrough is poised to expand the application scope across various industry verticals.

Further exemplifying the trend, in March 2022, Luminar, a key player in vision-based LiDAR and machine perception technologies for autonomous vehicles, announced the acquisition of Freedom Photonics, a leading high-performance laser manufacturer. The acquisition, conducted entirely through stock transactions, is strategically aimed at introducing low-cost products to the market, showcasing the competitive strategies at play in the dynamic LiDAR landscape.

Contact:

US Sales Office
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Tel: +1 (628) 251-1583, +353-1-4434-232
Email: sales@factmr.com

About Fact.MR:

Fact.MR is a market research and consulting agency with deep expertise in emerging market intelligence. Spanning a wide range - from automotive & industry 4.0 to healthcare, technology, chemical and materials, to even the most niche categories.

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