Light Detection and Ranging (LiDAR) Market to Hit USD 7.94 billion by 2030 | At a CAGR of 19.3%

The global LiDAR market was valued at USD 1.90 billion in 2022 and is expected to expand from USD 2.31 billion in 2023 to USD 7.94 billion by 2030, representing a compound annual growth rate (CAGR) of 19.3% during the forecast period. In 2022, North America held the largest market share of 33.16% in the light detection and ranging market.

The Light Detection and Ranging (LiDAR) market is a rapidly growing industry, driven by the increasing demand for high-resolution 3D imaging and mapping. LiDAR technology uses laser pulses to measure distances and create detailed 3D maps of the environment. The market is expected to witness significant growth in the coming years, driven by various factors such as the increasing adoption of LiDAR technology in various applications, advancements in LiDAR technology, and rising demand for autonomous vehicles.

𝐆𝐞𝐭 𝐀 𝐅𝐫𝐞𝐞 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐃𝐅 𝐁𝐫𝐨𝐜𝐡𝐮𝐫𝐞:
https://www.fortunebusinessinsights.com/enquiry/sample/light-detection-and-ranging-lidar-market-101969

𝐋𝐢𝐬𝐭 𝐨𝐟 𝐊𝐞𝐲 𝐏𝐥𝐚𝐲𝐞𝐫𝐬 𝐌𝐞𝐧𝐭𝐢𝐨𝐧𝐞𝐝 𝐢𝐧 𝐭𝐡𝐞 𝐑𝐞𝐩𝐨𝐫𝐭:
• Teledyne Technologies
• FARO Technologies, Inc.
• SICK AG
• Beijing SureStar Technology Co. Ltd.
• Trimble Inc.
• YellowScan
• HEXAGON
• RIEGL Laser Measurement Systems GmbH

𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧:
The flexibility of deployment across multiple sectors is expected to drive substantial growth in the Solid-State LiDAR Market
The LiDAR market is segmented into solid-state and mechanical systems based on type. The solid-state LiDAR segment is expected to witness a commendable CAGR during the forecast period due to its fabrication on a silicon chip without any moving parts, making it favorable for adoption across various sectors. The market is geographically fragmented into Europe, Asia Pacific, North America, Latin America, and the Middle East & Africa.

𝐑𝐞𝐩𝐨𝐫𝐭 𝐂𝐨𝐯𝐞𝐫𝐚𝐠𝐞:
The report provides a comprehensive analysis of the key drivers that are expected to fuel the expansion of the industry during the forecast period. It also covers the crucial measures and strategies implemented by top companies to maintain their position in the industry. The insights are derived from extensive research, data collation, and engagement with major stakeholders.

𝐃𝐫𝐢𝐯𝐞𝐫𝐬 𝐚𝐧𝐝 𝐑𝐞𝐬𝐭𝐫𝐚𝐢𝐧𝐭𝐬:
Increasing Need for Detecting Unexplored Places Is Driving the Demand for Aerial Lidar Solutions
The growth of the LiDAR market can be attributed to the increasing demand for aerial systems in cartography and mapping for exploring historical details and detecting unexplored places. LiDAR technology offers exceptional accuracy in detecting various features, such as water runoff for mining sites or agriculture, inland waterflow, climatic changes on hillsides, and more.
However, the technology does not work well in situations or areas with huge reflections and high sun angles. The laser pulses are dependent on the principle of reflection. This aspect is likely to restrain industry expansion to some extent.

𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 𝐓𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭:
https://www.fortunebusinessinsights.com/enquiry/sample/light-detection-and-ranging-lidar-market-101969

𝐑𝐞𝐠𝐢𝐨𝐧𝐚𝐥 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬:
North America to Lead Driven by Surging Number of Emerging Startups
The industry value in North America is anticipated to register appreciable valuation over the study period. The upsurge can be credited to the rising adoption of solid-state LiDAR solutions, surging deployment of core 3D and 4D imaging technologies, and the mounting number of emerging startups. These factors are further being supplemented by increasing investments in research projects by prominent companies in the region.
Asia Pacific light detection and ranging (LiDAR) market share is poised to record a considerable CAGR over the forecast period. The rise can be attributed to the surging demand for LiDAR solutions in the IT & telecommunication and manufacturing sectors. Besides, major companies in the region are forging collaborations and mergers with other players for the launch and development of advanced products.

𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐯𝐞 𝐋𝐚𝐧𝐝𝐬𝐜𝐚𝐩𝐞:
To maintain their position in the market, major LiDAR companies are adopting various strategic measures such as mergers, acquisitions, and product developments. Additionally, many industry players are participating in trade conferences and research activities to enable the launch of advanced solutions.

𝐊𝐞𝐲 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭:
September 2021 - YellowScan has recently introduced its latest innovation, called YellowScan Explorer, which can be easily adapted to various UAV platforms and can also be mounted on a light manned aircraft.

𝐑𝐞𝐚𝐝 𝐑𝐞𝐥𝐚𝐭𝐞𝐝 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬:
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This release was published on openPR.