Selbyville, Delaware, Sept. 21, 2022 (GLOBE NEWSWIRE) --
The LiDAR market is expected to cross a valuation of USD 15 billion by 2030, as reported in a research study by Global Market Insights Inc. LiDAR technology is used by government agencies for a variety of services. For instance, in January 2022, the California Water Data Consortium announced a LiDAR pilot initiative to coordinate the process of data collection and usage within the state. The Consortium also devised plans to acquire upcoming LiDAR technologies and identified private and public partners.
In June 2022, the San Diego Association of Governments (SANDAG) allocated USD for the deployment of LiDAR technology around the southern California region. This will enable the government body to facilitate the implementation of regional data and regional aerial imagery which will eventually offer support to the pilot LiDAR initiative of the Consortium. Developments such as these will create lucrative opportunities for LiDAR market growth.
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Advancements in terrestrial LiDAR to augment market demand
The mobile terrestrial LiDAR market is poised to register gains of over 30% through 2030. There have been significant investments in the development of novel LiDAR technologies, especially for autonomous vehicles. Industry participants like Ouster are focusing R&D efforts on LiDAR-based close, directional, and surround sensors for automotive applications, along with ultra-wide LiDAR sensor with in-built inertial measurement unit (IMU). Such technological advancements may contribute to segmental progress.
Broadening application scope of mechanical LiDAR to bolster industry growth
In terms of type, the mechanical LiDAR segment held 95% of the market share in 2021 owing to growing demand for the device across a variety of applications. Companies are involved in developing new mechanical LiDAR devices to cater to the demands of various industrial sectors.
Growing LiDAR business in the Asia Pacific
The Asia Pacific LiDAR market is projected to depict a CAGR of more than 25% up to 2030, driven by rapid expansion efforts from regional key players. With the surging demand for autonomous vehicles and other applications, LiDAR manufacturers are expanding their business operations in the Asia Pacific. The business expansion was meant to enable deeper customer relationships and facilitate faster order fulfillment to the growing global customer base of Ouster. Developments such as these create a favorable outlook for the regional market.
Governmental support for driverless cars to foster demand for LiDAR
Concerning the application, the driverless car application segment is anticipated to exhibit a growth rate of approximately 35% through 2030. Growing financial support from governing bodies to promote the adoption of autonomous vehicles is one of the primary factors driving segmental growth.
Strategic partnerships to transform industry dynamics
Prominent players actively operating in the LiDAR market include Topcon Positioning Systems, Inc., Beijing SureStar Technology Co. Ltd., Innoviz Technologies Ltd, LeddarTech Inc., NV5 Inc. (Quantum Spatial), FARO Technologies, Inc., Geokno, Teledyne Technologies (Teledyne Optech), Hexagon AB (Leica Geosystem), Outster Inc., Quanergy Systems, Inc., RIEGL Laser Measurement Systems GmbH, RoboSense LiDAR, Sick AG, Trimble Inc., Vaisala (Leosphere), Valeo, Velodyne Lidar, and Yellowscan. These participants are partnering with major automotive manufacturers to extend their portfolio of clients.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 LiDAR industry 3600 synopsis, 2018– 2030
2.2 Business trends
2.2.1 Total Addressable Market (TAM)
2.3 Regional trends
2.4 Product trends
2.5 Type trends
2.6 Application trends
Chapter 3 LiDAR industry Insights
3.1 Introduction
3.2 Impact of COVID-19 outbreak
3.3 Impact of Russia-Ukraine conflict
3.4 LiDAR industry ecosystem analysis
3.5 LiDAR evolution
3.6 Technology & innovation landscape
3.7 Use cases
3.8 Investment portfolio
3.9 Patent analysis
3.10 News
3.11 Regulatory landscape
3.12 Growth potential analysis
3.13 Porter’s analysis
3.14 PESTEL analysis
Browse Complete Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/lidar-light-detection-and-ranging-market
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
