Dublin, Jan. 19, 2023 (GLOBE NEWSWIRE) -- The "MEMS LiDAR Market - Forecasts from 2022 to 2027" report has been added to ResearchAndMarkets.com's offering.
The MEMS LiDAR market was valued at US$270.961 million in 2020 and is expected to grow at a CAGR of 27.05% over the forecast period to reach a market size of US$1,448 million in 2027.
MEMS mirror-based laser scanners are known to have various advantages in terms of their size, speed, and cost over other types of laser scanners, making them suitable for LiDAR in a wide range of applications. A figure of merit is defined for MEMS mirrors in LiDAR scanners in terms of aperture size, field of view, and resonant frequency. Several MEMS mirrors based on different actuation mechanisms are compared using the figure of merit. Finally, a preliminary assessment of off-the-shelf MEMS-scanned LiDAR systems is given.
The MEMS LiDAR market is driven by increasing demand from the automobile industry. With the increasing demand for automated vehicles, the demand for LiDAR is increasing. MEMS helps in the manufacturing of cost-effective and smaller LiDAR. However, the presence of substitutes and lack of awareness about technology can hamper the growth of the market. Geographically, North America and the European region are expected to have a significant market share on account of the growing automobile sector and adaptation of technology in the region. Moreover, demand for automated vehicles is also increasing in the region which is further uplifting the growth of the market.
Growing autonomous vehicles
Huge automotive players like Google, BMW, and Volvo among other car developers have been including MEM lidar sensors in their development to ensure safe driving. The improvements in technology, like adaptive algorithms, high-definition mapping, sensor processing, and enhanced infrastructure, have been prompting various companies to expand the production of autonomous vehicles, which use LiDAR technology for their functioning, thus catalyzing the demand for these sensors.
The market has a huge range of products and systems that make the autonomous vehicle infrastructure. Autonomous cars enable independent mobility for non-drivers and people suffering from disabilities. It allows travelers to travel with more comfort and also offers the flexibility to read, rest, or even work while traveling, thus, increasing their efficiency.
Other benefits like increased safety with reduced crash risks and increased road capacity with reduced costs are expected to significantly drive the adoption of these vehicles in the market, which in turn is projected to propel the market for MEM LiDAR sensors used in these vehicles.
Several key players have been working towards enhancing the experience of using autonomous vehicles, with the help of developing technologies. For instance, in 2019, Volkswagen announced its collaboration with Ford to invest in the AI vendor Argo AI. The partnership aimed to introduce autonomous vehicle technology in the US and Europe.
The company decided to invest more than USD 4 billion through 2023 to develop and enhance its autonomous services. Further, Audi became the first company to develop a Level 3 autonomous car by launching its Audi A8 in the market.
Furthermore, in 2022, German automaker Mercedes Benz became the world's first to gain internationally valid regulatory approval for producing vehicles capable of Level 3 autonomous driving. Mercedes Benz's updated Drive Pilot system is capable of taking over the driving chores while the vehicle is traveling at the legally permitted speed of 37 miles per hour. All these developments and innovations in the automobile sector are thus expected to drive the sales for autonomous vehicles, which is conversely expected to boost the market growth for MEM LiDAR sensors used in the automotive sector.
Product Insights
MEMS solid-state RS-LiDAR-M1, by RoboSense, adapts to every weather condition for intelligent vehicles. RoboSense has adopted the VDA6.3 as the basis of project management and control, fully implemented the requirements of the IATF16949 quality management system and ISO26262 standard, and has integrated ISO16750 and other automotive-grade reliability specifications in order to carry out a series of verification tests on the M1.
Competitive Insights
The LiDcAR project, which is a collaboration between Infineon Technologies Austria AG, TU Wien - Automation and Control Institute, and the Virtual Vehicle Research Centre is an FFG-funded research project, that aims to explore and assess the two most promising lidar technologies to pave the way for the long-sought automotive-qualified, robust, long-range, and low-cost Lidar solution. The obtained results and insights through this project would pave the way for the future automotive-qualified and low-cost key lidar technology made in Austria.
| Report Attribute | Details |
| No. of Pages | 138 |
| Forecast Period | 2020 - 2027 |
| Estimated Market Value (USD) in 2020 | $270.96 million |
| Forecasted Market Value (USD) by 2027 | $1448 million |
| Compound Annual Growth Rate | 27.0% |
| Regions Covered | Global |
Market Segmentation:
By Component
- Transmitter
- Receiver
By Application
- Automotive
- Space Applications
- Wind Velocimetry
- Robotics
By Geography
- North America
- United States
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Others
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Others
- Middle East and Africa (MEA)
- Saudi Arabia
- UAE
- Isreal
- Others
- Asia Pacific
- China
- Japan
- South Korea
- India
- Indonesia
- Thailand
- Taiwan
- Others
Key Topics Covered:
1. INTRODUCTION
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
5. MEMS LIDAR MARKET By Component
6. MEMS LIDAR MARKET By Application
7. MEMS LIDAR MARKET BY GEOGRAPHY
8. COMPETITIVE ENVIRONMENT AND ANALYSIS
9. COMPANY PROFILES
Companies Mentioned
- RoboSense (Suteng Innovation Technology Co. Ltd.)
- Jenoptik
- Blickfeld
- Pioneer Corporation
- Innovize
- Microvision inc.
- Drape Inc.
- Mitsubishi Electric Corporation
For more information about this report visit https://www.researchandmarkets.com/r/dw3tph
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