Dublin, March 01, 2024 (GLOBE NEWSWIRE) -- The "LiDAR Market, Size, Global Forecast 2024-2030, Industry Trends, Share, Growth, Insight, Impact of Inflation, Company Analysis" report has been added to ResearchAndMarkets.com's offering.
The latest comprehensive global market analysis reveals that the Light Detection and Ranging (LiDAR) industry is due for substantial growth, with projections estimating an increase to around US$ 7.25 billion by the year 2030. This growth comes as a result of the burgeoning reliance on LiDAR technology, which is seeing ubiquitous adoption across varied sectors, such as autonomous vehicles, urban planning, and infrastructure development.
Unprecedented Growth in the LiDAR Industry
The LiDAR market's impressive compound annual growth rate (CAGR) of 20.99% from 2024 to 2030 is a testament to the remarkable advancements in sensor technology and processing algorithms that are making LiDAR more accessible and cost-effective. This growth is driven by the increasing applications of LiDAR, ranging from its critical role in advancing self-driving cars to its transformative impact on smart city initiatives.
Key Sectoral Insights
- Terrestrial LiDAR: The segment is experiencing an increase in market share due to its crucial role in rendering precise and accurate 3D mappings of various landscapes, streamlining processes across multiple industries.
- Laser Scanners: Demand for laser scanners is on a significant upswing within the LiDAR domain, favored for their precision and adaptability.
- Corridor Mapping: Dominating LiDAR applications, corridor mapping harnesses this technology for detailed 3D representation of linear features, enabling efficient management of infrastructural projects.
- Advancements in 3D LiDAR: Market preference continues to sway towards 3D technology, attributed to its unparalleled accuracy and performance in three-dimensional space mapping.
- Short-Range LiDAR: With its versatility and cost-effectiveness, short-range LiDAR holds a significant position in the market, especially within industries emphasizing precision and energy efficiency in equipment.
Geographical Spotlight
The Asia-Pacific region is poised to spearhead growth in the LiDAR sector, backed by strategic investments and an expansive market landscape. Within this region, China's aim to advance technologies in smart cities and autonomous vehicles contributes to its prominent position in driving market growth.
Latest Market Innovations and Developments
Recent developments in the LiDAR market, as showcased through the release of cutting-edge products like Teledyne Optech's CL-360 marine LiDAR sensor, signify the industry's focus on innovation and enhanced accuracy. This sensor is tailored for capturing comprehensive above and below water imagery and integrates seamlessly with high-resolution multibeam systems, further emphasizing the market's drive towards technological excellence. The extensive global LiDAR market study encompasses a deep dive into various sub-segments, ranging from types and components to applications, technology, and geographical influence – all culminating to deliver a thorough perspective of the industry's trajectory.
Expert Company Analyses
The report offers an in-depth analysis of leading companies that are shaping the LiDAR landscape. These key players' strategic initiatives and revenue evaluations are scrutinized to understand their role in the industry's evolution. In conclusion, the extensive forecast of the LiDAR market size and trends up to 2030 underscores the industry's pivotal role in modern technology advancements. With various sectors and regional markets contributing to the expected surge in growth, the LiDAR industry stands on the brink of an era marked by innovation, precision, and omnipresent influence on global technology applications.
Companies Mentioned
- Faro Technologies Inc.
- Hexagon AB
- Vaisala Oyj
- Sick AG
- Teledyne Technologies Inc.
- Innoviz Technologies Ltd.
- LeddarTech Inc.
- NV5 Global Inc.
Key Topics Covered
- Introduction
- Research Methodology
- Executive Summary
- Market Dynamics
- Global LiDAR Market
- Market Share - Global LiDAR Market
- Type - Global LiDAR Market
- Components - Global LiDAR Market
- Application - Global LiDAR Market
- Technology - Global LiDAR Market
- Range - Global LiDAR Market
- Country - Global LiDAR Market (List of countries)
- Porter's Five Analysis - Global LiDAR Marke
- SWOT Analysis - Global LiDAR Market
- Company Analysis
For more information about this report visit https://www.researchandmarkets.com/r/4op87f
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