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LiDAR Market to Rise at 22.7% CAGR till 2026; Increasing Number of Product Launches to Aid Growth, says Fortune Business Insights™

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Pune, India, Feb. 15, 2021 (GLOBE NEWSWIRE) — The global LiDAR market size is projected to reach USD 6.71 billion by 2026. Driven by increasing investments in the development of newer products, the market will rise considerably in the coming years. According to a report published by Fortune Business Insights, titled “Light Detection and Ranging (LiDAR) Market Size, Share & Industry Analysis, By Type (Mechanical and Solid-state), By Deployment (Ground-based and Airborne), By Application (Mapping and Cartography, ADAS (Advanced driver-assistance System), Surveillance, Environment, Exploration and Detection and Others), By Industry (Automotive, Aerospace and Defense, Healthcare, IT & Telecom, Oil & Gas and Others) and Regional Forecast, 2019-2026,” the market was worth USD 1.32 billion in 2018 and will exhibit a CAGR of 22.7% during the forecast period, 2019-2026.
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Light detection and ranging or LiDAR is the process of creating a three-dimensional visual image. It is inclusive of a high-intensity laser tool, micro-electro-mechanical system (MEMS), and a GPS transceiver. Accounting to the functional abilities of each of these systems, the device can yield images of the highest caliber. As a result, it is widely used in diverse applications such as automotive, healthcare, and aerospace and defense. The increasing demand for LiDAR resulting from the widespread applications will aid the growth of the overall LiDAR market in the forthcoming years.The report provides an in-depth analysis of the global LiDAR market. It highlights the latest product launches and recent innovations in the market and states their impact on the growth of the market. The competitive landscape has been discussed in detail and predictions are made with respect to leading companies and products in the coming years. Forecast values have been provided for the market for the period of 2019-2026. The factual figures have been obtained through trusted sources. Moreover, these predictions are made on the basis of extensive research analysis methods, coupled with the opinions of experienced market research professionals.
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Increasing Number of Product Innovations to Aid GrowthThe report encompasses several factors that have contributed to the growth of the market in recent years. The increasing investment in research and development has yielded several new and innovative products. The increasing number of product innovations have had the highest impact on the growth of the market in recent years. In February 2018, FARO Technologies Inc. developed a new platform based on the LiDAR technology. The company introduced the FARO Zone 3-D platform, a system that assists investigators and security experts for enhancing the quality of construction sites. FARO’s latest technology will not only help the company to generate a high market revenue but will have a direct impact on the growth of the market. The report identifies a few of the leading products of recent years and gauges their impact on the global LiDAR market in the coming years.North America to Emerge Leading; Increasing Investment in Product R&D to Aid GrowthThe report analyzes the ongoing LiDAR market trends across five major regions including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among these regions, the market in North America is projected to exhibit a high LiDAR market share in the coming years. Recent advances in LiDAR technologies and their applications in core 3-D and 4-D imaging will have a positive impact on the growth of the market in North America. As of 2018, market in North America was worth USD 0.58 billion and this value is likely to increase in the coming years. Besides North America, the market in Europe will witness considerable growth driven by the expansion activities taken by major companies in leading countries such as Germany and UK.Some of the leading companies that are operating in the global LiDAR market are:Beijing SureStar Technology Co.Ltd.FARO Technologies, Inc.HEXAGONLeica GeosystemsRIEGL Laser Measurement Systems GmbHSICK AGTeledyne TechnologiesTrimble Inc.Velodyne Lidar, Inc.YellowScanKey Industry Developments:September 2017 – LedderTech, invested around USD 130 million for the expansion of its LiDAR development programs and accelerate its ASIC development efforts.
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Major Table of Content for LiDAR Market:
IntroductionDefinition, By SegmentResearch ApproachSourcesExecutive SummaryMarket DynamicsDrivers, Restraints, and OpportunitiesEmerging TrendsKey InsightsMacro and Micro Economic IndicatorsConsolidated SWOT Analysis of Key PlayersGlobal LiDAR Market Analysis, Insights and Forecast, 2015-2026Key Findings / SummaryMarket Analysis, Insights, and Forecast – By TypeMechanicalSolid-stateMarket Analysis, Insights, and Forecast – By DeploymentGround-basedAirborneMarket Analysis, Insights, and Forecast – By ApplicationsMapping and CartographyADAS (Advanced Driver-Assistance System)SurveillanceEnvironmentExploration and DetectionOthers (Meteorology, etc.)Market Analysis, Insights, and Forecast – By IndustryAutomotiveAerospace and DefenseHealthcareIT & TelecomOil & GasOther (Manufacturing, Mining, etc.)Market Analysis, Insights, and Forecast – By RegionNorth AmericaEuropeAsia PacificMiddle East & AfricaLatin AmericaTOC Continued…!Speak To Our Analyst- https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/light-detection-and-ranging-lidar-market-101969Have a Look at Related Research Insights:Big Data Technology Market Size, Share & Industry Analysis, By Offering (Solution, Services), By Deployment (On-Premise, Cloud, Hybrid), By Application (Customer Analytics, Operational Analytics, Fraud Detection and Compliance, Enterprise Data Warehouse Optimization, Others), By End Use Industry (BFSI, Retail, Manufacturing, IT and Telecom, Government, Healthcare, Utility, Others) and Regional Forecast, 2019-2026Artificial Intelligence (AI) Market Size, Share and Industry Analysis By Component (Hardware, Software, Services), By Technology (Computer Vision, Machine Learning, Natural Language Processing, Others), By Industry Vertical (BFSI, Healthcare, Manufacturing, Retail, IT & Telecom, Government, Others) and Regional Forecast, 2019-2026Retail Analytics Market Size, Share and Industry Analysis By Type (Software, Services), By Deployment (On-Premises, Cloud), By Organization Size (SMEs, Large Enterprises), By Function (Customer Management, Supply Chain, Merchandising, In-Store Operations, and Strategy & Planning) and Regional Forecast 2019-2026
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