Global Market Insights claims the worldwide LiDAR market is set to grow from its current market value of more than $1 billion to over $10 billion by 2025. Compared to existing traditional 3D imaging technologies, such as radar, LiDAR technology uses shorter wavelengths that allow it to detect miniscule objects with high degree of accuracy while developing an exact 3D monochromatic model of the object. This characteristic has opened a wide range of possibilities to solve complex tasks.
Market Points
- The bathymetric LiDAR market is projected to grow a CAGR of over 30% over the forecast timeline.
- The mechanical LiDAR market is anticipated to register a growth rate of over 32% during the forecast timeline. This is attributed to the widespread demand for mechanical LiDAR devices in driverless cars.
- The environment LiDAR market is expected to register a growth rate of over 32% during the projected period.
- The Europe LiDAR market is expected to grow at a CAGR of over 20% over the projected time due to the increasing use of advanced LiDAR solutions on various engineering projects on a large scale.
- The players in the LiDAR market are building partnerships with other LiDAR companies to strengthen their position in the market. For instance, In June 2018, Innoviz joined forces with HiRain Technologies to develop new & advanced versions of solid-state LiDAR devices for China-based auto manufacturers.
- Major players in the LiDAR market are Beijing Surestar Technology, Geodigital, Leica Geosystems, Michael Baker International, Ouster, Teledyne Optech, Topcon Positioning Systems, Quantum Spatial, Velodyne LiDAR, Yellowscan, Trimble, Valeo, Riegl Laser Measurement Systems, Quanergy Systems, Innoviz Technologies, Leddartech, Geokno, and Faro Technologies.
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