LiDAR Market size was valued at USD 1.5 Billion in 2022 and is poised to grow from USD 1.7 Billion in 2023 to USD 4.83 Billion by 2031, growing at a CAGR of 13.8% in the forecast period (2024-2031).
LiDAR market is seeing momentous growth backed by its applications in multiple industries to offer futuristic and sustainable dimensions. Mainly in industries like automotive, architecture and construction, and mapping and survey, the LiDAR technology is today a vital element. The market is continuously gaining focus and popularity over conventional methods owing to enhanced processing competencies of LiDAR systems and scanners regarding promptness and image resolution.
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Miniaturization is the leading trend seen in the LiDAR industry. It has abundant potential to be used in many ways because of its high effectiveness and compact size. These contracted or shrunk lasers integrated with solid-state sensors (LiDAR) hold great applications laser beams in advanced electronics. Constant miniaturization makes the laser ideal for a wide range of applications in drones, automation, and robotics. This also can be used with robots for improved navigation and mapping. Another trend seen in the market is the combination of ML and AI. Integration of both technologies promises huge in terms of performance and allowing fresh applications. The amalgamation will also help to identify, recognize, categorize, and decrease factors like interference and noise, making lasers more reliable and stronger.
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Progress of Solid-State LiDAR Technology to Considerably Impact Speed of LiDAR Systems
Manufacturers of LiDAR are actively preferring LiDAR modules having a broader range of views. The wide view area is beneficial for multiple application cases as it allows comprehensive scanning. It offers better coverage on one single shot, saving time, while offering profound coverage. Also, these technologies are experiencing growth of immersive technologies and speed in hardware and software. The LiDAR sensors comprising Opsys, ML-30s+, LeddarSteer, XenomatiX, and more offer speedy data results. This speed is ideal for real-time applications like driverless cars. The growth of solid-state LiDAR is among the leading fueling factors for high speed of LiDAR systems, followed by strong and efficient data processing algorithms.
- In February 2023, Velodyne and Ouster announced that they successfully finished the merger, making a LiDAR powerhouse. This merger assisted to establish for alliance in LiDAR space.
- In June 2024, Innoviz Technologies Ltd. announced a partnership with an OEM (automotive) to improve its vehicle capabilities of L4 autonomous.
- In April 2023, SICK’s fresh SICK’s newest multiScan100 product line makes use of (TOF) time of flight measurement to produce a 3D view of its surrounds. SICK is introducing multiScan136, to be launched in future for new devices in the multiScan product line.
- In May 2023, Trimble announced the launch of the Trimble® X9 3D laser scanning system. It is a novel versatile reality capture system for construction, surveying, and engineering experts. The X9 is specially designed on Trimble's advanced laser scanning tools, made to enhance performance in additional environments while using modernizations like Trimble X-Drive technology for survey-grade self-leveling, automatic instrument calibration, and laser pointer for geo-referencing.
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Expanding Applications of LiDAR to Constantly Reform its Future
The LiDAR technology holds plentiful possibilities from self-driving vehicles to drones, mapping, surveying, and more. The rise of hi-resolution imaging and 3D mapping will considerably fuel innovation and improvements in the said technology. Also, with the launch of multiple enhanced LiDAR sensors with affordability and better accessibility, LiDAR will face stronger competition in future. The projected outcome will be extensive use and incorporation of LiDAR in various industries, resulting in more thrilling uses. The technology will further transform the way of mapping, surveying, and identifying the environment.
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