As per industry analysis by Fact.MR – a market research and competitive intelligence provider, the market for LiDAR sensor market is expected to grow at a CAGR of 12.7% over the period of forecast.
Autonomous vehicles, as well as connected cars, are predicted to increase the demand for LiDAR sensors as they help the vehicles identify obstacles on their path. Innovations in vehicle automation and transportation planning will play a key role in transforming the automotive industry throughout the forecast period.
The integration of LiDAR sensors in the field of meteorology has made it its biggest contributor to the market share of the end use of LiDAR sensors. They help us understand the weather conditions by providing the meteorological department insights into the data that it has collected.
With time, LiDAR sensor technology is becoming more economical and advanced. This is due to the technological innovations occurring in the field. Recently, the use of LiDAR to create 3D and 4D images of the surrounding space has become a driving factor for adoption.
Key Takeaways from LiDAR Sensor Market Study
- The global LiDAR sensor market is projected to expand at an impressive CAGR of 7% and be valued at US$ 6,328.7 Mn by 2032.
- The market witnessed a 3% CAGR for the period of 2017-2021.
- Under technology type, Solid State LiDAR Sensor dominates the market and is estimated to be valued at US$ 1,414.9 million in 2022.
- East Asia dominated the market with an 9% market share in 2022.
- Vehicle Automation applications are likely to represent 9% market share in 2022.
- Based on region, demand for LiDAR Sensor is expected to increase at a CAGR of 3% and 10.9% in Europe and MEA respectively during the forecasted period.
The global LiDAR sensor market is highly competitive. LiDAR technology has found its applications in the augmented reality industry as well. It provides detailed 3D mapping that enables other systems to integrate this information with their data. The LiDAR technology helps increase augmented reality’s experience.
LiDAR is being used by scientists to understand the atmosphere on a deeper level. These sensors provide scientists with information about the vegetation cycles. When scientists receive data that show that there is destruction in vegetation, new policies are used to save it.
In the field of engineering and construction, LiDAR sensors are being used to create detailed spatial maps before designing the real structure, this helps them reduce errors and as a result, saves them a lot of money