NEW YORK, Aug. 10, 2023 /PRNewswire/ -- Technavio, a leading provider of industry news and insights, is pleased to announce its latest report on the Light Detection and Ranging (LiDAR) Market. The report highlights the estimated growth and forecast for the market between 2022 and 2027, predicting an increase in market size of USD 4,289.97 million and a rise at a CAGR of 24.45%.

The LiDAR market is being propelled by several key drivers. Technological advancements, such as Continuous-Wave Frequency Modulation (CWFM) sensors and Single-Photon LiDAR (SPL), are fostering innovation and collaboration among industry players. The adoption of CWFM technology, enhancing object detection accuracy, is a significant driver, especially in the burgeoning airborne LiDAR segment. The market's ability to cater to a wide range of sectors, including construction, engineering, and safety, further fuels its growth, despite challenges posed by high sensor costs. These drivers collectively contribute to the market's upward trajectory and expanding applications.

The report provides comprehensive insights into the market, and it is segmented by product - Airborne LiDAR and Terrestrial LiDAR, and by application - Corridor mapping, Engineering, ADAS and driverless cars, Environment, and Others. The market is also categorized by geography, including North America, Europe, Asia, Middle East and Africa, and South America. This segmentation provides a comprehensive view of the market, encompassing diverse communication solutions and regions. Furthermore, it examines key trends shaping companies' landscape and identifies potential challenges faced by market players. 

The major Light Detection and Ranging (LiDAR) Market companies include DENSO Corp., FARO Technologies Inc., GEOKNO, GMR Infrastructure Ltd., Hexagon AB, Innoviz Technologies Ltd., LeddarTech Inc., Luminar Technologies Inc., Ouster Inc., Phoenix LiDAR Systems, Quanergy Systems Inc., RIEGL Laser Measurement Systems GmbH, Robert Bosch GmbH, RoboSense, SICK AG SureStar, Teledyne Technologies Inc., Trimble Inc., Valeo SA, YellowScan and Zephir Ltd.

These companies are actively implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product launches, to enhance their presence and competitiveness in Light Detection and Ranging (LiDAR) Market.

The LiDAR market is driven by technological advancements, particularly in Continuous-Wave Frequency Modulation (CWFM) sensors and Single-Photon LiDAR (SPL), which are fostering collaborations and innovative product launches. The adoption of CWFM technology for enhanced object detection accuracy is a notable trend, with the airborne LiDAR segment, especially in mapping and defense applications, witnessing rapid expansion. Despite challenges like high sensor costs, the widespread usability of LiDAR across diverse sectors such as construction, engineering, safety, and more remains a compelling driver for its continuous market expansion.

Technavio provides a report that includes competitive intelligence, highlighting major players' key developments and growth strategies, enabling stakeholders to make informed decisions and stay competitive in the market. 

Below, are other reports you might be interested with:

Airborne Light Detection and Ranging System Market: The airborne light detection and ranging (LiDAR) system market share should rise by USD 900.41 million from 2021 to 2025 at a CAGR of 15.70%. This report covers market segmentation by mount types (UAV mounted LiDAR and fixed and rotor-wing mounted LiDAR) and geography (North America, Europe, APAC, MEA, and South America).

Radiation Detection and Monitoring Equipment Market: The radiation detection and monitoring equipment market size is estimated to grow at a CAGR of 7.57% between 2022 and 2027. The market size is forecast to increase by USD 1,661.03 million. The report covers segmentation by product (dosimeters, survey meters, area monitors, and others), type (detection, monitoring, and safety), and geography (North America, Europe, APAC, Middle East and Africa, and South America).

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SOURCE Technavio