Key Companies Covered in Research Report are Beijing SureStar Technology, FARO Technologies, HEXAGON, Leica Geosystems, RIEGL Laser Measurement Systems GmbH, SICK AG, Teledyne Technologies, Trimble, Velodyne Lidar, YellowScan
Mumbai, NFAPost: The global LiDAR (Light Detection and Ranging) 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.
Increasing Number of Product Innovations to Aid Growth
The 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 Growth
The 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.
- Leica Geosystems
- RIEGL Laser Measurement Systems GmbH
- SICK AG
- Teledyne Technologies
- Trimble Inc.
- Velodyne Lidar, Inc.
Key Industry Developments:
- September 2017 – LedderTech, invested around USD 130 million for the expansion of its LiDAR development programs and accelerate its ASIC development efforts.
(The story is based on inputs from Globe Newswire)