Source: Fact.MR announcement
LONDON — As per a new report by Fact.MR, the global LiDAR sensor market is anticipated to be valued at $5.6 billion by 2031, expanding at an impressive compound annual growth rate (CAGR) of 12.5 percent during the forecast period of 2021 to 2031.
The global automotive industry is experiencing revolutionizing changes with integration of IoT devices. Self-driving and connected cars are boosting demand for LiDAR sensors, as these helps self-driving vehicles identify obstacles in their path. Vehicle automation and transportation planning will play a key role in the transformation of the automotive industry over the coming years.
Adoption of LiDAR technology in the automotive industry has been restricted due to the high cost involved. In recent times, companies have been trying to cut down on this high cost, which play a huge role in bolstering demand.
LiDAR sensor technology is becoming more advanced and cheaper per diem, thanks to innovations and technological changes happening in this industry. Even though adoption is taking place at a snail’s pace, introduction of 3D, and most recently, 4D, would drive market expansion.
Key Takeaways from Market Study
• North America dominated the industry and accounted for around $400 million of the overall market share in 2020, which was nearly 26 percent.
• The market is expected to grow exponentially during the forecast period, as sensors are becoming more compact and cheaper, and this has widened the application area of the product.
• In terms of value, the airborne sensors segment is projected to grow 3.2X and account for over 34.5 percent of the market share by the end of forecast period
• In terms of value the Mechanical LiDAR segment is foreseen to grow ~2.5X over the forecast period
• Collectively, forest planning and management and environmental assessment are estimated to account for 15 percent of the overall market by 2021, in terms of value. The environmental assessment segment is foreseen to cross the $410 million mark by the end of 2031.
• The IT & communication segment is anticipated to be valued at $190 million by 2021, and is likely to expand at a value CAGR of 14percent through 2031.
Who is Winning in this Space?
The global LiDAR sensor market is highly competitive in nature with the presence of numerous manufacturers across the globe. However, the market is seen as a consolidated space as a few players such as Trimble Inc., Hexagon AB, Sick AG, Topcon, and Velodyne LiDAR account for a lion’s share.