The LiDAR market is estimated to grow USD 1.3 billion in 2021 and reach USD 3.4 billion by 2026; it is projected to grow at a CAGR of 21.6% from 2021 to 2026.
The rising adoption of LiDAR systems in UAVs, increasing adoption of LiDAR in engineering and construction applications, use of LiDAR in geographical information systems (GIS) applications, the emergence of 4D LiDAR, and easing of regulations related to the use of commercial drones in different applications are among the factors driving the growth of the LiDAR market Download PDF Brochure @ https:// www.marketsandmarkets.com/pdfdownloadNew.asp?id=1261
In 2020, the ground-based LiDAR accounted for a larger market share of the overall LiDAR market and is projected to witness a high CAGR from 2021 to 2026. Ground-based LiDAR systems are either stationary or movable. They are placed on a moving platform such as a sports utility vehicle (SUV) or an all-terrain vehicle (ATV) with the help of a tripod and balancing assembly.
Based on type, the LiDAR market has been segmented into mechanical LiDAR and solid-state LiDAR. In 2020, the mechanical LiDAR segment accounted for a larger market share of the overall LiDAR market compared to solid-state LiDAR. This growth is attributed to the high demand for mechanical LiDAR in applications such as corridor mapping, ADAS & driverless cars, and environment surveying
Based on technology, the LIDAR market is segmented into 2D, 3D, and 4D LiDAR. In 2020, the 3D LiDAR segment accounted for the largest market share among other segments of the LiDAR market. The major factor contributing to the dominance of 3D LiDAR is the widespread adoption of 3D LiDAR in applications such as corridor mapping, engineering, environment, meteorology, and cartography.
ADAS and driverless cars end–use application is expected to grow at the highest CAGR from 2021 to 2026
The LiDAR market is segmented, by application, into corridor mapping, engineering, environment, ADAS & driverless cars, exploration, urban planning, cartography, metrology, and other applications. ADAS and driverless cars have provided attractive growth opportunities to the LiDAR market, as automotive giants and other business leaders are increasingly investing in ADAS and driverless cars.
The LiDAR market in Asia Pacific is projected to grow at the highest CAGR from 2021 to 2026. The growth of the market in this region can be attributed to the increased focus on LiDAR modernization programs in the region. China, India, and Japan are expected to be the major markets in the region, as developed countries are expected to increasingly outsource their LiDAR mapping and surveying services to these countries in the near future.