The global light detection and ranging (LiDAR) market size was USD 1.32 billion in 2018 and is expected to hit USD 6.71 billion by 2026, exhibiting a CAGR of 22.7% during the estimated period. LiDAR is used in a wide range of applications including geomorphology, atmospheric physics, archaeology, geomatics, airborne laser swath mapping, and others.

This information has been furnished by Fortune Business Insights™ in its research report, titled “Light Detection and Ranging (LiDAR) Market, 2019-2026”.

Segments:

Solid-State LiDAR to Register Substantial Growth Owing to Flexibility of Deployment Across Various Sectors

Based on type, the market is categorized into solid-state and mechanical LiDAR systems. Of these, the solid-state LiDAR segment is anticipated to record a commendable CAGR over the estimated period. The solution does not need any moving parts for functioning and is fabricated on a silicon chip, which favors its adoption across various sectors. Based on region, the industry is fragmented into Europe, Asia Pacific, North America, Latin America, and the Middle East & Africa.

List of Key Players Mentioned in the Report:

• Teledyne Technologies
• FARO Technologies, Inc.
• SICK AG
• Beijing SureStar Technology Co. Ltd.
• Trimble Inc.
• YellowScan
• HEXAGON
• RIEGL Laser Measurement Systems GmbH

Browse Detailed Summary of Research Report with TOC:

https://www.fortunebusinessinsights.com/light-detection-and-ranging-lidar-market-101969

The LiDAR (Light Detection and Ranging) market has experienced significant growth in recent years and is expected to continue expanding. LiDAR technology uses laser sensors to measure distances and create detailed 3D maps of environments. It finds applications in various industries such as automotive, aerospace, forestry, urban planning, and archaeology.

Driving Factors in the LiDAR Market:

• Increasing demand in the automotive industry: LiDAR has gained prominence in autonomous vehicles and advanced driver-assistance systems (ADAS). The need for accurate real-time mapping and object detection has propelled the demand for LiDAR sensors in the automotive sector.
• Rising adoption in mapping and surveying applications: LiDAR enables highly accurate and efficient mapping and surveying of terrains, urban areas, and infrastructure projects. The growing need for precise geospatial data for urban planning, construction, and infrastructure development has driven the demand for LiDAR systems.