The global LiDAR market is currently witnessing a prolific expansion in terms of volume and revenue share, given the technology’s rising adoption for extensive mapping and 3D imaging applications. Some of the current mapping and imaging solutions are relatively low on the performance dimension, demanding a need for LiDAR. The LiDAR technology makes use of shorter wavelengths, enabling it to detect even minuscule objects, making it more accurate compared to other traditional methodologies.
In fact, the advent of these technologies has led enterprises to begin deploying LiDAR devices on UAVs as they act as multifunctional 3D imaging and mapping solutions. As per a report by Global Market Insights, Inc., LiDAR market is anticipated to account for an overwhelming share of USD 10 billion over the span of 2019 to 2025. Trends that are transforming the business landscape are enumerated below:
Ongoing efforts by the industry majors
Emergence of LiDAR technology has indeed offered a huge growth potential to a wide range of enterprises including Geodigital, Leddartech, Quantum Spatial, Topcon Positioning Systems, and Innoviz Technologies amongst others, who have been relentlessly working towards introducing novel innovations in the business space.
In one such instance, Continental AG- a prominent name in automotive part manufacturer- has announced expanding its LiDAR technology portfolio by investing a whopping share in robotic vision and sensing pioneer- AEye. The latter’s LiDAR technology boasts of the ability to trace small, low-reflective objects at a distance of mere 160 meters with multiple measuring points and is suited to be vital for automated driving in both commercial as well as passenger vehicles. As per news reports, this investment would allow Continental to make extensive use of this LiDAR technology and industrialize the sensor to produce a fully automotive grade product, which stands as a major need of the hour across the automotive industry and autonomous vehicles.
Proliferating technology use in autonomous vehicles
Given that use of LiDAR technology is burgeoning across the automotive industry as well as in the autonomous vehicles, it is no surprise that mechanical LiDAR segment across LiDAR market would grow at an unprecedented pace. In fact, reports suggest that the segment acquired a business share of 90 per cent in 2018, on the grounds of rising need for self-driving vehicles. Currently, LiDAR is being incorporated into advanced driver assistance systems just to enhance the safety features in some of the semi-autonomous cars.
Expansive presence of automakers in North America
Speaking of the innate use of LiDAR in autonomous vehicles, it is noteworthy to mention that North America is poised to emerge as a major investment hub for LiDAR industry on account of the string presence of large automobile companies that have been looking forward to developing self-driving cars with superior and best in class safety features. The region had in 2018 held a significant market share of 50 per cent, which could also be attributed to the increased use of drones for commercial and recreational purposes.
Increased LiDAR use for environmental purposes
Let alone the automotive industry, LiDAR technology is also being massively used in environment for vivid applications. As a matter of fact, the environment segment across this market is touted to grow at a CAGR of 32 per cent through 2025. This growth can be ascribed to the technology’s intrinsic use for various geoscience applications to create accurate and high-quality 3D data and also study various ecosystems of wildlife species.
Massive use of topographic LiDAR
Laying focus on the environmental use of LiDAR, it is essential to point towards the increasing graph of topographic LiDAR segment, which is expected to depict a growth rate of more than 25 per cent over the foreseeable time frame. These systems are observing humongous demand owing to their ability to get through forest canopy and produce accurate 3D models of diverse regional landscapes. Needless to mention, topographic devices are being generally used to create contours, digital terrain models, digital surface models, etc.