LiDAR Market Size, Share is Expected to Reach $40.1 billion by 2032 | Sheer Analytics and Insights

NEW YORK - Sept. 23, 2022 - PRLog -- According to a market report, published by Sheer Analytics and Insights, the global LiDAR Market was valued at $2.3 billion in 2021 and it is expected to reach $40.1 billion at a CAGR of 28.8% between 2022 and 2032. The market is expanding as a result of the increased use of LiDAR systems for numerous applications, including Advanced Driver Assistance Systems (ADAS), urban planning corridor mapping, etc. The enormous growth of the LiDAR business will also benefit from the adoption of 4D LiDAR. The LiDAR market is significantly influenced by its many qualities, such as high-speed data transfer with high-resolution results.

Some new developments in the global LiDAR market:

• In 2021, In Bangalore, Velodyne Lidar opened an India Design Center. To support ongoing company growth, the new center intensifies Velodyne's hyper-focus on sensor and software innovation. In addition, the India Design Center will work closely with the Velodyne engineering team in San Jose, California, on cutting-edge research and development projects to create customer-focused solutions.
• On 5th January, 2022, a new 360 degree LiDAR sensor was introduced by Innoviz. A well-known pioneer in the developing market for car LiDAR sensors is the Israeli startup Innoviz. Moreover, automotive LiDAR sensors from the first generation, including those made by Velodyne, were all rotating components. The reflected photons were collected using a parallel array of photo detectors and a vertical array of laser emitters. The entire setup was fixed on a turntable that rotates as the car travels down the road. The point cloud that was produced contained a row of pulses from each laser.
• On 16th September, 2022, Next-generation 3D Solid-state LiDAR, ML-X, is released by SOSLAB. SOSLAB, a self-driving technology start-up, has gained acclaim for its LiDAR technology, which is a world standard. The measuring distance and resolution of this new 3D Solid-state LiDAR, ML-X, have more than doubled compared to those of earlier products, and it is distinguished by its compact size.

Key Players are Airborne Hydrography AB (Sweden), Denso (Japan), Faro Technologies (U.S), Hexagon AB (Sweden), Mira Ltd (U.K), NV5 Global (U.S), Quanergy Systems (U.S), Sick Holding GmbH (Germany), Teledyne Technologies (U.S), Trimble (U.S), Velodyne LiDAR (U.S), YellowScan (France), among others.

Full report at https://www.sheeranalyticsandinsights.com/market-report-research/lidar-market-21

Segmented Into:

By Technology Type:

• 2D
• 3D
• 4D

By Product Type:

• Airborne
• UAV
• Terrestrial

By Regions:

• North America
• Europe
• Asia Pacific
• LAMEA