LiDAR Market is Estimated To Touch USD 5.82 Billion, at a CAGR of 22.10% By 2030 By CIOTechOutlook Team

LiDAR Market is Estimated To Touch USD 5.82 Billion, at a CAGR of 22.10% By 2030

CIOTechOutlook Team | Monday, 26 June 2023, 03:13 IST

The LiDAR market might grow at a pace of 22.10% between 2022 and 2030, according to a Comprehensive Research Report by Market Research Future (MRFR), "LiDAR Market Information By Product Type, Technology, Component, and Region - Forecast till 2030". By the end of 2030, the market size will be about USD 5.82 billion.

A wide variety of geographic and environmental monitoring applications, including watershed and river surveys, hazard assessment (including landslides, lava flows, tsunamis, floods, and more), geologic mapping, forestry, and agriculture, use LiDAR technology. LiDAR platforms are primarily utilised in helicopters and aeroplanes to collect data over large areas.

The use of solid-state, MEMs, flash LiDAR, and other technologies are the primary market factors promoting market growth. Automotive industry giants are increasing their investments in LiDAR startups.

LiDAR systems are used by scientists and cartographers to precisely, flexibly, and accurately analyse various settings. NOAA scientists employ LiDAR technology to create digital elevation models for geographic information systems, develop more precise coastline maps, improve emergency response procedures, and many other uses.

Sensing technologies are chosen by automakers to provide ADAS and autonomous driving features. LiDAR usage in automobiles is expanding to support these more sophisticated procedures. LiDAR aids vehicles in identifying things on or close to the road to help drivers avoid colliding with bicyclists, pedestrians, animals, and other cars.

LiDAR has become essential to self-driving technology and safety features as cars get smarter, enabling cars to regulate their speed. Consequently, it is anticipated that the market would soon see significant revenue volumes.

LiDAR technology is used by municipal corporations to survey properties in order to collect property taxes. LiDAR property surveying offers 360-degree panoramic video capture, which aids towns in locating unassessed properties within their authority.