LiDAR Market to Reach $1.3 Billion by 2024

LiDAR Market to Reach $1.3 Billion by 2024 – Surging Acceptance in Environmental Mapping & Automobile Safety Applications

DUBLIN–Research and Markets has announced the addition of the “LiDAR Market Analysis 2024” report to their offering.

The global LiDAR market is expected to reach USD 1.34 billion by 2024. The surging acceptance in environmental mapping and automobile safety application arenas is expected to boost the market growth. The increasing acceptance in the construction and architectural segment for monitoring & 3D-modeling applications is further anticipated to bolster the market growth.

The market can be categorized on the basis of application types into corridor mapping, engineering, environment, exploration, Advanced Driver Assistance Systems (ADAS) & others. The ADAS application segment is expected to grow at a remarkable pace owing to the surging incorporation in automotive safety and forward-collision avoidance systems; for instance, in Automatic Emergency Braking (AEB) systems to reduce the number of car crashes.

In July 2016, Velodyne LiDAR (U.S.) announced a partnership agreement with Dibotics (France), a Paris-based pioneer in the infrastructure-less and GPS-denied navigation. Dibotics would be providing consulting services to Velodyne customers in the 3D SLAM software segment, where the company would make contributions to the Dibotics platform in augmenting its technology deployed with Velodyne’s 3D LiDAR sensors.

North America is expected to emerge as one of the leading regional markets owing to the rising R&D spending coupled with high adoption in the automotive sector and environmental scanning & modeling operations. Asia Pacific is expected to witness a substantial growth over the forecast period. The surge in the demand across the product segments is expected to spur the market demand.

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