Mergers, partnerships and progress in product development are propelling the LiDAR industry forward.
For instance, in June 2021, Velodyne Lidar, Inc., set up its new India Design Center in the city of Bangalore. The center is an expansion of the company’s growth strategy of driving continuous innovation in the field of LiDAR sensor and software solutions that are instrumental in transforming lives by advancing smart communities and safe mobility in global markets.
Owing to similar advancements, the LiDAR market share is expected to surpass USD 7 billion through 2027, according to a recent study by Global Market Insights.
This growth is on account of the rising penetration of solid-state LiDAR due to its inexpensive nature and high-performance in comparison to conventionally used sensors. Driven by these factors, the solid-state segment is estimated to escalate at a CAGR of more than 50% over 2021 and 2027.
However, LiDAR hardware is a bit expensive and this stands as a key factor preventing its adoption in the large-scale manufacturing of autonomous cars. Recognizing this, market players are formulating strategic initiatives for accelerating the innovation process in the field of solid-state LiDAR technology.
Surging use of LiDAR in the inspection of bridges and tunnels to boost market share
The bridges and tunnels segment in the LiDAR industry is slated to record a market share of more than 50% by the end of 2027. This rise is attributed to the applicability of LiDAR products in the inspection of bridges. These products offer georeferenced and high-resolution colorized point cloud scans in addition to panoramic images that give detailed geometric information regarding a bridge.
The generated scan information provides details regarding the defects in bridges, in turn avoiding the loss of life and assets in future. This has created an escalating demand for LiDAR technology, boosting industry expansion through the ensuing years.
How will the increasing adoption of terrestrial LiDAR augment LiDAR industry outlook?
There has been a considerable increase in the adoption of terrestrial LiDAR, driven by its multiple benefits that include complete three-dimensional data for the purpose of urban planning.
The density of population in certain developed cities is propelled by the extensive industrialization and urbanization. This has created the demand for advanced township planning techniques that can foster the creation of accurate 3D city models.
Europe LiDAR market – prospects of expansion through 2027
The LiDAR market in Europe is expected to record a revenue of more than USD 2 billion through 2027. This upsurge is due to the increasing demand for accurate 3D maps and self-driving cars. The regional growth is driven by an increase in the development of innovative solutions.
To cite an instance, in April 2020, Velodyne Lidar, Inc., entered into a partnership agreement with smart vehicle solutions provider, EasyMile. Under this collaboration, EasyMile will make use of Velodyne’s LiDAR sensors for the production of autonomous passenger shuttles. The partnership reportedly helped both companies in strengthening their position in the market via the development of innovative autonomous passenger shuttles.
In a nutshell, the escalating adoption of LiDAR technology in advanced mapping solutions across numerous applications will augment LiDAR market growth through the forecast period.