The LiDAR market is expected to grow at a CAGR of 12.4% during 2016-2022 and touch USD 3.22 billion by 2022. A major driving factor for the growth of the market is the technology superiority of LiDAR. Also, several other factors such as automation, encouragement from government and institutes for adoption of LiDAR, and use of LiDAR in automotive sector are boosting the growth of this market.
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LIDAR Market Drivers
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In the LiDAR market, with respect to product, UAV segment is expected to grow at the highest CAGR. Presently, the increasing acceptance of UAV for various applications like media and entertainment, precision farming, and many other commercial applications is the reason behind high growth of UAV LiDAR.
The market in APAC is expected to grow at the highest CAGR between 2016 and 2022. The growth is due to growing industrialization and urbanization in this region. Growing awareness among governments and customers is propelling this market in APAC region. Additionally, availability of local players and favorable economic conditions are some of the other factors affecting for the high growth of the market in this region.
LIDAR Company Profiles
Primary interviews were conducted with various industry experts to collect data related to different aspects of the market. Primary sources include professionals such as decision makers, executives, vice presidents, and CEOs.
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