LiDAR Market is Predicted to Reach a Market Worth of USD 4.83 Billion in 2031 Owing to Rising Spending on Healthcare Around the World | SkyQuest Technology

WESTFORD, Mass., Aug. 1, 2024 /PRNewswire/ — According to SkyQuest, the global LiDAR Market size was valued at USD 1.5 Billion in 2022 and is poised to grow from USD 1.7 Billion in 2023 to USD 4.83 Billion by 2031, growing at a CAGR of 13.8% in the forecast period (2024-2031). 

LiDAR (Light Detection and Ranging) technology has emerged in popularity quite recently owing to its advanced application scope in multiple industry verticals. The growing use of LiDAR technology in autonomous vehicles and mapping applications is projected to bolster market growth in the future. Rising investments in the R&D of novel LiDAR technologies will also foster new opportunities for market players going forward. The global LiDAR market is segmented into LiDAR technologies, component, type, installation, range, service, end-use application, and region.
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Lidar Market Overview:
Report Coverage
Details
Market Revenue in 2023
$ 1.7 Billion
Estimated Value by 2031
$ 4.83 Billion
Growth Rate
Poised to grow at a CAGR of 13.8%
Forecast Period
2024–2031
Forecast Units
Value (USD Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
LiDAR Technologies, Component, Type, Installation, Range, Service, End-use Application, and Region
Geographies Covered
North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.
Report Highlights
Advancements in LiDAR technologies and its application scope expansion
Key Market Opportunities
Growing investments in the development of autonomous vehicles
Key Market Drivers
High use of LiDAR for mapping and surveying in agricultural and construction settings
Segments covered in Lidar Market are as follows:
LiDAR Technologies2D, 3D, 4DComponentLaser Scanners, Navigation & Positioning Systems (GPS, IMU), and OthersTypeMechanical, and Solid-stateInstallationAirborne (Topographic, Bathymetric Lidar), and Ground-based (Mobile, Static)RangeShort (0–200 M), Medium (200–500 M), and Long (Above 500 M)ServiceAerial Surveying, Asset Management, Geographic Information System (GIS) Services, Ground-based Surveying, and OthersEnd-use ApplicationCorridor Mapping (Roadways, Railways, Other), Engineering, Environment (Forest Management, Coastline Management, Pollution Modeling, Agriculture Mapping, Wind Farm, Precision Forestry), ADAS & Driverless Cars, Exploration (Oil & Gas, Mining), Urban Planning, Cartography, Meteorology, and OthersRequest Free Customization of this report:https://www.skyquestt.com/speak-with-analyst/lidar-market
Ground-based LiDAR Technologies to be At the Forefront of Revenue Generation for Market Players
Ground-based LiDAR technologies have an immense scope of application in numerous industry verticals. Ranging from autonomous vehicles to real-time mapping of objects and surroundings, ground-based LiDAR can do almost everything possible. Moreover, LiDAR companies are especially investing in new technologies that can enhance the pedestrian and object detection capabilities of vehicles to improve their safety. Ground-based LiDAR technologies will be immensely popular among automotive companies in the future.
Surging demand for aerial mapping and surveying equipment is projected to create new opportunities for airborne LiDAR technology providers. From creating digital elevation models to replacing traditional surveying approaches, airborne LiDAR technologies can do many things. Integration of other advanced technologies such as artificial intelligence and the Internet of Things (IoT) could very well widen the scope of application for this segment in the long run.
View report summary and Table of Contents (TOC):https://www.skyquestt.com/report/lidar-market
 Automotive and Transportation Safety Emphasis Slated to Power LiDAR Demand
Corridor application of LiDAR technologies is slated to be the most opportune for market players over the coming years. LiDAR technologies help collision avoidance systems and other safety systems analyze surroundings and map them in real time to detect objects and pedestrians. Increasing emphasis on safety in the automotive industry and imposition of regulations mandating the use of such systems will help the corridor application segment hold a major chunk of the global market share.
Meanwhile, the demand for LiDAR in driverless cars and advanced driver assistance applications will increase at a robust CAGR over the coming years. Cameras are being used with LiDAR technology to promote autonomy amongst vehicles. Agriculture and construction applications are also expected to offer good returns on investments for LiDAR companies in the long run.
The global LiDAR market is emerging as an extremely opportune one. Leading LiDAR companies are focusing on advancing their technologies whilst new companies are targeting innovation to find a place for themselves in this competitive landscape. 
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