LiDAR Market by Growth Opportunities and Key Trends Analysis by Regional Players to 2027

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LiDAR Market 2021 - Latest Trends, Future
Development Outlook and Demand Analysis to 2027

• Recent trends in the LiDAR industry are propelled
  by an escalation in the adoption of strategic
  moves by major industry players. These steps
  comprise acquisitions, mergers, partnerships,
  product development, and other initiatives.
• 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
  companys 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, states the most recent study by
  Global Market Insights, Inc.

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• 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.

• 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.

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• Regional Analysis

• 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.

• Competitive Analysis

• Major LiDAR market players are Beijing SureStar
  Technology Co. Ltd., FARO Technologies, Inc.,
  Geokno, Hexagon AB (Leica Geosystem), Innoviz
  Technologies Ltd, LeddarTech Inc., NV5 Inc.
  (Quantum Spatial), Outster Inc., Quanergy
  Systems, Inc., RIEGL Laser Measurement Systems
  GmbH, RoboSense LiDAR, Sick AG, Teledyne
  Technologies (Teledyne Optech), Topcon
  Positioning Systems, Inc., Trimble Inc., Vaisala
  (Leosphere), Valeo, Velodyne Lidar, and
  Yellowscan.

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