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LiDAR market looks promising! Market value will reach $ 2.273 billion by 2024
In recent years, the prosperity of the intelligent driving industry has become hot, and discussions on lidar have been unprecedentedly fierce. At the same time, more and more automakers and semiconductor manufacturers are involved in intelligent driving and autonomous driving.
Recently, MarketsandMarkets released the latest global forecast research report on the 2024 lidar market. The report states that the size of the lidar market is expected to grow from $ 844 million in 2019 to $ 2.273 billion in 2024. The compound annual growth rate in 2024 is 18.5%.
Currently, radar has two laser modules: 905nm and 1550nm. Most of the 905nm modules use semiconductor lasers, and a lower cost silicon-based ADB receive detector is available. It has high peak power and can measure long distances.
150W 905nm Pulse Laser Diode TO18
According to reports, the report is based on the type of lidar (mechanical, solid state), type of installation, services (aerial survey, GIS services), applications (corridor mapping, environment, engineering, ADAS and driverless cars), components ranging from Other angles have made a comprehensive forecast of the lidar market. The specific analysis is as follows:
By type, solid-state lidar is expected to achieve a higher CAGR between 2019 and 2024. The high CAGR of the solid-state lidar market is due to the wide application of lidar in the automotive and robotics industries. Traditional lidar systems rely on mechanical moving parts that must be accurate to obtain the precise measurements needed for autonomous navigation. The solid-state lidar is completely built on a silicon chip and has no moving parts, so it is more resistant to vibration and smaller in size, which reduces production costs and enables mass production. The solid-state design can be built without electromechanical scanning, and is expected to be used in mass production of automotive lidar solutions as well as automated robots, drones and automobiles.
Depending on the type of installation, the compound annual growth rate of ground lidar is expected to be higher from 2019 to 2024. Ground lidar systems can be fixed or mobile. They are placed on mobile platforms with tripods and balancing components, such as sport utility vehicles (SUVs) or all-terrain vehicles (ATVs). Ground lidar systems are cheaper than airborne lidar systems. The automotive industry is becoming an application area for mobile ground lidar systems. The number of high-end vehicles equipped with advanced driver assistance systems (ADAS) is increasing every year, which is expected to further promote the market for mobile ground lidar systems.
By range, mid-range lidar is expected to achieve the highest compound annual growth rate from 2019 to 2024. Mid-range lidar is used to detect objects in the range of 200-500 meters. Lidar is used in engineering, mapping, environmental and exploration applications. When using mid-range lidar, accuracy and cost-effectiveness are paramount issues. These lidar sensors are used to provide 2D and 3D real-time data to easily identify objects in the 200-500m range. Driven by the use of mid-range lidar in engineering and construction applications, the mid-range lidar market is expected to grow at the fastest rate.
By region, the LiDAR market in the Asia-Pacific region is expected to grow at the highest compound annual growth rate throughout the forecast period. The lidar market in the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period. The growth of this market can be attributed to increased mining activities in the region, increased infrastructure construction, increased emphasis on forest management, and increased survey work. With the increase in the use of airborne and ground lidar systems and the increase in surveying and mapping activities in the region, the demand for lidar in the Asia-Pacific region is expected to increase.
In general, the adoption rate of lidar systems in drones, engineering and construction will be higher and higher; the use of lidar in geographic information system (GIS) applications is increasing; the emergence of 4D lidar The main factors driving the growth of the lidar market. Automotive giants have increased their investments in lidar startups; with the adoption of solid-state, MEMS, flash lidar, and other lidar technologies, technology transfer has occurred; the use of sensor fusion technologies to develop better geospatial solutions for the lidar market Solutions bring growth opportunities.