LiDAR Market Size, Share and Technology Update

The LiDAR market is projected to grow from USD 1.4 billion in 2023 to USD 3.7 billion in 2028; it is expected to grow at a CAGR of 19.4%  from 2023 to 2028. The growth of the market is attributed to rising adoption of LiDAR systems in UAVs, and use of LiDAR geographical information system (GIS) applications. During the forecast period, LiDARs with 3D & 4D technology providing aerial surveying, asset management, GIS services, ground-based surveying  are expected to create growth opportunities for the market.

The sensing technology known as LiDAR (Light Detection and Ranging) uses laser pulses to measure distances and produce 3D maps of objects and environments. It is extensively employed in many different industries, including agriculture, the automotive industry, and the aerospace industry. The desire for autonomous vehicles and the requirement for precise and thorough mapping data have both contributed to the steady growth of the LiDAR market in recent years. 

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The growing use of solid-state LiDARs is one of the key developments in the market for LiDAR devices. Solid-state LiDARs use a combination of sensors, lenses, and electronics to produce high-resolution 3D maps, in contrast to conventional LiDAR systems, which scan the surroundings using mechanical components. These LiDARs are more compact, durable, and cost-effective than conventional LiDAR systems, which makes them perfect for usage in drones, driverless cars, and other applications.

Precision agriculture is a further use of LiDAR technology in agriculture. High-resolution 3D maps of fields can be made using LiDAR sensors, and these maps can be used to pinpoint fields that need more or less attention. For instance, farmers can modify their management techniques by using LiDAR data to pinpoint regions of a field that are more vulnerable to waterlogging or nutrient deficiencies.

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