The optical-phased array LiDAR market is projected to witness a compound annual growth rate of 124.30% during the forecast period.
Optical-phased array LiDAR technology is a technologically superior version of LiDAR technology that provides finer detection. Under this technology, an object can be located in coarse view, while the system is well aware of the broader environment. Surging demand for LiDAR technology across numerous industry verticals owing to the rise in automation is forecasted to drive notable demand for optical-array phased LiDAR technology. Furthermore, features such as low cost and high-volume production coupled with the ability to integrate with vehicle design seamlessly make the technology more attractive hence, grasping a significant market. However, misconceptions linked with the technology drive away preference for other forms and thus reduce the market potential. The analysis report segments the market of optical-phased array LiDAR technology based on component, application, and geography.
The North American Optical-Phased Array LiDAR market is expected to hold a large share of the market owing to rising automation and promising advancement in the automotive industry.
Based on geography, the optical-phased array LiDAR market is segmented into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific. The North American optical-phased array LiDAR market is expected to dominate the global market owing to rising automation and promising advancement in the automotive industry, which is forecasted to increase the adoption of LiDAR technology. Innovation and product launch coupled with a surge in automation has led to investment and the launch of autonomous vehicles, such as self-driving cars. Tesla became a market leader in 2020 with the launch of its self-driving cars in the US. The company has been investing and innovating to launch new products in the field. Growing competition has encouraged to invest and research in the field. With technological advancement and the rise in automation, it is forecasted that the adoption of self-driving cars will surge in the future, providing robust growth potential for optical-phased array LiDAR technology.
By component, the global optical-phased LiDAR technology market has been segmented into transmitter and receiver. Both these components combined optimize the LiDAR technology and are expected to hold a notable share of the market.
By application, optical-phased array LiDAR technology is used in autonomous vehicles, precision robots, and free-space optical communication. Precision robots are expected to hold a large share of the market owing to the surge in automation and the growing adoption of robots across numerous industry verticals. The autonomous vehicle market is expected to grow at a noteworthy rate with sure innovation in the industry.
Growth Factors
One of the prime reasons supporting the growth in the optical-phased array LiDAR market is the rising investment and innovation in the automotive industry, which has supported the development of self-driving cars. Automation and technological advancement have led to the launch of self-driving cars that uses LiDAR technology for safer operation. Rising investment and plans in the field are forecasted to expand the market demand for optical-phased array LiDAR technology. Tesla, the market leader in self-driving cars, in October 2021, laid out its plans to make the technology commercial in the US. Furthermore, the company is expected to launch fully self-driving cars by 2023. A notable development in the sector is forecasted to expand the market prospects for optical-phased array LiDAR technology.
COVID Insights
The coronavirus pandemic hampered the growth of Optical-Phased Array LiDAR globally. A halt in the production sector owing to the nationwide lockdown implemented to contain the spread of the virus led to lower production in the automotive sector that impacted the market demand. Supply chain disruption amid pandemic and rising crises in the semiconductor industry also hampered the market growth.
Key Development
| Report Metric | Details |
| Growth Rate | CAGR of 124.30% during the forecast period |
| Base year | 2020 |
| Forecast period | 2022–2027 |
| Forecast Unit (Value) | USD Billion |
| Segments covered | Component, Application, And Geography |
| Regions covered | North America, South America, Europe, Middle East and Africa, Asia Pacific |
| Companies covered | AEye Inc., Neptec Technologies Corp., Quanergy, RoboSense, Xenomatix |
| Customization scope | Free report customization with purchase |
Key Market Segments
Frequently Asked Questions (FAQs)
Q1. What are the growth prospects for the optical-phased array LiDAR market?
A1. The global optical-phased array LiDAR market is projected to witness a CAGR of 124.30% during the forecast period.
Q2. Who are the major players in the optical-phased array LiDAR market?
A2. Prominent key market players in the optical-phased array LiDAR market include AEye Inc., Neptec Technologies Corp., Quanergy, RoboSense, and Xenomatix, among others.
Q3. How is the global optical-phased array LiDAR market segmented?
A3. The global optical-phased array LiDAR market has been segmented by component, application, and geography.
Q4. What factors are anticipated to drive the optical-phased array LiDAR market growth?
A4. Surging demand for LiDAR technology across numerous industry verticals owing to the rise in automation is forecasted to drive notable demand for optical-array phased LiDAR technology.
Q5. Which region holds the largest market share in the optical-phased array LiDAR market?
A5. The North American region is expected to dominate the optical-phased array LiDAR market owing to rising automation and promising advancement in the automotive industry.
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