Solid state LiDAR market is projected to grow at a CAGR of 121.28% during the forecast period, reaching a total market size of US$92.741 million in 2024 from US$0.790 billion in 2018. The LiDAR (Light Detection and Ranging) is a remote sensing technology that uses pulse from a laser to collect measurements which can then be used to create 3D models and maps of objects and environments. Currently, the LiDAR that is being utilized is mechanical LiDAR that is not only costly but also are bulky, which significantly increases the cost of manufacturing autonomous vehicles. This is leading to the development of solid-state LiDAR that are relatively small in size and cheaper than the traditional ones. Rising investment by key players in the solid-state LiDAR technology is significantly boosting the solid-state LiDAR market growth. For instance, in August 2016, Quanergy received $90 million to ramp up production of solid-state LiDAR sensors. The demand for such LiDAR is majorly driven by the burgeoning need of manufacturers to produce autonomous vehicles at large scale.
Expanding drone production is another driving factor that is boosting the demand for solid-state LiDAR sensors. According to knowledge Sourcing Intelligence Analysis, the market for commercial drones is poised to grow at a CAGR of 21.91% from 2017 to 2022. Hence, the solid-state LiDAR market is poised to grow at an astounding rate during the forecast period on account of rising R&D on non-mechanical scanning LiDAR sensors such as optical phased array-based and auto manufacturers aim to roll out autonomous vehicles in large scale by 2035.
The Solid-State LiDAR Market – Forecasts from 2019 to 2024 is an exhaustive study of this niche technology market that presents the key market trends through various chapters focusing on different aspects of the market. The study provides a detailed market overview through the market dynamics sections which detail key market, drivers, restraints, and opportunities in the current market. The report analyzes key opportunity regional markets, and the current technology penetration through lifecycle analysis. The report also analyzes the market through comprehensive market segmentation by type, application, and geography.
The solid-state LiDAR market has been segmented by type, application, and geography. Based on type the market has been segmented into MEMS and Optical Phased Array. By application, the market has been classified into Drones and UAV’s, autonomous vehicles, aerospace, and industrial automation.
Regional analysis has been provided with detailed analysis and forecast for the period 2019 to 2024. The global market has been broken down into the Americas, Europe Middle East, and Africa (EMEA), and the Asia Pacific.
Major players in the solid-state LiDAR market have been covered along with their relative competitive position and strategies. The report also mentions recent deals and investments of different market players over the last year. The company profiles section details the business overview, financial performance for the past three years, key products and services being offered along with the recent developments of these important players in the solid-state LiDAR market.