LiDAR technology was first introduced in the 1960s, but it got tractions from various industries after the introduction of GPS in the 1980s.
Since the 1980’s the LiDAR technology is evolving with moderate pace and its market size and applications are also on the rise since then.
The introduction of new advanced technologies and smart devices, such as 5G, autonomous technology, drones, and IoT, brought more attraction and industries towards the incorporation of LiDAR with the advanced technologies. Due to these advanced technologies, LiDAR is now used in different industries such as automotive, renewable energy, archaeology, agriculture and construction. The use of LiDAR in various industries particularly in the automotive industry shows its huge future potential growth potential.
The average global market value of LiDAR technology in 2018 was estimated at around US$ 800 million and is expected to reach US$ 1,860 billion in 2025. The rise in market size will be due to the ongoing integration of LiDAR technology with other developments in various industries.
North America has the largest market share as compared to other regions, due to the ongoing developments of LiDAR in the US and Canada. North American market is also showing good demand for 3D imaging, which is also one of the drivers behind LiDAR market value.
Google and General Motors are also investing in North America for the development of autonomous technology using LiDAR. Furthermore, one of the factors behind LiDAR technology market developments in North America is the increased investment in defence and military sector.