LiDAR Market to Reach $10B by 2025
May 20, 2019—The global LiDAR market is set to grow from its current market value of more than $1 billion to over $10 billion by 2025.
There has been a rise in the demand for 3D imaging solutions due to the increasing development of smart city projects and its expanding civil engineering and manufacturing applications. The existing traditional 3D imaging technologies, such as radar, cannot detect small objects, preventing its usage in high-precision applications.
The LiDAR solutions are increasingly used in UAVs to produce high-resolution digital surfaces and terrain, and elevation models for numerous business applications. Historically, enterprises used a distinct personalized component for every application. With the advent of the LiDAR technology, companies are using LiDAR devices mounted on UAVs, which serve as a multifunctional 3D mapping system.