The remarkable technological feats that are constantly being accomplished by solid-state automotive LiDAR market vendors are proof that this business space is expected to bring in significant profit over the next few years. Product development and investment in R&D are the two major strategies adopted by the leading market players in this sphere, with a view to enhancing their footprint worldwide. Moreover, solid-state LiDAR cost is not a hurdle for growth anymore.
Recently, the American company Ouster has announced the launch of its first-ever high-performance solid-state LIDAR sensor, which is anticipated to be available to its key clients by 2022. The solid-state LiDAR sensor is designed to guarantee longevity, reliability, and performance. In an aggressive attempt to bring down the cost, the solid-state automotive LiDAR sensor will be priced at $600.
The new sensor, ES2, will cater to the requirements of automotive, industrial automation, robotics, and smart infrastructure segments. It comes with ‘electronic scanning’, a feature that enables sequential firing of an array of more than ten thousand lasers printed onto a single chip. Consequently, the ES2 sensor sports a range of 200 meters on a 10% reflective surface. These solid-state automotive LiDAR sensors are likely to be the safest and the most dependable sensors on the market.
The solid-state automotive LiDAR market is projected to witness exceptional growth through the forecast period.
The following are the four top trends characterizing the solid-state automotive LIDAR market size:
High rate of technological development to ensure growth
One of the prominent driving factors of the solid-state automotive LiDAR market is the rate of technological advancement in the automotive sector. Features such as 360-degree coverage, real-time software compatibility, and internal navigation sensors are increasingly incorporated by several automobile manufacturers. Some other applications include airbag sensors, fuel level detection, and air conditioning sensor.
Soaring demand for autonomous vehicles propels expansion
Another main driver is identified as the boom in the demand for autonomous vehicles, coupled with massive investments from the automotive sector aiming to develop and commercialize autonomous vehicle technology. Numerous game-changing technologies such as driverless car prototypes have significantly brought about the expansion of the solid-state automotive LiDAR market.
As millions are being spent on smart infrastructure, computer-assisted systems like LiDAR are becoming mandatory due to their highly advanced features. For example, at a four-way highway intersection where multiple vehicles approach from different directions at a high speed, LiDAR’s high resolution can prevent accidents due to the intelligence of its microprocessor.
Drone applications in the commercial segment to push the industry outlook
The popularization of drone technology, particularly in the commercial segment is a major driving force for the solid-state automotive LiDAR market share. The commercial sector has been deploying drone applications frequently due to their high efficiency and accuracy. These include drone delivery, 3D mapping, and aerial view. As drones are being rapidly adopted in infrastructure monitoring and factory automation, the market for solid-state automotive LiDAR is continuously ascending.
Mergers and investments emerge as key strategies
Several key solid-state LiDAR companies are opting for collaboration. For example, in November 2020, Aeva Inc., a Silicon Valley Lidar startup signed a merger with InterPrivate Acquisition Corp, a special purpose acquisition company (SPAC). Another major collaboration was noted between Luminar Technologies Inc. and Velodyne Lidar Inc. In another instance, Continental enhanced its portfolio by investing in LIDAR pioneer company AEye, Inc. The partnership is likely to result in the production of passenger as well as commercial vehicle applications that are equipped with long-range detection (more than 300 meters).
Major solid-state LiDAR companies are also focusing on the development and launch of cost-efficient solid-state automotive LIDAR technologies to further enable the growth and evolution of the market.