Report predicts 12.4% CAGR in LiDAR market by 2022

Report predicts 12.4% CAGR in LiDAR market by 2022

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India: Market research firm, RnR market research has published a report that predicts a growth in LiDAR market at a CAGR of 12.4%. The report further projects an estimated market growth to reach $3.22 billion by 2022. According to the report, the key driving factor that will decide the market growth is the technology superiority of LiDAR.

Besides, several other factors such as encouragement from government and institutes for adoption of LiDAR, automation, and use of LiDAR in automotive sector are also propelling the growth of this market.

In the LiDAR market, by product, UAV segment is estimated to grow at the highest CAGR during the forecast period. Presently, the increasing adoption of UAV for various applications such as media and entertainment, precision farming, and many other commercial applications is the reason for high growth of UAV LiDAR.

The LiDAR market in APAC is expected to grow at the highest CAGR between 2016 and 2022. The growth is attributed to increasing industrialization and urbanization in this region. Increasing awareness among governments and customers is driving LiDAR market in APAC region. Further, availability of local players and favorable economic conditions are some of the reasons for the high growth of the market in this region.

Several primary interviews with experts have been conducted across four major regions, namely, North America, Europe, Asia-Pacific, and Rest of the World (the Middle East, Africa, and South America). The primary participants considered for the study are C level executives, managers, and D level executives of tier 1, tier 2, and tier 3 companies.

On a related note, another research titled Electronic Sensors Market For Consumer Industry Global Forecast to 2022 says, the electronic sensors market for the consumer industry was valued at $11.94 billion in 2015 and is expected to reach $26.76 billion by 2022, growing at a CAGR of 12.26% during the forecast period. The market in Asia-Pacific is expected to grow at the highest CAGR in the electronic sensors market for the consumer industry between 2016 and 2022.

Source: RnR Market Research