Europe LiDAR market valuation to hit USD 2 billion by 2027 owing to the increase in demand for self-driving cars and accurate 3D maps.
Selbyville, Delaware, Aug. 02, 2021 (GLOBE NEWSWIRE) --
Global Market Insights Inc. has recently added a new report on the LiDAR Market which estimates the market valuation for LiDAR will cross $7 billion by 2027. The rising adoption of LiDAR technology for advanced mapping solutions across multiple applications is expected to contribute to the market growth.
The growing acceptance of terrestrial LiDAR is growing significantly due to its extensive benefits such as acquiring complete three-dimensional data for urban planning. The extensive urbanization and industrialization are driving the population density in certain developed cities. This has resulted in the demand for advanced township planning techniques that can create accurate 3D city models. This development is anticipated to support the market expansion over the forecast period.
Request for a sample of this research report @ https://www.gminsights.com/request-sample/detail/421
Terrestrial LiDAR market is poised to attain a high growth rate during the forecast timeframe impelled by the increasing demand for acquiring complete three-dimensional data for urban planning. Extensive urbanization and industrialization are driving the population density in certain developed cities. This has resulted in the demand for advanced township planning techniques that can create accurate 3D city models.
The solid-state segment is predicted to witness 50% growth rate through 2027 owing to its inexpensive nature and high performance compared to conventional LiDAR sensors. In addition, the expensive nature of LiDAR hardware is the primary factor preventing the usage of LiDAR in the large-scale manufacturing of autonomous cars. The companies are conducting various strategic initiatives to accelerate the innovation process in solid-state LiDAR technology.
The bridges & tunnels segment will account for 50% of the LiDAR market share by 2027. LiDAR products help in the inspection of bridges and provide high-resolution georeferenced colorized point cloud scans with panoramic images that provide detailed geometric information about a bridge. The generated scan information tells about the defects in bridges, avoiding the future loss of assets and life. This has created a demand for LiDAR technology that will support the market over the coming years.
Europe LiDAR market size will reach USD 2 billion by 2027 on account of the increase in demand for self-driving cars and accurate 3D maps. Several regional enterprises are focusing on the development of innovative solutions through strategic partnerships. For instance, in April 2020, Velodyne Lidar, Inc. signed a partnership agreement with EasyMile, a smart vehicle solutions provider. Under this partnership, EasyMile will use Velodyne’s LiDAR sensors to produce autonomous passenger shuttles. This partnership helped both companies to strengthen their position in the market by developing innovative autonomous passenger shuttles.
Request for customization of this research report at https://www.gminsights.com/roc/421
Major companies operating in the market are Hexagon AB, Trimble Inc., Sick AG, and Velodyne LiDAR. The market leaders are focusing on integrating LiDAR technology to develop innovative solutions. For instance, in July 2021, Continental AG collaborated with AEye, Inc, a provider of AI-driven LiDAR systems for vehicle autonomy. This collaboration is aimed at integrating AEye’s LiDAR technology into a full-stack automated and autonomous solution. This will help the company to strengthen its automated and autonomous solutions and offer sustainable solutions.
Partial chapters of report table of contents (TOC):
Chapter 3 LiDAR Market Insights
3.2 Industry segmentation
3.3 Industry landscape
3.4 Industry ecosystem analysis
3.5 Industry ecosystem analysis
3.6 Technology & innovation landscape
3.6.1 Single photon or Geiger mode systems
3.6.2 Multi Pulse-in Air
3.7 Use cases
3.8 Regulatory landscape
3.9 Industry impact forces
3.9.1 Growth drivers
3.9.2 Industry pitfalls and challenges
3.10 Growth potential analysis
3.11 Porter’s analysis
3.12 PESTEL analysis
Browse Complete Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/lidar-light-detection-and-ranging-market
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
CONTACT: Contact Us: Arun Hegde Corporate Sales, USA Global Market Insights, Inc. Phone: 1-302-846-7766 Toll Free: 1-888-689-0688 Email: email@example.com