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Growing LiDAR Technology Market in Laser Industry

Growing LiDAR Technology Market in Laser Industry

The term LASER stands for Light Amplification by Stimulated Emission of Radiation. Lasers surround human beings in every sphere making the technology ubiquitous from treating deadliest diseases such as cancer to provide the ultimate entertainment, lasers have helped human in terms that have not been possible with any other technology from wide-ranging material processing applications to developing high-grade weaponry, laser technology has made numerous complex operations highly efficient, increasingly precise and less time-consuming.

New promising technology emerging from the core laser application is LiDAR, The growth of LiDAR Technology Market in Laser Industry is at pace. LIDAR stands for Light Detection and Ranging. It is a remote sensing method or technology that is used to examine the surface of the Earth and can produce a highly accurate images of the ground surface and other target objects.

Role of LiDAR Technologies in the Automotive Industry

Automotive industry plays a key role in driving innovations in laser applications. Significant advancements are being made in automobile manufacturing. The growing R&D in the region in the automotive sector focusing on self-driven cars is expected to boost the demand for lasers.

The growing trends in automotive industry towards electric vehicles and self-driving cars are the key driver for newer applications of lasers, Self-driving cars increasingly employ LiDAR sensors for generating huge 3D maps for 360-degree vision and accurate depth information to assist in self-navigation and object detection. The global market for self-driving cars is growing at a CAGR of approximately 40 percent which will further drive the market for lasers.

LiDAR Technologies in Defense and Aerospace Industry

Laser technology is being utilized in all the scientific fields and defense and aerospace are no different. LiDARs are used for tracking low flying aircrafts as LiDAR can perform efficiently in all weather conditions and accurately calculate the dimension and distance of the target.

Competitive Analysis

The market for LiDAR is growing at a good pace and it is expected to grow double in size in the next five years. Lasers have been in R&D for 40 years, but significant investment is being made towards devising innovative solutions to utilize the technology in widespread applications.

  • RoboSense, China, provider of LiDAR solutions for autonomous driving, received the combined funding of more than $45 million.
  • USA is one of the largest markets for laser technology and has the maximum number of laser-related companies with many global laser giants including Coherent, IPG Photonics, Lumentum Holdings and Novanta. USA is now focusing towards increasing spaces of new laser technologies such as LiDAR.
  • The growing R&D in the region in the automotive sector focusing on self-driven cars is expected to boost the demand for lasers.

To know more about the latest innovation in LiDAR Visit – Laser Technology Market and Patent Landscape Report by AheadIntel