PORTLAND, Ore., Nov. 8, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "3D LiDAR Sensor Market By Type (Mechanical and Solid State), Application (Map Capturing, Surveying, Navigation Devices, Advanced Driver Assistance System [ADAS], and Others), End-Use Industry (Agriculture, Industrial, Archaeology, Aerospace & Defense, Building & Construction, Automotive, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030". According to the report, the global 3D LiDAR sensor industry generated $0.51 billion in 2020, and is anticipated to generate $2.30 billion by 2030, witnessing a CAGR of 14.5% from 2021 to 2030.
Prime determinants of growth
Developments in industrial automation and increase in demand for autonomous vehicle technology drive the growth of the global 3D LiDAR sensor market. However, high manufacturing cost of these sensors hinders the market growth. On the other hand, increasing application of 3D LiDAR sensor in defense and civil engineering field presents new opportunities in the coming years.
The outbreak of the Covid-19 pandemic led to global lockdown and temporary closure of manufacturing facilities, which hampered the growth of the global 3D LiDAR sensor market.
Nevertheless, the market is going to recover once the lockdown gets completely over.
The mechanical segment to maintain its leadership status throughout the forecast period
Based on type, the mechanical segment held the highest market share in 2020, accounting for more than half of the global 3D LiDAR sensor market, and is estimated to maintain its leadership status throughout the forecast period. This is due to increase in developments of semi-autonomous & autonomous vehicle, rise in emphasis from the governments for ADAS incorporated vehicles, and surge in investments & funding in LiDAR startups. Moreover, the solid state segment is projected to manifest the highest CAGR of 15.6% from 2021 to 2030, owing to rise in investment by key players in the solid-state 3D LiDAR sensor technology.
The wired segment to maintain its lead position during the forecast period
Based on connectivity, the wired segment accounted for the largest share in 2020, contributing to nearly three-fifths of the global 3D LiDAR sensor market, and is projected to maintain its lead position during the forecast period. This is because wired connections are more reliable than Wi-Fi technology. However, the wireless segment is expected to portray the largest CAGR of 16.5% from 2021 to 2030, owing to advancement in wireless technology.
North America to maintain its dominance by 2030
Based on region, North America held the highest market share in terms of revenue in 2020, accounting for nearly two-fifths of the global 3D LiDAR sensor market. This is due to increase in LiDAR applications in the defense and industrial sectors. Moreover, the Asia-Pacific region is expected to witness the fastest CAGR of 16.00% from 2021 to 2030. This is because the governments of varied sectors of Asia-Pacific countries are taking essential efforts to make use of 3D LiDAR sensor systems in different applications such as city modeling, corridor mapping, railway & roadway analysis, and airport planning. Other regions discussed in the report include Europe and LAMEA.
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Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.