The global LiDAR market is set to grow from its current market value of more than $1 billion to over $10 billion by 2025, according to new research. A report by Global Market Insights, Inc. looks at the LiDAR market from now to 2025 and examines various applications of the devices, use in different industries and regions of the world, and key players in the market.
Demand for 3D imaging solutions has risen due to the increasing development of smart city projects and expanding civil engineering and manufacturing applications. Existing traditional 3D imaging technologies, such as radar, cannot detect small objects, preventing the usage of LiDAR in high-precision applications. LiDAR technology uses shorter wavelengths that allow the detection of tiny objects with a high degree of accuracy while developing an exact 3D monochromatic model of the object. This characteristic has opened an entirely new paradigm of possibilities to solve complex tasks, specifically in factory automation, robotics, and manufacturing sectors, encouraging companies to use LiDAR solutions due to their ability to solve complex problems while simultaneously developing high-precision 3D models.