The LIDAR sensor market estimated value of $5.6B By 2031
Summary
• The market is expected to grow exponentially during the forecast period, as sensors are becoming more compact and cheaper, and this has widened the application area of the product. “Shift towards green energy as well as introduction of next generation networks (NGN) to shape future smart automotive industry and create numerous opportunities for LiDAR sensor manufacturers, especially for self-driving vehicles,” says a Fact.MR analyst. However, the market is seen as a consolidated space as a few players such as Trimble Inc., Hexagon AB, Sick AG, Topcon, and Velodyne LiDAR account for a lion’s share. LiDAR sensor manufacturers are making use of ML algorithms to track data with the help of sensing technology and its integration with the Internet. Prominent automobile players are concentrated on strategic collaborations and partnerships with LiDAR sensor manufacturers across the globe to leverage their technology and services.