According to the latest report, the global laser radar (LiDAR) market is expected to reach US$5.208 billion in 2022, and the CAGR will reach 25.8% between 2017 and 2022. Government incentives, applications in engineering projects and large equipment, and increased demand for robust safety and sensor accuracy are major factors in the growth of the Lidar market.

From 2017 to 2022, the laser scanner laser radar market is expected to achieve the highest growth rate. Laser scanners are a major factor in the growing market. Due to advances in laser technology, the laser scanner market is also rapidly developing. In addition, the growing demand for land-based lidars has also contributed to the growth of the laser scanner market.

The solid-state laser radar market will also achieve high growth rates between 2017 and 2022. The solid-state lidar market will also achieve higher growth rates during the forecast period. The solid-state lidar system uses a laser scanner to generate an environmental 3D image and automatically processes the 3D image to perform tasks such as monitoring, warning, braking, and steering. The growth of the solid-state laser radar market can be attributed to the development of the automotive industry, especially for driverless vehicles and advanced driver assistance systems (ADAS). Solid-state laser radar can be used in a variety of automotive applications, such as ADAS, self-driving cars. The trend toward driverless cars and ADAS applications is also driving this market.

The geographic information system (GIS) service laser radar market is expected to achieve substantial growth. The GIS service laser radar market will also achieve considerable growth due to the increasing demand for GIS services in canopy height estimation, forest planning and harvest planning applications. The government mainly uses these applications for forest management and crop planning purposes. The growing interest in government is expected to drive the development of the entire laser radar market.

From the perspective of global regional markets, the North American market accounts for the largest share of the global laser radar market. As the business giant‘s investment in ADAS and driverless vehicles increases, North America dominates the global lidar market, providing new opportunities for small, versatile, low-cost lidar systems.

The giants in the field of driverless cars include General Motors, Google and Apple. In addition, Trimble (Tianbao) Navigation Company, American Faro Company and Velodyne Company are among the major companies in the US laser radar market.

As a key component of the driverless system, with the continuous development of technology, the price will continue to decline, and the laser radar is suitable for mass application and large-scale commercialization.