The global LIDAR market size was valued at USD 1.42 billion in 2021. It is estimated to reach an expected value of USD 6.93 billion by 2030, growing at a CAGR of 19.27% during the forecast period (2022–2030).
The benefits of LiDAR technology over conventional competitive technologies is the main reason behind the market development. Increased degree of fragmentation in the market and the emergence of technologies such as 4D radars with continuous signal transmission bolster its growth.
Efficiency in the operations, more accurate and precise calculations, time-saving and productive output generation are the advantages over other conventional surveying and assessment solutions, promoting the market's growth in the forecast years.