The global LiDAR market is expected to reach USD 944.3 million by 2022, according to a new study by Grand View Research, Inc. Escalating demand for 3D imagery in line with growing adoption of LiDAR technology commercial and government applications such as forestry, railways and roadways management is expected to drive the market through the forecast period. Rising consumer adoption and increasing number of new product launches is expected to draw huge investment from key participants, thus driving regional market demand over next six years. Miniaturization of various hardware components including storage devices and processors are expected to boost market growth over the forecast period. Launch of Velodyne’s LiDAR ‘Puck” device is foreseen to revolutionize automotive industry by 2022.
http://www.grandviewresearch.com/industry-analysis/lidar-light-detection-and-ranging-market
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