The LiDAR market is expected to witness substantial growth by 2027 driven by mounting prominence of the technology across varied applications. In addition, surging investment towards the advancement of the technology is anticipated to further support market expansion over the forecast timeline.

Recently, LiDAR technology has found extensive applications in a wide range of sectors, which has accelerated market development across the globe. For instance, in July 2021, Quanergy Systems, a major supplier of OPA-based solid state LiDAR sensors as well as smart 3D solutions for IoT and automotive, expanded its exclusive deal with PARIFEX, a key solution provider in project management for smart cities, for the deployment of its M-Series 3D-LiDAR sensors for highway speed enforcement and monitoring. The project was slated to be deployed initially with the French Ministry of Interior before undertaking global projects.

Moreover, industry players are adopting various strategic initiatives to extend their market presence, which has been favorable for business outlook worldwide. To cite an instance, in July 2021, Cepton, an intelligent lidar-based solutions provider based out of Silicon Valley, announced that it was collaborating with dSPACE, a validation and simulation solutions provider, to facilitate easier adoption of LiDAR in autonomous vehicles (AV), advanced driver assistance systems (ADAS), and other autonomous applications.

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For extensive analysis, the LiDAR market has been bifurcated based on product, type, application, and region. In terms of product, the market has been divided into airborne (topographic and bathymetric), terrestrial (static and mobile), and UAV.

The bathymetric airborne LiDAR segment is estimated to garner a sizable valuation by 2027, growing at a CAGR of over 15% through the assessment timeframe. Mounting demand for mapping across the coastal areas is set to boost segmental adoption in the coming years.

In 2020, the mobile terrestrial LiDAR segment held more than 60% market share and is projected to grow steadily over 2021-2027. Surging investment into LiDAR technology is speculated to fuel segmental demand through the following years.

From the application perspective, the market has been segregated into corridor mapping (railways, roadways, and bridges & tunnels), environment, engineering, exploration & meteorology, cartography, driverless cars, and others. The engineering application segment is anticipated to expand at a CAGR of approximately 15% over the analysis period. Growing prevalence of LiDAR technology across the construction sector is likely to support segmental expansion through 2027.

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The LiDAR market size from the environment application segment is projected to grow at a CAGR of around 20% over the estimated timeline to reach a notable valuation by 2027. Extensive usage in various coastal surveying activities, coupled with the rising number of stringent environmental safety regulations, is foreseen to promote product adoption in the forthcoming years.

With respect to region, the MEA LiDAR market is calculated to progress at above 10% CAGR through the forecast period. Prevalent adoption of autonomous vehicles across the region is expected to bolster market demand in the Middle East & Africa over the study timeline.