LiDAR Market Set for Major Growth Driven by Advances in Technology and Expanding Applications
-
LiDAR market size predicted to grow by $4.29 billion from 2023-2027 due to factors like CWFM technology and new product launches
-
North America expected to lead market growth, contributing 39% share during forecast period due to expanding applications
-
CWFM LiDAR technology stands out as revolutionary, offering superior background light resistance for precise object detection
-
High sensor costs remain a key challenge, necessitating strides in mass production to drive prices down
-
Key players like GEOKNO, DENSO Corp., FARO Technologies shaping market through strategic alliances and innovations