Multiple Applications Driving The Expansion
The lidar market was valued at $1.90 billion in 2018, and it is expected to reach a value of $3.89 billion by 2024 at a Compound Annual Growth Rate (CAGR) of 12.76 percent during the forecast period, according to a new report from Mordor Intelligence. Over the years, advancements in lidar mapping systems and their enabling technologies penetrated into different verticals, like aerospace and defense, corridor mapping and topographical survey, automotive, mining, oil and gas, and other verticals, which are increasing the market scope of the lidar market.