LiDAR: $2.5 billion by 2025
What is LiDAR? LiDAR is Light Detection and Ranging. It’s a distance technology similar to RADAR, but sends light energy to a target. The pulse hits the target and returns to the sensor measuring distance. For over 60 years, LiDAR has been used in military, aerospace, robotics, and meteorology.
It’s now being used in autonomous driving.
More than $1.2 billion dollars have been raised by more than 20 companies developing LiDAR technology for vehicles.
LiDAR, combined with camera and radar, work together to provide high-resolution information about distance to other vehicles and obstacles in route. LiDAR is essential to the technology because it provides the details the car needs with superior spatial resolution over radar alone.
Will this ever be a reality?
Currently the Audi A8 in Europe has self-driving abilities that work well as long as the weather is nice.
Many cars are already adding advanced driver assistance systems that is making driving safe for others.
There are also start-up companies that are developing ways to make it more affordable. Check out Luminar’s $500 invention. They hope to have these on cars by 2023. https://www.wired.com/story/lidar-cheap-make-self-driving-reality/
How big is the market?
The automotive LiDAR market is expected to raise $2.5 billion in revenue by 2025. (HIS Markit). As an example, Innoviz has recently raised 170 million to bring its LiDAR technology to self-driving cars. The market has over 70 start-ups investing in this transformative technology.
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