Data Control Technitic – Automotive LiDAR Market Set for Explosive Growth
1888 Press Release – Data Control Technitic – A recent report estimates automotive LiDAR market could be worth US$5.2 billion by 2023.
Data Control Technitic says that a recent report conducted by French market research firm, Yole Développment predicting the market for automotive LiDAR to swell to more than US$5 billion by 2023 could be too conservative.
The Hong Kong-based automotive LiDAR company said it expects demand for LiDAR to drive innovation to the point where it will cause interest in the technology from other sectors to spike sharply. LiDAR (short for Light Detection and Ranging) is often deployed in urban planning, coastline management, oil & gas exploration and in security monitoring among many other applications.
“The pace at which development is moving, we are seeing exponential improvements in the detail being achieved and we have no reason to expect that developmental curve to plateau any time soon,” said Data Control Technitic’s Chief Technical Officer alluding to the firm’s flagship solid-state LiDAR sensor for the automotive market.
According to Yolé Développment’s report, the market was worth US$325 million in 2017. By 2023, it cites compound annual growth (CAGR) of nearly 60% as taking the market to US$5.2 billion as demand from automakers increases. It says that the potential for growth owes much to what it calls the “impressive diversity” of the automotive LiDAR scene. It says that with innovation coming from small startups, industrial conglomerates and automotive original equipment manufacturers (OEMs) plus the encouraging scale of equity investment in firms driving the development, its predictions are realistic.
Data Control Technitic is in the throes of completing testing on the latest version of its R1 sensor which is rumored to be capable of producing 1 million data points per second.
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