LiDAR market to be worth over $2 billion by 2024 as more uses emerge

iPad Pro 2020 Lidar Measure App Hero Source: Rene Ritchie / iMore

What you need to know

LiDAR technology is tipped to take off this year.
A DigiTimes report suggests the market could be worth $2.273 billion in 4 years.
A LiDAR scanner features in Apple's new iPad Pro, and could appear in the next iPhone.

A report from DigiTimes claims that LiDAR technology may take off over the next few months, and that the industry could be worth over $2 billion by 2024.

According to the report:

Global demand for LiDARs for use in ADAS (advanced driver assistance system), autonomous vehicles, drones and construction engineering is going to take off along with continued improvement in performance and reduction in production cost, according to Taiwan's Photonics Industry & Technology Development Association (PIDA).

The global LiDAR market value will rise from US$844 million in 2019 to US$2.273 billion in 2024 at a CAGR of 18.5%, PIDA indicated.

For automotive application, LiDARs still have issues, including components' sensitivity to vibration, heat and low temperatures, PIDA said. The conventional mechanical swivel design also makes it complicated for production and requires large dimensions, which results in high production costs, PIDA said.

A LiDAR scanner features in Apple's new iPad Pro, and is highly tipped to bring vast improvements to the AR capabilities of the device. It has also been suggested that Apple may include LiDAR in the 'Pro' models of the iPhone 12.

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It's very cool to see how, as this technology becomes more mainstream, uses for LiDAR could extend into the world of autonomous vehicles, constructing and drone use, as well as in Apple's mobile tech.

What is LiDAR, and why do I want it in my iPad?

Apple's latest and greatest

iPad Pro (2020)

The fourth generation of iPad Pro brings an updated processor, dual rear cameras, and a LiDAR sensor for augmented reality. The new trackpad support in software and upcoming Magic Keyboard might just change the way many use their iPads.