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The global LiDAR market was valued at approximately USD 260 million and it is projected to grow at an approximate CAGR of over 12% over the forecast period of 2016 to 2024. The rising demand is due to the adoption of an aerial system for detecting and exploring and increasing the number of new innovative products.
The market is expected to be driven by factors such as government regulations to adopt these technologies, increasing demand for 3D imaging technology, automation technologies to reduce human efforts and to improve efficiency. Major factors which are expected to increase the consumption are automated data processing and image resolution capabilities.