Aeva Technologies Inc. (NYSE: AEVA), a leader in LiDAR sensor technology for the self-driving vehicle market, is now making its mark in the industrial automation sector. The company has announced the completion of final validation for its LiDAR-on-Chip module, developed for Nikon Corp. (OTC: NINOY), with deliveries set to commence in the fourth quarter. This development signifies Aeva's pivotal shift from research and development to the commercialization phase of its innovative sensor technology.
The collaboration with Nikon is particularly significant as it targets the industrial metrology and inspection equipment market. Nikon's machines, utilized by top-tier automotive and aerospace manufacturers including BMW and Stellantis, will integrate Aeva's sensors to enhance automation and improve defect detection during the manufacturing process. Aeva's Frequency Modulated Continuous Wave (FMCW) 4D LiDAR technology, capable of micron-level accuracy, is central to this advancement, offering precision that traditional time-of-flight LiDARs cannot match.
With the industrial automation market projected to grow to $44.94 billion by 2032, at a compound annual growth rate (CAGR) of 6.2%, Aeva's entry into this sector is timely. The company's technology is poised to play a crucial role in the increasing adoption of automation technologies in factories, aiming to maximize operational efficiency and equipment effectiveness.
In addition to its partnership with Nikon, Aeva has expanded its collaboration with SICK AG, a global leader in sensor-based solutions for industrial applications. This partnership will see Aeva's FMCW technology incorporated into SICK's portfolio of high-accuracy contactless sensors, further broadening the application of Aeva's innovative solutions in factory automation. Under this agreement, Aeva will supply SICK with its FMCW sensor technology, including the Aeva CoreVision sensing module and digital signal processing algorithms, designed for micrometer-precision detection at long standoff distances.
Dr. Simon Brugger, Senior Vice President of Research & Development at SICK, has expressed optimism about the potential of Aeva's technology to revolutionize precision contactless sensing in industrial applications. Similarly, Mina Rezk, Co-founder and CTO at Aeva, has highlighted the significance of SICK's endorsement, viewing it as a validation of Aeva's FMCW technology's capabilities and its potential to disrupt the multi-billion dollar precision sensing market.
As Aeva Technologies continues to forge partnerships and expand its technological applications, its FMCW LiDAR technology is setting the stage for the company to capture a substantial share of the burgeoning market for high-precision sensing solutions in manufacturing and quality control processes.
