Market Overview:
The global market for laser sensors was valued at USD 503.6 million in 2018; it is expected to reach USD 1003.7 Million by the end of the forecast period at a CAGR of 12.4%.
Laser sensors are devices which measure the value with the help of laser technology and convert the physical measured value into an analog electrical signal. In other words, laser sensors are suitable for contactless measurement. In this laser sensor, the reflected light falls incident on the receiving element at a certain angle, depending on the distance. The distance between the sender and the receiving element is measured by the sensor.
Increasing developments in smart manufacturing and demand in food manufacturing industries are expected to drive the laser sensor market during the forecast period. However, the lack of technological advancements is expected to restrain the market during the forecast period.
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Key Players:
The top competitors identified in the market research are Micro-Epsilon (Germany), WayCon Positionsmesstechnik GmbH (Germany), Omron Corporation (Japan), SmartRay GmbH (Germany), Optex Group (South Africa), Laser Technology Inc (US), LAP GmbH (Germany), Banner Engineering Corporation (US), Schmitt Industries Inc (US), Keyence Corporation (Japan), Techno Instruments (India), Panasonic Corporation (Japan), Rockwell Automation (US), ifm Electronic (Germany), to list a few.
Segments:
The laser sensor industry has been considered for type, offerings as well as end user.
The types of laser sensors are compact and ultra-compact.
Depending on offerings, the market sections include software, hardware, as well as services.
The key end users in the worldwide market for laser sensors are automotive, chemical manufacturing, electronics manufacturing, aerospace and defense, building and construction, and others.
Regional Analysis:
Europe, North America, APAC/Asia Pacific, and RoW/the rest of the world are the primary markets for laser sensors. The RoW market is made up of Africa and the Middle East along with South America.
In 2018, it was confirmed that APAC is the most profitable market, while North America holds the potential to procure the fastest expansion rate. The European market is set to be in the second lead during the review period.
With the surge in greenhouse emissions and the constant decline in conventional resources, a number of countries in APAC are focusing on renewable sources for power, which has boosted the use of laser sensors in solar and wind energy generation. The market prospects in the region are promising, with more and more manufacturers working on developing compact sensors that not only provide accurate results but also perform in adverse temperature conditions.
The North American market growth is backed by the significant contribution from developed countries like Canada, Mexico and the US. Out of these, the market has gained highest traction in the US, thanks to the higher uptake of IoT-enabled devices and the strong technological base in the country.
In Europe, IIoT can induce massive demand for laser sensors, in addition to the high expertise of IIoT players. The escalating advancements in smart manufacturing along with the soaring demand for laser sensors in food manufacturing sectors can add to the market strength in the years to follow.
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