Laser Sensor Market worth $863 million by 2024
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According to the new market research report on the "Laser Sensor Market by Offering (Hardware & Software and Services), Type (Compact and Ultra-Compact), Application (Manufacturing Plant Management & Automation and Security & Surveillance), End-user Industry, and Geography - Global Forecast to 2024", The laser sensor market is estimated to grow from USD 535 million in 2019 to USD 863 million by 2024; it is expected to grow at a CAGR of 10.0%.
Major factors driving the market growth include the advent of Industry 4.0 and smart manufacturing, increased government initiatives toward automation, and high demand for laser sensors in the food manufacturing industry.
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Hardware & software segment to hold largest share during forecast period
Manufacturing inspection applications require sensors to solve demanding measurement and quality control tasks, whereas previously, inspection applications required the simple presence and absence detection of an object. Laser sensors can be used on multiple materials, reflective surfaces, and colors, allowing manufacturers to collect continuous measurements involving applications with moving processes, stamped or machine parts, and soft or sticky parts across multiple end-user industries, such as transportation, food & beverages, aviation, and electronics manufacturing. The laser sensor market has been gaining momentum majorly due to the increasing focus of players on smart and miniature products, coupled with the designs responsive to modern production techniques, which helps improve the overall product reliability.
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Manufacturing plant management and automation application to witness fastest growth during forecast period
The major application of laser sensors is automation and production control, as well as measurements of displacement, distance, and positioning, etc., which led to high adoption of laser sensors across manufacturing plant management and automation applications. The reason behind the increased adoption of an improved and enhanced range of laser sensors in the automated plants of automotive and food & beverages industries is to ensure high accuracy in measurement of dimensions such as height, diameter, and thickness. Laser sensors are also useful in monitoring and measurement tasks in factory automation, electronics manufacturing, and vehicle construction.
APAC is expected to hold the largest market size of laser sensor market during forecast period
APAC is estimated to account for the largest share of the market in 2019. The region has been dominating the laser sensor market by accounting for the largest market size due to the increasing demand from the automotive sector, and the region has plans to have advanced integration capabilities and reach digitization levels approximately up to 80% by 2020. As a result, it would enable increased levels of automation, implementation of Industry 4.O in the automotive sector in the region.
Key players in the laser sensor market include
KEYENCE CORPORATION (Japan), Micro-Epsilon (Germany), ifm electronic (Germany), Rockwell Automation, Inc. (US), Panasonic Corporation (US), OMRON Corporation (Japan), SmartRay GmbH (Germany), Schmitt Industries, Inc. (US), Banner Engineering Corp. (US), Baumer Electric AG (Switzerland), and LAP GmbH Laser Applications (Germany), among others.
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