Consistent efforts to strengthen research and development activities, product innovation, and diversifying the product portfolio are expected to be some of the key strategies of these players in the coming years.
A laser is predominantly deployed for measuring the distance covered by an object from start to finish. It is also used to determine the thickness, width, and height of the object using a triangulation method.
The laser displacement sensor market is anticipated to witness an phenomenal growth due to their increasing across various application areas especially in machine tools, material handling, and robotics among others.
According to the research report, the global laser displacement sensor market is expected to be worth US$5,201.4 mn by 2025 as compared to US$2,542.0 mn in 2015.During the forecast period of 2017 and 2025, the overall market is projected to progress at a CAGR of 7.6%.
Growing use of laser displacement sensors in automotive and consumer electronics segments and growing demand for laser displacement sensors from other industries are driving factors for the laser displacement sensor market, globally.
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On the basis of range, the laser displacement sensor market is segmented into less than 100mm, 100mm to 300mm and more than 300mm. The laser displacement.
sensors with more than 300mm range holds the largest market share as a wide range of sensors are available in this segment and are expected to grow relatively faster as compared to others during the forecast period from 2017 – 2025.
On the basis of end-use industry, the laser displacement sensor market has been divided into automotive, aerospace and defense, industrial, consumer electronics, and others. Out of these, the automotive sector held the largest market share in 2016 and is expected to dominate the market in the years to come.
Factors such as demand for automation in automobiles and increasing expenditure on vehicles are expected to drive the segment in the coming years.
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The global laser displacement sensor market is expected to be driven by the Asia Pacific region and is estimated to contribute major share in the overall laser displacement sensor market followed by North America. Emerging economies such as China, India and Japan are expected to play an instrumental role in defining the success of the Asia Pacific laser displacement sensor market.
The strong presence of laser displacement sensor manufacturers along with growing number of government initiatives such as “Make in India” are poised to support the growth of this regional market.
The key players profiled in the global Laser displacement sensor market include SICK AG, OMRON Corporation, Keyence Corporation, ZSY group LTD, Panasonic Corporation, Mechanical Technology, Incorporated, Cognex Corporation, Banner Engineering Corp., TURCK GmbH Co. KG and Micro-Epsilon.
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