A laser displacement sensor device is used in industries to determine the distance travelled by an object from its initial point to the final point as well as to measure the width, thickness, and height of the object. As automation has become common in most industries today, the demand for laser displacement sensors is increasing. The aerospace, defense, automotive, and consumer electronic industries are also extensively demanding laser displacement sensors market. All these factors are boosting the global laser displacement sensors market and will lead to a growth of 7.6% CAGR from 2017 to 2025. The market is expected to reach US$5,201.4 mn by 2025 after being worth US$2,713.2 mn in 2016.
The report offers significant information, including market overview, industry trends, and future business prospects. It gives an unbiased view on the growth and future of the global laser displacement sensor market. The key driving factors and challenges faced by the industry have been given in detail along with the impact analysis. The report also segments the global laser displacement sensor market on the basis of geography, end use industry, and range. Case studies of leading vendors operating in the market are given, which include, a brief history about the company, their recent developments in the field, information about their strategic mergers and acquisitions, and the business and financial overview.
Laser Displacement Sensor Market: Drivers and Restraints
The global laser displacement sensor market is expected to witness a massive growth in the forecast period on account of their use in material handling, robotics, and in machine tools. The growing demand for laser displacement sensor form various industries will ensure a continued growth of this market. The various shortcomings of contact type displacement sensors such as quick wearing, variation in measurements, and restricting target motion are absent in laser displacement sensors and thus there is a surge in their demand. In addition to this, governments across the globe are also supporting the growth of the market so as to broaden the scope of industrial automation. On the other hand, the high cost of laser displacement sensors will hamper the adoption rates. Moreover, the maintenance cost is also high, which is a challenge for the market.
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Asia Pacific is expected to lead in the market leaving North America behind in terms of growth. Countries such as China, South Korea, India, and Japan have many manufacturing units, which are helping the Asia Pacific laser displacement sensors market to grow. In addition to this, a surge in the demand for industrial automation and the entry of many new players in the region will also help the market to grow in Asia Pacific. Players in the region are partnering with providers of industrial automation and this is boosting their sales. The flourishing consumer electronics and automotive industries are also helping the market to grow in the region. After Asia Pacific, North America, followed by Europe, and the Middle East and Africa are expected to lead in the coming years. Germany, France, and the U.K. are projected to be the countries behind the growth of the European laser displacement sensors market.
Companies mentioned in the report
The report profiles key players in the global Laser displacement sensor market such as Mechanical Technology, SICK AG, Micro-Epsilon, Panasonic Corporation, Keyence Corporation, OMRON Corporation, ZSY group LTD, Incorporated, Banner Engineering Corp., Cognex Corporation, and TURCK GmbH Co. KG.