New York, May 25, 2023 (GLOBE NEWSWIRE) -- As per the research report “Global Laser Displacement Sensor Market” published by Consegic Business Intelligence, the market was worth USD 3,723.55 Million in 2022 and is anticipated to reach over USD 6,739.72 Million by the year 2030, growing at a CAGR of 8.0%.
Laser displacement sensors, also known as point lasers, measure a single point using triangular reflection. Laser displacement sensors enable non-contact measurement of a targets’ height, position or distance. Therefore, laser displacement sensors are used in a wide variety of applications such as monitoring tire dimensions while rotating at high speed, thickness of moving webs, and roughness of roads.
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The increasing demand for quality control and inspection applications in industries such as automotive, retail, and consumer electronics is driving the growth of laser displacement sensor market. Laser displacement sensors are used for non-contact measurement of parameters including an object's area, height, angle, width, and position. For instance, in February 2022, LMI technologies launched GOCATOR 2530 high speed, blue laser profiler for 3D scanning and inspection in battery, consumer electronics, and rubber & tire applications. Therefore, the application of laser displacement sensors in inspection & monitoring purposes is driving the growth of the market.
The integration of advanced technologies such as Artificial Intelligence (AI) into laser displacement sensors is expected to present potential opportunities for the growth for laser displacement sensors during the forecast period. The incorporation of advanced technologies including AI is expected to provide information on real-time movement and distance of objects, thereby allowing faster and accurate monitoring of parameters such as distance, position, height, and thickness. However, the complex installation and integration of laser displacement sensors is hindering the growth of the market.
| Report Attributes | Report Details |
| Market Size By 2030 | USD 6,739.72 Million |
| Forecast Period | 2023-2030 |
| CAGR (2023-2030) | 8.0% |
| Base Year | 2022 |
| Study Timeline | 2017-2030 |
| Key Players | Banner Engineering Corp., Cognex Corporation, Delta Electronics Inc., Keyence Corporation, Mechanical Technology, Micro-Epsilon Messtechnik GmbH & Co. KG, OMRON Corporation, Panasonic Corporation, SICK AG |
| By Range | Less than 100, 100mm-300mm, and More than 300mm |
| By End-User | Automotive, Aerospace & Defense, Industrial, Consumer Electronics, and Others |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more |
| By Region | North America, Europe, Asia-Pacific, Latin America, Middle East & Africa |
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Laser displacement sensor Market Growth Drivers:
- Increasing demand for industrial automation in sector including consumer electronics.
- Growing requirement for measurement of deflection and decentering among industrial sectors.
- The advancements in sensor technology such as the development of red and blue lasers is accelerating the growth of the market.
Restraints
- The maintenance costs of laser displacement sensors are hindering the growth of the market.
- Inefficient results rendered by laser displacement sensors due to external environmental conditions
Opportunities
- The integration of advanced technologies such as Artificial Intelligence (AI) into laser displacement sensors is expected to present potential opportunities for the growth for laser displacement sensors during the forecast period.
Global Laser Displacement Sensor Market Segmentation Details:
Based on Range, the 100mm-300mm contributed maximum share to the global market in the year 2022. The ability of 100mm-300mm displacement sensors to detect the presence and position of objects without physical contact is driving the growth of this segment. The aforementioned sensors have the ability to adjust the intensity of laser light according to the applications. Therefore, the sensors are utilized for high-volume production and industrial automation purposes resulting in market growth.
Based on End-User, the industrial segment accounted for the maximum revenue share in the year 2022. The utilization of laser displacement sensors for automatic inspection, welding seam inspection, and industrial robot process guidance applications is driving the growth of the market. Industrial lasers are well-suited to detect precise measurements in order to provide detailed information about the process improvement during the manufacturing process.
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Based on Region, The Asia-Pacific region accounted for the largest revenue share in the year 2022. The growing manufacturing industry in the Asia-Pacific region is driving the demand for precision in measuring technologies. As a result, the demand for displacement sensing technologies is increased in the Asia-Pacific region. Moreover, the increasing demand for consumer electronics devices such as smartphones, laptops, and tablets are further contributing to the growth of the regional market.
Recent Developments
- In October 2021, Pepperl+Fuchs Pvt. Ltd. launched R1000 distance sensor with pulse-ranging technology suitable for high-precision distance measurement.
- In November 2020, Nikon Corporation launched LASER 50 and LASER 30 laser rangefinders well-suited for construction surveys and cable inspection applications.
Key Market Highlights
- The global laser displacement sensor market size is estimated to reach USD 6,739.72 Million by 2030 and grow at a CAGR of 8.0% during the forecast period (2023-2030).
- Globally, laser displacement sensor market is divided based on the range into less than 100, 100mm-300mm, and more than 300mm.
- Based on end-user, the market is separated into automotive, aerospace & defense, industrial, consumer electronics, and others.
- The market is geographically divided into five regions: North America, Europe, Asia-Pacific, Latin America, Middle East & Africa.
- Asia Pacific and North America are estimated to support the market growth during the forecast period in terms of the large presence of market players combined with high expenditures on technological advancements in laser displacement sensor market.
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List of Major Global Laser Displacement Sensor Market Players
The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment —
• Banner Engineering Corp.
• Cognex Corporation
• Delta Electronics Inc.
• Incorporated
• Keyence Corporation
• Mechanical Technology
• Micro-Epsilon Messtechnik GmbH & Co. KG
• OMRON Corporation
• Panasonic Corporation
• SICK AG
Global Laser displacement sensor Market Segmentation:
- By Range
- Less than 100
- 100mm-300mm
- More than 300mm
- By End-User
- Automotive
- Aerospace & Defense
- Industrial
- Consumer Electronics
- Others
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Key Questions Covered in the Laser displacement sensor Market Report
- What are laser displacement sensors?
- Laser displacement sensor are the equipment used for automating various measurement processes in industrial applications. The sensors are deployed to measure the length, width, and height of devices used in consumer electronics and automotive parts manufacturing. Moreover, the laser displacement sensors are used to detect the position or distance of an object from the sensor.
- What are some of the most important applications of laser displacement sensor and how do they impact the industry's growth potential?
- Laser displacement sensors are deployed in manufacturing industries for production monitoring, process automation, quality control, control and testing applications. Moreover, the sensors are used in the automotive industry to detect the position and distance of vehicles in order to maintain road safety.
- Based on current market trends and future predictions, which geographical region will have the largest impact on the laser displacement sensors market's growth in the coming years?
- Asia-Pacific accounted for the largest revenue share in the year 2022. The growing manufacturing industry for the production of consumer electronics and automotive parts in the region is driving the growth of laser displacement sensors market.
- Which region/country is anticipated to witness the highest CAGR during the forecast period, 2023-2030?
- North America is anticipated to register fastest CAGR growth during the forecast period. The technological advancements in sensor technology is driving the growth of the regional market. Moreover, the growing adoption of consumer electronic devices in the region is accelerating the growth of the market.
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