Laser Sensors Market Scope
The market size for laser sensors 2022 is expected to reach USD 1003.7 Million by 2030, confirms Market Research Future (MRFR). It is also anticipated that the market can progress at a rate of 12.4% between 2022 and 2030 (appraisal period). We will provide COVID-19 impact analysis with the report, offering an in-depth review of the market following the coronavirus disease outbreak.
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COVID-19 Analysis
The health-care professionals, industries and governments are grappling with the after effects of the COVID-19 outbreak, for which they are deploying various types of sensors, predictive analysis, artificial intelligence and big data in every way possible to minimize the risk on the public health as well as the worldwide economy. Experts understand the potential of sensors in supporting medical government and professionals in response to SARS-CoV-2.
The closure of gyms, restaurants, schools, theaters, and various public venues has brought a decline in social interactions, leading to a massive curb on people’s mobility to reduce the spread of novel coronavirus. Therefore, the use of interaction sensors has boosted in recent months, with the rising consumption of devices like computers, laptops, mobiles and personal navigation device. Speaking of favorable aspects, companies across industries are rushing to find a COVID-19 breakthrough, for which semiconductor firms are lending helping hands with the adoption of strategies like product expansion and innovations. To cite a reference, in April 2020, Micro-Epsilon has expanded its range of Scan Control 30xx laser sensors that can be used for measuring 2D and 3D profiles in production, process monitoring and automation along with quality control in the healthcare industry. Therefore, it is anticipated that the laser sensors market growth can remain steady throughout the forecast period.
Market Boosters and Main Restraints
Leading manufacturers are increasingly focusing on miniature and smart products and are developing designs that are compatible with the latest production techniques, resulting in better product quality. These ongoing efforts by players to boost product reliability and quality could induce growth in the demand for laser sensors in the years ahead. Further, the increasing uptake of laser sensors in automation and manufacturing plant management applications to measure the distance, positions and displacement continues to add to the industry momentum.
A diverse range of laser sensors are increasingly being deployed in the food & beverage sector to ensure better accuracy level while calculating dimensions such as diameter, thickness and height. In short, the increasing consumption of laser sensors in a variety of industries due to their ability to bear harsh environments such as strong magnetic field and radiation can also benefit the worldwide market over the approaching period.
The increasing replacement of outdated technologies and aging workforce with automation technologies, surge in government initiatives promoting the manufacturing industry and the frequent technological developments are touted to be growth accelerators in the laser sensor market over the ensuing years.
Leading 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.
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Market Segmentation
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 Insight
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.