ALBANY, New York, May 22, 2017 /PRNewswire/ --
Transparency Market Research (TMR) observes that the leading players in the global laser displacement sensor market are SICK AG, Banner Engineering Corp., MICRO-EPSILON, TURCK GmbH Co. KG, and Panasonic Corporation. The global market faces moderate level of competition as the initial cost of investment is exceptionally high. Majority of the players operating in the global market are focusing on geographical expansion through collaborations and partnerships to improve their presence. 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.
According to the research report, the global laser displacement sensor market was valued at US$2,542.0 mn in 2015 and is slated to progress at a CAGR of 7.6% between 2017 and 2025 to be worth US$5,201.4 mn by 2025. The automotive sector is projected to lead the global market in the coming years as it is expected to be worth US$538.0 mn by the end of 2025. The emerging trend of automation in vehicles is expected to benefit the segment. In terms of geography, the global laser displacement sensor market is likely to see maximum progress in Asia Pacific. The booming industrial and manufacturing sectors in the region are likely to ensure a CAGR of 8.2% over the forecast period.
Asia Pacific to Augment Growth of Global Laser Displacement Sensors Market
Automation is gradually taking over major manual processes in several industries. It has had a pronounced impact in various areas of manufacturing, packaging, automotive, and logistics. This has upped the demand for laser displacement sensors as they are critical components of developing automation systems. The introduction of technological changes in the development of sensors has rendered them more accurate than before and has widened their scope of applications. The new-age non-contact type sensors are thus being preferred for measuring or sensing the actual physical changes in various industries.
Widening Applications of Laser Displacement Sensors Ensure Steady Growth of Revenue
The widening applications of laser displacement sensors for measuring irregular surfaces and thicknesses of non-conductive materials such as plastics, ceramics, and paper are expected to bolster market growth. Furthermore, the ability of laser displacement sensors despite magnetic fields and in varying temperatures has also garnered their uptake a significant momentum. "Improved durability of non-contact type sensors is expected to present the global market a plethora of opportunities," states the lead author of this research report. As non-contact type laser displacement sensors can operate from a distance they do not undergo the mechanical wear and tear. This does save a huge cost of replacement and repairs for the end-use industries.
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On the downside, the global laser displacement sensors market is likely to be restrained by the growing demand for specialized fixtures. To attain accurate functioning, laser displacement sensors have to be placed on specific fixtures, which have to kept away to prevent any negative impact due to vibrations to prevent fluctuations in readings. Furthermore, sensor unit has to be protected at all times from dust and other foreign particles to prevent any fluctuation in the readings. This means an additional expenditure, which has challenged market growth.
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This review is based on Transparency Market Research's report, titled "Laser Displacement Sensor Market (Range - Less than 100mm, 100mm - 300mm, and Greater than 300mm; End-use Industry - Automotive, Aerospace and Defense, Industrial, and Consumer Electronics) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025."
The global Laser displacement sensor market is segmented as below:
Global Laser displacement sensor Market, By Range
- <100 mm
- 100 mm - 300 mm
- >300 mm
Global Laser displacement sensor Market, By End-Use Industry
- Aerospace and Defense
- Consumer Electronics
Global Laser displacement sensor Market, By Geography
- North America
- The U.S.
- Rest of North America
- The U.K
- Rest of Europe
- Asia Pacific (APAC)
- South Korea
- Rest of APAC
- Middle East and Africa (MEA)
- South Africa
- Rest of MEA
- South America
- Rest of South America
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