CHICAGO, May 15, 2019 /PRNewswire/ -- According to the new market research report on the "Laser Sensor Market by Offering (Hardware & Software and Services), Type (Compact and Ultra-Compact), Application (Manufacturing Plant Management & Automation and Security & Surveillance), End-user Industry, and Geography - Global Forecast to 2024", published by MarketsandMarkets™, the Laser Sensor Market is estimated to grow from USD 535 million in 2019 to USD 863 million by 2024; it is expected to grow at a CAGR of 10.0%. Major factors driving the market growth include the advent of Industry 4.0 and smart manufacturing, increased government initiatives toward automation, and high demand for laser sensors in the food manufacturing industry.
Ask for PDF Brochure:
Hardware & software segment to hold largest share during forecast period
Manufacturing inspection applications require sensors to solve demanding measurement and quality control tasks, whereas previously, inspection applications required the simple presence and absence detection of an object. Laser sensors can be used on multiple materials, reflective surfaces, and colors, allowing manufacturers to collect continuous measurements involving applications with moving processes, stamped or machine parts, and soft or sticky parts across multiple end-user industries, such as transportation, food & beverages, aviation, and electronics manufacturing. The laser sensor market has been gaining momentum majorly due to the increasing focus of players on smart and miniature products, coupled with the designs responsive to modern production techniques, which helps improve the overall product reliability.
Manufacturing plant management and automation application to witness fastest growth during forecast period
The major application of laser sensors is automation and production control, as well as measurements of displacement, distance, and positioning, etc., which led to high adoption of laser sensors across manufacturing plant management and automation applications. The reason behind the increased adoption of an improved and enhanced range of laser sensors in the automated plants of automotive and food & beverages industries is to ensure high accuracy in measurement of dimensions such as height, diameter, and thickness. Laser sensors are also useful in monitoring and measurement tasks in factory automation, electronics manufacturing, and vehicle construction.
APAC is expected to hold the largest market size of laser sensor market during forecast period
APAC is estimated to account for the largest share of the market in 2019. The region has been dominating the laser sensor market by accounting for the largest market size due to the increasing demand from the automotive sector, and the region has plans to have advanced integration capabilities and reach digitization levels approximately up to 80% by 2020. As a result, it would enable increased levels of automation, implementation of Industry 4.O in the automotive sector in the region.
Browse in-depth TOC on "Laser Sensor Market"
71 – Tables
52 – Figures
149 – Pages
Request Sample pages of the Report:
Key players in the laser sensor market include KEYENCE CORPORATION (Japan), Micro-Epsilon (Germany), ifm electronic (Germany), Rockwell Automation, Inc. (US), Panasonic Corporation (US), OMRON Corporation (Japan), SmartRay GmbH (Germany), Schmitt Industries, Inc. (US), Banner Engineering Corp. (US), Baumer Electric AG (Switzerland), and LAP GmbH Laser Applications (Germany), among others.
Please Explore Relevant Reports:
IO-Link Market by Component (IO-Link Masters and IO-Link Devices), Application (Machine Tool, Handling & Assembly Automation, Packaging, Intralogistics), Industry (Discrete, Hybrid, and Process), and Geography - Global Forecast to 2023
Optical Sensing Market by Industry (Aerospace & Defense, Utilities, Oil & Gas, Medical, Construction, and Consumer Electronics), Application, Method, and Geography - Global Forecast to 2023
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Mr. Shelly Singh
630 Dundee Road
Northbrook, IL 60062
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/laser-sensor-market.asp
Visit Our Web Site: https://www.marketsandmarkets.com