LASER DISPLACEMENT SENSOR MARKET ANALYSIS | COHERENT MARKET INSIGHTS

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LASER DISPLACEMENT SENSOR MARKET ANALYSIS

• Laser Displacement Sensor Market, by Range (Less
  than 100 mm, 100 mm 300 mm and More than 300
  mm), by End-use Industry (Automotive, Aerospace
  and Defense, Industrial, Consumer Electronics and
  Others) and by Region (North America, Latin
  America, Europe, Asia Pacific, Middle East and
  Africa) - Size, Share, Outlook, and Opportunity
  Analysis, 2019 2027
• The global Laser Displacement Sensor Market was
  accounted for US 3,330.9 Mn in terms of value in
  2019 and is expected to grow at CAGR of 7.6 for
  the period 2019-2027

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Market Drivers

• Increasing demand for automation in numerous
  sectors is expected to drive growth of the global
  Laser Displacement Sensor Market during the
  forecast period
• The demand for automation is increasing rapidly,
  especially in core industries such as automotive,
  manufacturing, packaging, and logistics. In
  automation, sensors play a crucial role, which is
  expected to witness high demand in the near
  future. Laser displacement sensors are
  non-contact type sensors, which are more accurate
  and which offer a wider range of applications as
  compared to conventional contact-type sensors.
  Moreover, the high superiority of laser sensors
  over other types of sensors is expected to drive
  growth of the global laser displacement sensor
  market during the forecast period.

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• Cost-efficiency and wide range of applications
  offered by laser sensors are expected to propel
  the global laser displacement sensor market
  growth over the forecast period
• Laser displacement sensors are deployed in a
  wide array of applications including measurement
  of thickness and irregular surfaces of
  non-conductive materials such as plastics, paper,
  and ceramics. The operational efficiency of laser
  displacement sensors is not hindered by external
  factors such as unfavorable temperature and
  magnetic field interface. This, in turn, acts as
  an advantage enabling these sensors to operate in
  varied environmental conditions. Furthermore,
  rising use of laser displacement sensors in the
  quality control department, wherein it can save
  additional expenditure and avoid wastage of raw
  materials and time are other factors expected to
  propel the global laser displacement sensor
  market growth over the forecast period.

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• Asia Pacific region dominated the global Laser
  Displacement Sensor Market in 2019, accounting
  for 32.9 share in terms of value, followed by
  North America, Europe, Middle East and Africa and
  Latin America.

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Market Restraints

• Complexities involved in the use of these sensors
  are expected to restrain growth of the global
  laser displacement sensor market during the
  forecast period
• Laser displacement sensor needs to be placed on
  a specialized fixture for their accurate
  functioning. These fixtures are required to be
  kept away from vibrations to avoid fluctuations
  in readings. Moreover, special efforts are needed
  to ensure that the sensor does not overheat or
  get wet. The laser needs to be kept away from
  dust and foreign particles since they can affect
  the final readings. Hence, these factors are
  expected to hamper the global laser displacement
  sensor market growth in the near future.

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• High initial price and high maintenance costs are
  expected to hinder the global laser displacement
  sensor market growth over the forecast period
• Initial installation cost of a laser
  displacement sensor is relatively higher than
  ordinary sensors. Thus smalls-sized manufacturing
  or automotive companies are unwilling to install
  these sensors. Moreover, the operational and
  maintenance costs of laser displacement sensors
  are also significantly more than other sensors.
  As result of this, many small and medium-sized
  companies are reluctant to implement this sensor,
  which in turn, is expected to hinder the global
  laser displacement sensor market growth over the
  forecast period.

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Market Opportunity

• Rising acceptance of non-contact type sensors can
  offer major business strategies Non-contact
  type sensors are rapidly gaining popularity over
  conventional contact-type sensors, owing to
  lucrative advantages offered by the former.
  Non-contact type sensors have longer operational
  life as compared to contact type sensors since
  they are physically in contact with the object.
  Moreover, the accuracy that non-contact type
  sensors such as laser displacement sensors
  provide does not match with traditional contact
  type sensors. Contact type sensors are used in a
  variety of specialized applications, however, the
  flexibility and variety offered non-type sensors
  make them a popular choice.
• Increasing need for high-speed precision control
  can present lucrative growth opportunities In
  the recent past, the need for high-speed
  precision control has surged in order to increase
  accuracy and reduce the production cycle time.
  Laser displacement sensors offer excellent
  precision control at high speed and also offer
  cost-affectivity during quality control. These
  factors would help laser displacement sensors to
  dominate the non-contact type sensors market.

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Market Trends

• North America Trends
• In North America, laser displacement sensors are
  being employed by industrial robots as a
  measuring tool. According to Robotic Industries
  Association (RIA), the robotics market in North
  America registered record orders and shipments in
  2015. A total of 31,464 robots valued at US 1.8
  Bn were ordered by companies from North America
  during 2015, an increase of 14 in units and 11
  in dollars over 2014. Moreover, robot shipments
  set new records, with 28,049 robots valued at US
  1.6 Bn shipped to customers in North America, in
  2015. This trend is expected to continue during
  the forecast period, owing to a positive view of
  various industries toward implementation of
  robots in operational process.

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• Europe Trends
• According to Coherent Market Insights analysis,
  Europe holds a dominant position in the global
  automotive manufacturing industry. The region is
  witnessing increase in the use of different
  advanced sensors in the automotive industry. The
  use of a combination of position sensors in the
  automobile industry is increasing rapidly. The
  automobile industry is employing various
  technologies involving sensor technology for
  better design of modern automotive vehicles in
  the region. The current trend of using advanced
  and automated technology in automotive industry
  is expected to increase in the near future, in
  order to design and fabricate automatic and
  modern vehicles for consumers.

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Segment information

• In global Laser Displacement Sensor Market, by
  Range, gt300 sub-segment dominated the global
  market in 2019, accounting for 70.7 share in
  terms of value, followed by Android and Windows
  respectively.

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Competitive Section

• Key players operating in the global laser
  displacement sensor market are Panasonic
  Corporation, Micro-epsilon, Sick AG, Hans Turck
  GmbH Co. KG, Omron Corporation, Banner
  Engineering Corp., Keyence Corporation, Cognex
  Corporation, ZSY Group Ltd, and Mechanical
  Technology, Inc.

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Key Developments

• Major market players involved in product
  development, in order to enhance product
  portfolio. For instance, in September 2017,
  Panasonic Corporation developed 3D LiDAR Sensor
  that facilitates variable detection settings for
  viewing angles and scanning speed.
• Key companies in the market are focused on
  product launches, in order to strengthen market
  presence. For instance, in March 2018, Sick AG
  introduced DT1000 and DL1000 distance sensors for
  highly accurate measurement and traffic
  management duties.

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