With 10.25% CAGR, Laser Sensor Market to hit US$ 1,197.2 Million by 2028

IMARC Group, a leading market research company, has recently releases report titled "Laser Sensor Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" The study provides a detailed analysis of the industry, including the global laser sensor market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights

How big is the laser sensor market?

The global laser sensor market size reached US$ 663.0 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 1,197.2 Million by 2028, exhibiting a growth rate (CAGR) of 10.25% during 2023-2028.

What is a laser sensor?

A laser sensor is an electrical device used for identifying the precise location of objects. It is a self-contained, pinpoint laser source that emits light in a straight line, which is reflected into the receiver for contactless measurement. Some commonly available laser sensors include charge-coupled devices (CCD), complementary metal-oxide-semiconductor (CMOS), photoelectric sensors, position-sensitive detectors, etc. Laser sensors offer high reliability, accuracy, sensitivity, control with minimal deviation, etc. Consequently, they are widely utilized for stamping, engraving, and various manufacturing applications, including laser manufacturing, material processing, micromachining, etc. Laser sensors also aid in material height and thickness measurement, weld gap detection, crane positioning, etc.

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What are the growth prospects and trends in the laser sensor industry?

The increasing requirement for automation across different industries, such as manufacturing, construction, aviation, etc., is among the primary factors driving the laser sensor market. Besides this, the elevating product utilization for manufacturing, plant automation and management, security, motion and guidance, surveillance, etc., is acting as another significant growth-inducing factor. Moreover, the escalating adoption of miniaturized sensors is further catalyzing the market growth. In line with this, laser sensors are also being installed in the Light Detection and Ranging (LIDAR) systems of automobiles to detect objects and map distances, which are propelling the product demand. Furthermore, several technological advancements, including the integration of laser sensors with artificial intelligence (AI) and Industrial Internet of Things (IIoT) solutions, are augmenting the global market. In the coming years, the rising product applications in the food and beverage industry for screening assembly lines and maintaining food standards are anticipated to stimulate the laser sensor market.

What is included in market segmentation?

The report has segmented the market into the following categories:

Breakup by Type:

Compact
Ultra-Compact

Breakup by Component:

Hardware and Software
Services

Breakup by Application:

Security and Surveillance
Motion and Guidance
Process Monitoring and Quality Control
Distance Measurement
Manufacturing Plant Management
Others

Breakup by End User:

Automotive
Aerospace and Defense
Food and Beverages
Consumer Electronics
Chemical
Healthcare
Others

Breakup by Region:

North America (U.S. & Canada)
Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
Latin America (Brazil, Mexico)
Middle East & Africa

Who are the key players operating in the industry?

The report covers the major market players including:

Baumer Electric AG
First Sensor AG (TE Connectivity Ltd.)
IFM Electronic GmbH
Keyence Corporation
Laser Technology Inc.
Micro-Epsilon Messtechnik GmbH & Co. KG
MTI Instruments Inc. (Mechanical Technology Incorporated)
OMRON Corporation
Optex Co. Ltd.
Panasonic Corporation
Rockwell Automation Inc.
Schmitt Industries Inc
SmartRay GmbH.

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