Laser Displacement Sensor Market Driven by High-value Industrial Applications
Key players in the global laser displacement sensor market to name are SICK AG, KEYENCE Corporation, Panasonic Corporation, Cognex Corporation, TURCK GmbH Co., KG, OMRON Corporation, ZSY Group Ltd., Mechanical Technology Incorporated, Banner Engineering Corp., and MICRO-EPSILON.
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According to a report by TMR, the global laser displacement sensor market is likely to expand at a CAGR of 7.6% during the forecast period between 2017 and 2025. Rising at this pace, the market which was valued at US$2713.2 mn in 2016 will become worth US$5,201.4 mn by the end of 2025.
The segment of more than 300mm range laser displacement sensors holds the leading market share amongst all segments based on range. This is because of an extensive number of sensors that are available in this segment.
The automotive segment led amongst the key end-use segments in 2016 and going forward too the segment is expected to continue to remain dominant. Geography-wise, Asia Pacific is likely to exhibit the leading growth rate amongst all key regional markets for laser displacement sensor. The growth in the region is driven by the presence of a large number of manufacturing units in countries such as China, Japan, India, and South Korea.
Government Support for Industrial Automation Stokes Growth
The laser displacement sensor market is predicted to witness an exponential growth in the forthcoming years on the back of rising trend of industrial automation along with cost saving practices in quality control. This is leading laser displacement sensors to find application across a number of application areas such as robotics, machine tools, and material handling among others.
Apart from this, rising use of laser displacement sensors in consumer electronics and automotive sectors coupled with their rising demand from other industries is immensely benefitting the laser displacement sensor market, globally.
Laser displacement sensors, which fall in non-contact type sensor category, overcome the shortcomings of contact type displacement sensors pertaining to variation in measurements, quick wearing of the sensor, and restriction of target motion among others.
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Further, laser displacement sensors are free of any limitations and thus find application across a number of end-use industries such as industrial, aerospace, and defense. These factors, along with the expected drop in prices of laser displacement sensors in the forthcoming years is likely to boost their uptake.
The growth of the laser displacement sensor market has also been boosted by steady support extended by governments around the world to implement industrial automation. In addition, initiatives undertaken by governments such as ‘Make in India’ by the Indian government to make India a global manufacturing hub is anticipated to drive the demand for laser displacement sensor in the region.
High Price Factor Crimps Growth
On the other hand, the high price and high maintenance cost of laser displacement sensor are acting as a key restraints on the market’s growth.
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