SEATTLE, May 20, 2020 (GLOBE NEWSWIRE) -- A laser displacement sensor is comprised of an LED and position-sensitive detector used to detect the concerning target with the help of triangulation method. The lens focuses the beam on the target, which reflects the beam through a lens where it is concentrated on PSD. Laser displacement sensor finds application in the measurement of an object’s height, diameter, width, vibration, stroke, positioning, thickness, flatness, warpage, deflection, etc. The global laser displacement sensor market focuses on six regions namely North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.
The global laser displacement sensor market is estimated to account for US$ 3,330.9 Mn in 2019 and is expected to grow at a CAGR of 7.7 % over the forecasted period 2020-27.
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Market Drivers
- Advent of industry 4.0 and smart manufacturing is expected to support growth of the global laser displacement sensor market during the forecast period
Industry 4.0 is the subset of the fourth industrial revolution where it compasses novel concepts such as smart manufacturing, smart factory, dark factories, and industrial internet of things. Moreover, different technologies and processes are included such as internet of things (IoT), cyber-physical systems (CPS), industrial internet of things (IIoT), cognitive computing, cloud computing, and artificial intelligence. The laser displacement sensor plays a vital role in industry 4.0 concept. Moreover, a laser displacement sensor enhances the measurement procedure of different objects. Thus, these factors are expected to support growth of the global displacement sensor market in the near future.
- Rising demand for laser sensors in the food manufacturing industry is expected to boost the global laser displacement sensor market growth over the forecast period
Laser displacement sensors play a crucial role in food manufacturing industry. Along with this, automotive and electronic manufacturing industries also employ laser displacement sensors, in order to minimize quality problems and lower operating costs. Moreover, these sensors are expected to increase manufacturing productivity, which in turn, is expected to boost the global laser displacement sensor market growth over the forecast period.
Market Opportunities
- Rising demand for miniaturization in sensor technologies can provide lucrative opportunities
There has been a major demand for miniaturization across the different industry verticals. Miniaturization reduces the cost incurred in the operation and also enhances the overall productivity of manufacturing. Key players in the market can capitalize on these opportunities and gain significant advantage in the market.
- Increasing government initiatives to endorse smart manufacturing can offer significant business opportunities
Government of many countries has started undertaking novel projects such as smart manufacturing and smart city. Under such projects, these countries have invested a significant amount of funds. For instance, in June 2015, the Government of India unveiled its smart city mission where the government invested US$ 14 billion. Such projects are boosting the demand for laser displacement sensors. Hence, these factors are expected to present major business opportunities in the near future.
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Key Takeaways
- APAC holds the dominant position in the global safety and security drones market and is expected to witness significant growth over the forecast period 2020-27. This is owing to huge number of manufacturing player presence in the APAC region. In addition, various government in the region are taken initiative to improve countries manufacturing sector. For Instance, in September 2014, Government of India launched Make in India to encourage companies to manufacture their products in India.
- Among end-user type, automotive, segment is expected to dominate the global safety and security drones market over the forecasted period 2020-27. This is owing to wide adoption of laser displacement sensor in automotive industry. Furthermore, growing automotive industry will further help laser displacement sensor market at global level. According to Coherent Market Insight’s analysis, global automotive industry is expected to reach 8 trillion by 2030.
- Among range type, more than 300 mm, segment is expected to create a lucrative opportunity for global safety and security drones market as these this type of lasers used in wide range of applications such as metrology, quality control and others. Moreover, key players in the market are focusing on launching new products. For instance, September 2019, Worldsensing launched Loadsensing Laser Distance Meter Node at Intergeo 2019, in Stuttgart, Germany.
Competitive Section
Major companies involved in the global laser displacement sensor market are Mechanical Technology, Inc., Panasonic Corporation, ZSY Group Ltd, Micro-epsilon, Cognex Corporation, Sick AG, Keyence Corporation, Hans Turck GmbH Co. KG, Banner Engineering Corp., and Omron Corporation.
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Market Segmentation:
- By Range
- Less than 100 mm
- 100 mm – 300 mm
- More than 300 mm
- By End-use Industry
- Automotive
- Aerospace and Defense
- Industrial
- Consumer Electronics
- Others
- By Region
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- South America