New York, US, July 21, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Global Laser Sensors Market information by Type, by Offering, by End User and by Region - Forecast till 2027” the market was valued at USD 503.6 million in 2018; it is expected to reach USD 1003.7 Million by 2025 at a CAGR of 12.4%.
Market Overview:
Laser sensors, simply put, are devices that measure the value through laser technology and convert the physical measured value into analog electrical signals. They are ideal for contactless measurement. In laser technology, the reflected light falls incident on the receiving element at a particular angle, resting on the distance and the distance amidst the sender as well as the receiving element is measured through the sensor.
The Prominent Players Profiled in Laser Sensors Market Are:
- Techno Instruments (India)
- LAP GmbH (Germany)
- Micro-Epsilon (Germany)
- SmartRay GmbH (Germany)
- Laser Technology, Inc (US)
- WayCon Positionsmesstechnik GmbH (Germany)
- Schmitt Industries Inc (US)
- ifm Electronic (Germany)
- Keyence Corporation (Japan)
- Optex Group (South Africa)
- Panasonic Corporation (Japan)
- Omron Corporation (Japan)
- Rockwell Automation (US)
- Banner Engineering Corporation (US)
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Market USP Exclusively Encompassed:
Market Drivers
Enhancing Features that Spur Market Growth
As per the MRFR report, there are numerous factors that are propelling the laser sensors market share. Some of these entail the increasing developments in smart manufacturing, demand in food manufacturing industries, the growing replacement of outdated technologies and aging workforce with automation technologies, increase in government initiatives promoting the manufacturing industry, frequent technological developments, and the advent of industry 4.0. The additional factors adding market growth include increased government initiatives towards automation, and increasing need for miniaturization in sensor technologies.
On the contrary, lack of technological advances, restrictions to operate temperature, lack of high technological advances in laser sensors, and high sensitivity to dirt/foreign materials may impede the global laser sensors market growth in the forecast period.
Browse In-depth Market Research Report (110 Pages) on Laser Sensor:
https://www.marketresearchfuture.com/reports/laser-sensors-market-8179
Market Segmentation
The MRFR report throws light on an inclusive analysis of the laser sensors market based on end user, offerings, and type.
By type, the global laser sensors market is segmented into compact and ultra-compact. Of these, the ultra-compact segment will lead the market over the forecast period for the increased use in inspecting the position of chip components, detecting defective lead frame seating, and sensing wafer position.
By offerings, the global laser sensors market is segmented into hardware, services, and software. Of these, the hardware segment will dominate the market over the forecast period for the increasing use of automated machines for various applications.
By end user, the global laser sensors market is segmented into aerospace and defense, automotive, chemical manufacturing, building and construction, and electronics manufacturing. Of these, the electronics manufacturing segment will spearhead the market over the forecast period for the increasing use of laser sensors for automated machinery.
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Regional Takeaway
APAC to Reign Laser Sensors Market
Geographically, the global laser sensors market is bifurcated into Europe, the Asia Pacific (APAC), North America, and Rest of the World (RoW). Of these, the APAC region will reign the market over the forecast period. Focus on renewable sources for power that has boosted the use of laser sensors in wind energy and solar energy generation owing to constant decline in conventional resources and surge in greenhouse emissions, a good number of manufacturers working to develop compact sensors that offer accurate results and also perform in adverse temperature conditions, and growing adoption of automation technologies for replacing the outdated technologies and aging workforce are adding to the global laser sensors market growth in the region. Besides, the increasing government initiatives to promote the manufacturing sector, rising FDI, and rapid technological advances are also adding market growth.
North America to Have Promising Growth in Laser Sensors Market
In North America, the global laser sensors market is predicted to have promising growth over the forecast period. A significant contribution from developed countries such as the US, Mexico, and Canada, higher uptake of IoT-enabled devices in the US, strong technological base, early adoption of new technology in manufacturing, research, and design in the laser sensor, growing end user industries, demand in exporting electronics equipment, and increasing adoption in consumer electronics and defense are adding to the global laser sensor market growth in the region.
Europe to Have Healthy Growth in Laser Sensors Market
In Europe, the global laser sensor market is predicted to have healthy growth over the forecast period. IIoT inducing massive demand for laser sensors, high expertise of IIoT players escalating advances in smart manufacturing, and soaring demand for laser sensors in food manufacturing sectors are adding to the global laser sensor market growth in the region.
In RoW, the global laser sensors market is predicted to have sound growth over the forecast period.
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Industry Updates
March 2021- LASE, a laser measurement system specialist, has announced two new crane projects utilizing its range of 3D and 2D laser sensors.
COVID-19 Analysis
The spread of the COVID-19 virus from China has considerably affected the laser sensors industry. The rapid spread of the outbreak has initiated lockdowns in various countries, resulting in supply chain activities disruption and shutting down of several manufacturing plants, and the slowdown caused in the production of new laser sensors. Companies the world over are focused on lowering the operational cost to survive in the laser sensors market. The future manufacturing of laser sensors and related devices in the post-lockdown period is likely to boost the market growth. Relaxations in the lockdown and government initiatives are predicted to increase the need for laser sensors in the forecasted timeframe. Key players are using remote working policies to prevent the spread of the virus at workplaces to support the recovery of the market. Thus, the demand for laser sensors and associated products is likely to go up owing to the growing adoption of such advanced products in the electronics and automotive sectors.
Impact of COVID-19 on the Global Laser Sensors Market:
https://www.marketresearchfuture.com/report/covid-19-impact-laser-sensors-market
Competitor Analysis:
The global laser sensors market is fragmented and competitive with the existence of many international and domestic industry players. They have encompassed multiple strategies to stay ahead and also suffice to the growing needs of the esteemed customers, such as collaborations, contracts, partnerships, joint ventures, and others. Further, they are also investing in research and development activities to strengthen their portfolios and also create a hold in the market.
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.