The Laser Sensors Market 2020 is expected to reach
USD 1003.7 Million by 2025, confirms Market Research Future (MRFR). It is also
anticipated that the market can progress at a rate of 12.4% between 2019 and
2025 (appraisal period). We will provide COVID-19 impact analysis with the
report, offering an in-depth review of the market following the coronavirus
disease outbreak.
COVID-19 Analysis
The health-care professionals, industries and
governments are grappling with the after effects of the COVID-19 outbreak, for
which they are deploying various types of sensors, predictive analysis,
artificial intelligence and big data in every way possible to minimize the risk
on the public health as well as the worldwide economy. Experts understand the
potential of sensors in supporting medical government and professionals in
response to SARS-CoV-2.
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The closure of gyms, restaurants, schools, theaters,
and various public venues has brought a decline in social interactions, leading
to a massive curb on people’s mobility to reduce the spread of novel
coronavirus. Therefore, the use of interaction sensors has boosted in recent
months, with the rising consumption of devices like computers, laptops, mobiles
and personal navigation device. Speaking of favorable aspects, companies across
industries are rushing to find a COVID-19 breakthrough, for which semiconductor
firms are lending helping hands with the adoption of strategies like product
expansion and innovations. To cite a reference, in April 2020, Micro-Epsilon
has expanded its range of Scan Control 30xx laser sensors that can be used for
measuring 2D and 3D profiles in production, process monitoring and automation
along with quality control in the healthcare industry. Therefore, it is anticipated that the laser
sensors market growth can remain steady throughout the forecast period.
Market Boosters and Main Restraints
Leading manufacturers are increasingly focusing on
miniature and smart products and are developing designs that are compatible
with the latest production techniques, resulting in better product quality.
These ongoing efforts by players to boost product reliability and quality could
induce growth in the demand for laser sensors in the years ahead. Further, the
increasing uptake of laser sensors in automation and manufacturing plant
management applications to measure the distance, positions and displacement
continues to add to the industry momentum.
A diverse range of laser sensors are increasingly
being deployed in the food & beverage sector to ensure better accuracy
level while calculating dimensions such as diameter, thickness and height. In
short, the increasing consumption of laser sensors in a variety of industries
due to their ability to bear harsh environments such as strong magnetic field
and radiation can also benefit the worldwide market over the approaching
period.
The increasing replacement of outdated technologies
and aging workforce with automation technologies, surge in government
initiatives promoting the manufacturing industry and the frequent technological
developments are touted to be growth accelerators in the laser sensor market
over the ensuing years.
Market Segmentation
The laser sensor industry has been considered for
type, offerings as well as end user.
The types of laser sensors are compact and
ultra-compact.
Depending on offerings, the market sections include
software, hardware, as well as services.
The key end users in the worldwide market for laser
sensors are automotive, chemical manufacturing, electronics manufacturing,
aerospace and defense, building and construction, and others.
Regional Insight
Europe, North America, APAC/Asia Pacific, and
RoW/the rest of the world are the primary markets for laser sensors. The RoW
market is made up of Africa and the Middle East along with South America.
In 2018, it was confirmed that APAC is the most
profitable market, while North America holds the potential to procure the
fastest expansion rate. The European market is set to be in the second lead
during the review period.
With the surge in greenhouse emissions and the
constant decline in conventional resources, a number of countries in APAC are
focusing on renewable sources for power, which has boosted the use of laser
sensors in solar and wind energy generation. The market prospects in the region
are promising, with more and more manufacturers working on developing compact
sensors that not only provide accurate results but also perform in adverse
temperature conditions.
The North American market growth is backed by the
significant contribution from developed countries like Canada, Mexico and the
US. Out of these, the market has gained highest traction in the US, thanks to
the higher uptake of IoT-enabled devices and the strong technological base in
the country.
In Europe, IIoT can induce massive demand for laser
sensors, in addition to the high expertise of IIoT players. The escalating
advancements in smart manufacturing along with the soaring demand for laser
sensors in food manufacturing sectors can add to the market strength in the
years to follow.
Leading Players
The top competitors identified in the market
research are Micro-Epsilon (Germany), WayCon Positionsmesstechnik GmbH
(Germany), Omron Corporation (Japan), SmartRay GmbH (Germany), Optex Group
(South Africa), Laser Technology Inc (US), LAP GmbH (Germany), Banner
Engineering Corporation (US), Schmitt Industries Inc (US), Keyence Corporation
(Japan), Techno Instruments (India), Panasonic Corporation (Japan), Rockwell
Automation (US), ifm Electronic (Germany), to list a few.
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