The global market for laser sensors was valued at USD 503.6 million in 2018; it is expected to reach USD 1003.7 Million by the end of the forecast period at a CAGR of 12.4%.
Laser sensors are being widely used in various industries such as packaging, manufacturing, automotive, and aerospace & defense. Increasing demand for these sensors in food manufacturing industries and increasing developments in smart manufacturing are expected to drive the market during the forecast period. However, the lack of technological advancement is expected to restrain the market during the forecast period. As laser beams possess features such as high intensity and shorter wavelength, these are visible even from a distance. Laser sensors that are often used for food packaging and manufacturing use a laser beam source for emitting light.
The market in Asia-Pacific is projected to maintain its dominance in the global laser sensors market owing to the rapid adoption of digital technology in countries such as China, India, Japan, and South Korea. Moreover, the healthcare sector in this region has been thriving, which is further expected to increase the adoption of laser sensor-enabled products over the forecast period.
Europe holds the second spot in the laser sensor market. This is predominantly due to the rising adoption of various advanced technologies in the automotive sector. North America is expected to grow at a faster rate during the forecast period due to the adoption of smart homes and smart cities and the advent of latest technologies in electronics manufacturing. In the manufacturing industry, laser sensors are used to place the material for edging and cutting it at the right angle or as per the customer requirement. Rest of the world is expected to grow at a stable rate during the forecast period due to the slow adoption process of new technologies and large dependence on North American and Asia-Pacific markets.
- In April 2019, Keyence launched the IX Series image-based laser sensor which is a combination of a camera with a laser to determine part position prior to performing laser inspection, reducing hardware, and installation costs.
- In February 2019, Rockwell Automation launched Allen-Bradley 42AF RightSight M30 photoelectric sensor for long-distance detection in a mid-sized, right-angle housing. This sensor offers the flexibility and performance required for a wide range of high-demand applications.
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The key players in the laser sensor market are Banner Engineering Corporation (US), Rockwell Automation (US), Omron Corporation (Japan), Panasonic Corporation (Japan), Optex Group (South Africa), Keyence Corporation (Japan), ifm Electronic (Germany), Schmitt Industries Inc (US), WayCon Positionsmesstechnik GmbH (Germany), Laser Technology, Inc (US), SmartRay GmbH (Germany), Micro-Epsilon (Germany), LAP GmbH (Germany), and Techno Instruments (India) among others.
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