Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Press Release- Global Laser Displacement Sensor Market
A laser displacement sensor contains a light-emitting element and a position-sensitive detector (PSD), which detects its target by using the triangulation method. In this, a semiconductor laser is utilized as a light-emitting element. Moreover, a lens focuses the beam on the target that reflects the beam back through a lens where it is focused on PSD. Laser displacement sensors are used to measure an object’s diameter, width, height, stroke and positioning, vibration, decentering and deflection, flatness, warpage, and thickness. 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 was accounted for US$ 3,330.9 Mn in terms of value in 2019 and is expected to grow at CAGR of 7.6% for the period 2019-2027
Market Dynamics- Drivers
- Increasing demand for automation in numerous sectors is expected to drive growth of the global laser displacement sensor market during the forecast period
The demand for automation is increasing rapidly, especially in core industries such as automotive, manufacturing, packaging, and logistics. In automation, sensors play a crucial role, which is expected to witness high demand in the near future. Laser displacement sensors are non-contact type sensors, which are more accurate and which offer a wider range of applications as compared to conventional contact-type sensors. Moreover, the high superiority of laser sensors over other types of sensors is expected to drive growth of the global laser displacement sensor market during the forecast period.
- Cost-efficiency and wide range of applications offered by laser sensors are expected to propel the global laser displacement sensor market growth over the forecast period
Laser displacement sensors are deployed in a wide array of applications including measurement of thickness and irregular surfaces of non-conductive materials such as plastics, paper, and ceramics. The operational efficiency of laser displacement sensors is not hindered by external factors such as unfavorable temperature and magnetic field interface. This, in turn, acts as an advantage enabling these sensors to operate in varied environmental conditions. Furthermore, rising use of laser displacement sensors in the quality control department, wherein it can save additional expenditure and avoid wastage of raw materials and time are other factors expected to propel the global laser displacement sensor market growth over the forecast period.
Asia Pacific region dominated the global Laser Displacement Sensor Market in 2019, accounting for 32.9% share in terms of value, followed by North America, Europe, Middle East and Africa and Latin America.
Source: Coherent Market Insights
Market Dynamics- Restraints
- Complexities involved in the use of these sensors are expected to restrain growth of the global laser displacement sensor market during the forecast period
Laser displacement sensor needs to be placed on a specialized fixture for their accurate functioning. These fixtures are required to be kept away from vibrations to avoid fluctuations in readings. Moreover, special efforts are needed to ensure that the sensor does not overheat or get wet. The laser needs to be kept away from dust and foreign particles since they can affect the final readings. Hence, these factors are expected to hamper the global laser displacement sensor market growth in the near future.
- High initial price and high maintenance costs are expected to hinder the global laser displacement sensor market growth over the forecast period
Initial installation cost of a laser displacement sensor is relatively higher than ordinary sensors. Thus smalls-sized manufacturing or automotive companies are unwilling to install these sensors. Moreover, the operational and maintenance costs of laser displacement sensors are also significantly more than other sensors. As result of this, many small and medium-sized companies are reluctant to implement this sensor, which in turn, is expected to hinder the global laser displacement sensor market growth over the forecast period.
- Rising acceptance of non-contact type sensors can offer major business strategies
Non-contact type sensors are rapidly gaining popularity over conventional contact-type sensors, owing to lucrative advantages offered by the former. Non-contact type sensors have longer operational life as compared to contact type sensors since they are physically in contact with the object. Moreover, the accuracy that non-contact type sensors such as laser displacement sensors provide does not match with traditional contact type sensors. Contact type sensors are used in a variety of specialized applications, however, the flexibility and variety offered non-type sensors make them a popular choice.
- Increasing need for high-speed precision control can present lucrative growth opportunities
In the recent past, the need for high-speed precision control has surged in order to increase accuracy and reduce the production cycle time. Laser displacement sensors offer excellent precision control at high speed and also offer cost-affectivity during quality control. These factors would help laser displacement sensors to dominate the non-contact type sensors market.
Source: Coherent Market Insights
- North America Trends
In North America, laser displacement sensors are being employed by industrial robots as a measuring tool. According to Robotic Industries Association (RIA), the robotics market in North America registered record orders and shipments in 2015. A total of 31,464 robots valued at US$ 1.8 Bn were ordered by companies from North America during 2015, an increase of 14% in units and 11% in dollars over 2014. Moreover, robot shipments set new records, with 28,049 robots valued at US$ 1.6 Bn shipped to customers in North America, in 2015. This trend is expected to continue during the forecast period, owing to a positive view of various industries toward implementation of robots in operational process.
- Europe Trends
According to Coherent Market Insights’ analysis, Europe holds a dominant position in the global automotive manufacturing industry. The region is witnessing increase in the use of different advanced sensors in the automotive industry. The use of a combination of position sensors in the automobile industry is increasing rapidly. The automobile industry is employing various technologies involving sensor technology for better design of modern automotive vehicles in the region. The current trend of using advanced and automated technology in automotive industry is expected to increase in the near future, in order to design and fabricate automatic and modern vehicles for consumers.
In global Laser Displacement Sensor Market, by Range, >300 sub-segment dominated the global market in 2019, accounting for 70.7% share in terms of value, followed by Android and Windows respectively.
Source: Coherent Market Insights
Key players operating in the global laser displacement sensor market are Panasonic Corporation, Micro-epsilon, Sick AG, Hans Turck GmbH Co. KG, Omron Corporation, Banner Engineering Corp., Keyence Corporation, Cognex Corporation, ZSY Group Ltd, and Mechanical Technology, Inc.
- Major market players involved in product development, in order to enhance product portfolio. For instance, in September 2017, Panasonic Corporation developed 3D LiDAR Sensor that facilitates variable detection settings for viewing angles and scanning speed.
- Key companies in the market are focused on product launches, in order to strengthen market presence. For instance, in March 2018, Sick AG introduced DT1000 and DL1000 distance sensors for highly accurate measurement and traffic management duties.