The Global Laser Displacement Sensor Market, by Range (Less than 100 mm, 100 mm – 300 mm and More than 300 mm), by End-use Industry (Automotive, Aerospace and Defense, Industrial, Consumer Electronics and Others) and by Region (North America, Latin America, Europe, Asia Pacific, Middle East and Africa) - Global Forecast to 2027”, is expected to be valued at US$ 6,019.02 Million by 2027, exhibiting a CAGR of 7.6 % during the forecast period (2019-2027), as highlighted in a report published by Coherent Market Insights.
A displacement sensor is typically utilized to measure travel range between where an object is and a reference position. Laser displacement sensors are used for dimension measurement to determine an object’s width, height, thickness, diameter, vibration, flatness, deflection and decentering, etc. In laser displacement sensor, a lens focuses the beam on the target that reflects the beam back through a lens where it is concentrated on the position-sensitive detector (PSD). 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.
Increasing demand for laser displacement sensor in consumer electronics and automotive sectors is expected to boost the global laser displacement sensor market growth over the forecast period
Increasing adoption of laser displacement sensors in consumer electronics products such as Laser Displacement Sensors, smartphones, and DSLR cameras. Laser displacement sensors are used to capture the images in smartphones where these sensors measure height, width, and thickness of the object accurately, providing high-quality images. Moreover, these sensors are used in the automotive sector to quickly and precisely measure displacements or positions without touching the target object. The non-contact measurement used in laser displacement sensors is ideal in this sector for the measurement of fast-moving parts, delicate parts. Thus, increasing the use of laser displacement sensors in the automotive and consumer electronics sectors is expected to support growth of the global laser displacement sensor market in the near future.
Advent of market 4.0 and smart manufacturing practices can provide major business opportunities
Smart manufacturing is a technology-driven method that uses internet-enabled machinery to monitor the production process. The primary objective of smart manufacturing is to identify opportunities for automating operations and use data analytics to enhance manufacturing performance. Moreover, market 4.0 refers to the new phase of industrial revolution that emphasizes automation, interconnectivity, real-time data, and machine learning. Laser displacement sensors are ideal for both smart manufacturing practices and market 4.0 where it can aid in automation, improve connectivity, and enhance overall productivity. Key players in the market can capitalize on the untapped potential by providing novel solutions.
High initial and maintenance costs are expected to hamper 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 a 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.
As compared to other regions, the Brazil automation market is small though it is constantly expanding. According to the Global Automotive Supplier Study by Roland Berger published in 2016, Brazil is expected to recover in the automotive and consumer durable goods markets from the slow demand in the recent past. Moreover, industrial automation is expected to boost the regional market in the near future.
Middle East & Africa has significant potential in the global laser displacement sensor market, as it is widely employed in the industrial sector. The regional industrial sector is expanding rapidly. Moreover, laser displacement sensors are far more accurate than conventional sensors and hence, they are used in controlling, sorting, and inspection tasks in quality control workflows and processes.
Laser displacement sensor is widely adopted in various sector in Asia Pacific. Manufacturers are launching the latest technology-enabled laser displacement sensors due to technology proliferation. For instance, KEYENCE launched CCD Laser Displacement Sensor, ultra-high-speed, high-precision laser displacement proficient of measuring almost any surface type. It is employed in the healthcare industry in order to measure the body's surface motion induced by heartbeat.
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.