Transparency Market
Research (TMR) observes that the leading players in the global laser
displacement sensor market are SICK AG, Banner Engineering Corp.,
MICRO-EPSILON, TURCK GmbH Co. KG, and Panasonic Corporation. The
global market faces moderate level of competition as the initial cost
of investment is exceptionally high. Majority of the players
operating in the global market are focusing on geographical expansion
through collaborations and partnerships to improve their presence.
Consistent efforts to strengthen research and development activities,
product innovation, and diversifying the product portfolio are
expected to be some of the key strategies of these players in the
coming years.
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According to the
research report, the global laser displacement sensor market was
valued at US$2,542.0 mn in 2015 and is slated to progress at a CAGR
of 7.6% between 2017 and 2025 to be worth US$5,201.4 mn by 2025. The
automotive sector is projected to lead the global market in the
coming years as it is expected to be worth US$538.0 mn by the end of
2025. The emerging trend of automation in vehicles is expected to
benefit the segment. In terms of geography, the global laser
displacement sensor market is likely to see maximum progress in Asia
Pacific. The booming industrial and manufacturing sectors in the
region are likely to ensure a CAGR of 8.2% over the forecast period.
Asia Pacific to
Augment Growth of Global Laser Displacement Sensors Market
Automation is
gradually taking over major manual processes in several industries.
It has had a pronounced impact in various areas of manufacturing,
packaging, automotive, and logistics. This has upped the demand for
laser displacement sensors as they are critical components of
developing automation systems. The introduction of technological
changes in the development of sensors has rendered them more accurate
than before and has widened their scope of applications. The new-age
non-contact type sensors are thus being preferred for measuring or
sensing the actual physical changes in various industries.
Widening
Applications of Laser Displacement Sensors Ensure Steady Growth of
Revenue
The widening
applications of laser displacement sensors for measuring irregular
surfaces and thicknesses of non-conductive materials such as
plastics, ceramics, and paper are expected to bolster market growth.
Furthermore, the ability of laser displacement sensors despite
magnetic fields and in varying temperatures has also garnered their
uptake a significant momentum. “Improved durability of non-contact
type sensors is expected to present the global market a plethora of
opportunities,” states the lead author of this research report. As
non-contact type laser displacement sensors can operate from a
distance they do not undergo the mechanical wear and tear. This does
save a huge cost of replacement and repairs for the end-use
industries.
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On the downside, the
global laser displacement sensors market is likely to be restrained
by the growing demand for specialized fixtures. To attain accurate
functioning, laser displacement sensors have to be placed on specific
fixtures, which have to kept away to prevent any negative impact due
to vibrations to prevent fluctuations in readings. Furthermore,
sensor unit has to be protected at all times from dust and other
foreign particles to prevent any fluctuation in the readings. This
means an additional expenditure, which has challenged market growth.
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