Los Angeles, February 13, 2020 -The report titled, “Global Laser Displacement Sensor Market Report, History and Forecast 2015-2026” has been lately published by QY Research, wherein in-depth breakdown of Laser Displacement Sensors has been done. The global Laser Displacement Sensor market size is expected to reach US$ 3.3 Bn by the end of 2026 and in 2019, it was US$ 2.0 Bn. The market is likely to exhibit a healthy CAGR of 6.9% between 2020 and 2026. Need for operational efficiency is augmenting in the industrial sector, thus calling for advanced technologies like automation and robotics. This is where the role of Laser Displacement Sensors becomes active.
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Industrial Automation to Play a Key Role in Market Growth
Industrial Automation is one of the key trends emerging in the market, which is positively influencing the Laser Displacement Sensor market growth. Growing need for precise monitoring and measurement of tasks involved in electronics production, factory automation, and robotics and vehicle construction is likely to create robust demand for Laser Displacement Sensors. Plus, technological developments, such as 2D/3D Laser Displacement Sensors, are opening doors for the market. In spite of this, irregularity in the raw material prices and high maintenance cost may act as key restraints to the market growth.
Application of Laser Displacement Sensors to Upsurge in the Automotive Industry
Based on the application, the Laser Displacement Sensor market is segregated automotive industry, industrial manufacturing, aerospace & military industry, electronics and photovoltaic industry, and others. Robust growth in the automobile production is compelling the automotive industry to opt for robotics and automation to increase operational efficiency, thus calling for Laser Displacement Sensors. As far as the resolution is concerned, the Laser Displacement Sensor market is segregated into ≤2µm, 3-10µm, 11-50µm, 51-100µm, 101-500µm, and others.
Strong Manufacturing Base to Foster Growth in Asia Pacific
One of the primary reasons behind the growth of the APAC market is the presence of strong manufacturing base, particularly in countries such as China, Japan, and India. Apart from that, a wide range of industries are increasingly investing in automation and optimization during manufacturing process, thereby offering growth opportunities for the manufacturers of Laser Displacement Sensor in this region.
Introduction of Advanced Displacement Sensors by the Manufacturers
For instance, in 2019, one of the key companies, Micro-Epsilon launched wireSENSOR WPS-Kxx draw-wire displacement sensors with 2300 mm and 5000 mm measurement ranges. These sensors are suitable for accurate distance and position measurements and are specially designed for applications such as mobile cranes, mobile machines, and lifting technology.
The report has comprehensively analysed the strategies of the key players operating in the Laser Displacement Sensor market including SICK, KEYENCE, Panasonic, COGNEX, OMRON, Turck, BANNER, Micro-Epsilon, Baumer, OPTEX, Leuze, SENSOPART, ELAG, Pepperl&Fuchs, Balluff, Acuity, Sunny Optical, and MTI Instruments. Another key strategy considered by the key players include expansion of production capacity in order to address the growing demand from the industrial sector.
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