LASER DISPLACEMENT SENSOR MARKET ANALYSIS

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 is expected to exhibit a CAGR of 7.9% during the forecast period (2022-2030).

 Market Driver

 Increasing demand for automation in numerous sectors is expected to drive the 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.

Market Restraint

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 small-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.

Global Laser Displacement Sensor Market - Impact of Coronavirus (Covid-19) Pandemic:

 Due to the outbreak of the COVID-19 pandemic, the majority of industries’ revenue got hindered as the government imposed lockdowns worldwide. The revenue drop has remained for a long period of time as all the major departments in the automotive industry remain shut down. This suspension of automotive industries impacted deep pockets of companies due to this majority of companies stopped investing in the laser displacement market. Furthermore, laser displacement sensors cost more in comparison with any normal sensor. All these factors negatively impacted the expansion of the global laser displacement sensor market during the pandemic.

However, as per CMI analysis, the global laser displacement sensor market is expected to recover in 2-3 years.

Competitive Scenario

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.

Recent Developments:

• In September 2020, Omron Corporation, an electrical equipment manufacturer that develops and provides Industrial Automation Solutions, Healthcare Solutions, Electronic Devices solutions, etc., announced the global release of the E3AS-HL CMOS Laser Sensor, a sensing technology that improves the detection capability and it features reliable detection of design and adjustment at equipment commissioning without dependence on human experience and skills.

 Forecasted Asia Pacific is expected to hold a dominant position in the Global Laser Displacement Market in 2030

Statistics:

Asia Pacific region dominated the global laser displacement sensor market in 2021, accounting for 34.2% share in terms of value, followed by North America, Europe, Middle East and Africa and Latin America.

Figure 1: Global Laser Displacement Sensor Market Share (%), By Region, 2021

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Asia Pacific is expected to witness significant growth over the forecast period. This is attributed due to growing demand for automation in numerous sectors.

Figure 2: Global Laser Displacement Sensor Market (US$ Mn) Analysis and Forecast, 2017 – 2030

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The Global Laser Displacement Sensor Market was valued at US$ 3,720 Mn in 2021 and is expected to reach US$ 7,237.92 Mn by 2030, growing at a CAGR of 7.9 % between 2022 and 2030.