According to a new market report by Lucintel, the future of the global laser sensor market looks promising with opportunities in the construction, electronics, automotive, aerospace & defense, food & beverage, and chemical industries. The global laser sensor market is expected to decline in 2020 due to the global economic recession led by the COVID-19 pandemic. However, the market will witness recovery in the year 2021, and it is expected to grow with a CAGR of 10% from 2020 to 2025. The major growth drivers for this market are the high accuracy requirement in measuring dimensions, such as height, thickness, and diameter, and growing adoption of predictive maintenance.
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In this market, compact and ultra-compact sensor are the two major product types. Lucintel forecasts that the compact laser sensor segment is expected to witness the highest growth over the forecast period due to increasing demand for compact laser sensor in various end user industries, such as food & beverages, automotive, and electronics manufacturing. Also, to reduce quality related problems and lower operating costs, compact laser sensor are most widely used.
Within this market, the food & beverage industry is expected to witness the highest growth over the forecast period due to the consistent need to ensure high quality standards in the food industry by using laser sensor for applications, such as surface analysis of processed products and 3D measurement of natural products, even in case of mass production
Asia Pacific will remain the largest region over the forecast period due to growing adoption of automation technologies to replace the aging workforce and outdated technologies, increasing government initiatives to promote the manufacturing sector, and rapid technological advancement.
Banner Engineering Corporation, ifm electronic gmbh, Keyence Corporation, LAP GmbH, and Micro-Epsilon are among the major manufacturers of the global laser sensor market.
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the global laser sensor market by product type, end use industry, and region. Lucintel has prepared a comprehensive research report entitled “Growth Opportunities in the Global Laser Sensor Market 2020-2025: Trends, Forecast, and Opportunity Analysis.” This Lucintel report serves as a catalyst for growth strategy, as it provides comprehensive data and analysis on trends, key drivers, and directions. The study includes trends and forecast for the global laser sensor market by product type, end use industry, and region as follows:
By Product Type [$M shipment analysis for 2014 – 2025]:
By End Use Industry [$M shipment analysis for 2014 – 2025]:
Electronics
Automotive
Aerospace & Defense
Food & Beverages
Chemicals
Construction
Others
By Region [$M shipment analysis for 2014 – 2025]:
North America
United States
Canada
Mexico
Europe
Asia Pacific
China
Japan
India
South Korea
Rest of the World
This 150-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or visit us at helpdesk@lucintel.com.
About Lucintel
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