A new market study, “Global Laser Sensors Market ” has been featured on Market Research Future.

The report encompasses the major developments within the Global Laser Sensors Market amidst the novel COVID-19 pandemic. The report offers a thorough understanding of the different aspects of the market that are likely to be feel the impact of the pandemic.

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Market Synopsis

The global market for laser sensors was valued at USD 503.6 million in 2018; it is expected to reach USD 1003.7 Million by the end of the forecast period at a CAGR of 12.4%.

Laser sensors are devices which measure the value with the help of laser technology and convert the physical measured value into an analog electrical signal. In other words, laser sensors are suitable for contactless measurement. In this laser sensor, the reflected light falls incident on the receiving element at a certain angle, depending on the distance. The distance between the sender and the receiving element is measured by the sensor.

Increasing developments in smart manufacturing and demand in food manufacturing industries are expected to drive the laser sensor market during the forecast period. However, the lack of technological advancements is expected to restrain the market during the forecast period.

Key Developments

In April 2019, Keyence launched the IX Series image-based laser sensor which is a combination of a camera with a laser to determine part position prior to performing laser inspection, reducing hardware, and installation costs.
In February 2019, Rockwell Automation launched Allen-Bradley 42AF RightSight M30 photoelectric sensor for long-distance detection in a mid-sized, right-angle housing. This sensor offers the flexibility and performance required for a wide range of high-demand applications.
Segmentation

The global laser sensor market has been segmented based on type, offerings, end user, and region.

By type, the laser sensor market has been segmented into ultra-compact and compact.

By offerings, the laser sensors market has been segmented hardware, software, and services.

By end user, the laser sensor market has been segmented into electronics manufacturing, building and construction, chemical manufacturing, automotive, and aerospace and defense.

By region, the photoelectric sensor market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world.

Regional Analysis

Globally, the laser sensor market has been categorized into four regions—North America, Europe, Asia-Pacific, and the rest of the world. The rest of the world segment has been further categorized into the Middle East and Africa and South America. Asia-Pacific led the laser sensor market in 2018, whereas North America is expected to be the fastest-growing market during the forecast period. The market in Europe is expected to be at the second spot for the laser sensor market in terms of market share during the forecast period.

North America is expected to be the highest growing market for laser sensors during the forecast period. This region has been further categorized into the US, Canada, and Mexico. The US dominated the laser sensor market, followed by Canada and Mexico. The market in Mexico is expected to register steady growth in the laser sensor market during the forecast period owing to the rapid adoption of IoT-enabled devices.

Competitive landscape

The global laser sensor market is characterized by the presence of several global vendors. The competition in the market is highly intense, with players competing to gain a considerable market share. Moreover, cost, quality, accuracy, and reliability of products are some of the factors that help vendors to sustain in an intensely competitive market. Furthermore, technological advancements and government initiatives and policies favoring the adoption of laser sensors are some of the factors that are expected to drive the growth of the laser sensors market during the forecast period.

Key Players

The key players in the laser sensor market are Banner Engineering Corporation (US), Rockwell Automation (US), Omron Corporation (Japan), Panasonic Corporation (Japan), Optex Group (South Africa), Keyence Corporation (Japan), ifm Electronic (Germany), Schmitt Industries Inc (US), WayCon Positionsmesstechnik GmbH (Germany), Laser Technology, Inc (US), SmartRay GmbH (Germany), Micro-Epsilon (Germany), LAP GmbH (Germany), and Techno Instruments (India) among others.

More Information : https://www.marketresearchfuture.com/reports/laser-sensors-market-8179

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