The new report by Expert Market Research titled, ‘Laser Sensor Global Market Size, Share, Price, Trends, Report and Forecast 2023-2028’, gives an in-depth analysis of the global laser sensor market, assessing the market based on its segments like component, industry and major regions like North America, Europe, Asia Pacific, Latin America, Middle East and Africa.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 9.9%
The market for laser sensor has seen substantial growth due to factors such as the robust growth of the automotive industry. Laser sensors are increasingly being used to detect any mistakes or inconsistencies as complex shapes are formed during the assembly of automobiles.
Furthermore, engineers are increasingly using laser sensors to assess car deacceleration following a crash to improve safety, which is boosting industry growth. The introduction of LiDAR technology is improving vehicle navigation capabilities while automating numerous systems, resulting in a rise in the use of laser sensors in autonomous cars, boosting market growth.
Furthermore, leading automobile firms are expanding their investments in laser sensing technology in order to build novel and advanced automobiles, which is fueling the laser sensor industry’s growth. Daimler AG’s truck division invested in Luminar Technologies Inc. in November 2020 to speed up the development of its self-driving vehicles in the United States.
Laser Sensor Industry Definition and Major Segments
A laser sensor is a piece of equipment that uses laser technology to measure distance and electric impulses. It correctly measures distance and signals, allowing it to be employed in precise tasks. It’s also simple to use, making it suitable for a wide range of industries, including automotive, construction, and manufacturing.
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Based on the component, the industry is divided into:
• Hardware and Software
• Services
Based on the industry, the industry is divided into:
• Electronics Manufacturing
• Aviation
• Construction
• Automotive
• Others
The regional markets for laser sensor include:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Laser Sensor Market Trends
The growing demand for smart laser sensors in various end-use sectors is driving the global laser sensor market. Smart laser sensors are being used to improve efficiency and decision-making processes, which is boosting market growth. Furthermore, as a result of rapid digitisation, the development of low-cost smart laser sensors is increasing their use, adding significantly to market growth.
Furthermore, advances like sensor fusion are allowing the integration of many sensors to create new devices with improved applications. This is expected to help the laser sensor industry grow. Advancements in laser sensing technology are expected to provide significant impetus to market expansion in the forecast period, as the demand for dependable and accurate laser sensors for error-proof and precise results is surging.
Key Market Players
The major players in the market are Keyence Corporation, MTI Instruments Inc., Rockwell Automation, Inc., Dimetix AG, First Sensor AG, SmartRay GMBH, among others.
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