The global laser displacement sensor market stood at US$ 2713.2 Bn in 2016. The study projects the global laser displacement sensor market to expand at a CAGR of 7.6% during the period from 2018 to 2024 to reach US$ 5101.4 Bn by 2024.
The global laser displacement sensor market, by geography, has been segmented into North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and South America. In the global laser displacement sensor market, Asia Pacific region is anticipated to witness relatively faster adoption and hence the growth rate as compared with other regions. Within Asia Pacific, countries such as China, Japan, India and South Korea dominate the laser displacement sensor market mainly due to the presence of large number of manufacturing units in the region. Furthermore, presence of many laser displacement sensor vendors in the region along with many new emerging players and the growth in demand for industrial automation as a solutions as well as a service are supporting the growth of laser displacement sensor market in the region. Also, laser displacement sensor vendors in the region are partnering with industrial automation solutions providers to increase the sales. In Asia Pacific, sectors including automotive and consumer electronics are anticipated to drive the growth of laser displacement sensor market in the region. Additionally, the steadily growing aerospace and defense along with the industrial sector has resulted in the growth of laser displacement sensor market in the region.
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As compared to other regions, the laser displacement sensor market in the North American region is expected to witness significantly healthy growth, with rate relatively close to that of APAC. Although, North America dominated the laser displacement sensor market in the previous years, in 2016 it has been marginally put behind to the second spot by the Asia Pacific region. The European region is forecast to grow at a significant rate just behind North America. Across Europe, countries including Germany, France and the U.K. are anticipated to drive the growth of laser displacement sensor market. Germany dominated the market share in 2016 and is expected to continue its dominance over the forecast period from 2017 to 2024. Furthermore, Germany is also anticipated to grow at a considerably faster rate as compared to the countries like the UK and France.
Laser displacement sensor market in the South America region is anticipated to witness relatively slower market growth. However, Brazil and Argentina among other countries are projected to witness steady growth. In Brazil, growing presence of multinational companies along with their manufacturing units can be credited to the growth of laser displacement sensor market in the region. Other factors leading to the growth of the laser displacement sensor are their advantages over the contact type sensors and price drops due to the technological advancements in the years to come.
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Laser displacement sensor market in Middle East and Africa region occupies a relatively smaller pie of the global laser displacement sensor market. Within Middle East and Africa counties including UAE and South Africa are driving the growth. Demand for laser displacement sensor is owing to the growth in the industrial and consumer electronics sectors in the Middle East and Africa.
The key players profiled in the global Laser displacement sensor market include SICK AG, OMRON Corporation, KEYENCE Corporation, ZSY group LTD, Panasonic Corporation, Mechanical Technology, Incorporated, Cognex Corporation, Banner Engineering Corp., TURCK GmbH Co. KG and MICRO-EPSILON.