Global Laser Sensor Market Size, Share & Trends Analysis Report By Component (Hardware and Services), By Type, By Application (Process Monitoring & Quality Control and Others), By End-use (Automotive and Others), By Regional Outlook and Forecast, 2024 - 2

Global Laser Sensor Market Size, Share & Trends Analysis Report By Component (Hardware and Services), By Type, By Application (Process Monitoring & Quality Control and Others), By End-use (Automotive and Others), By Regional Outlook and Forecast, 2024 - 2031

The Global Laser Sensor Market size is expected to reach $2 billion by 2031, rising at a market growth of 12.3% CAGR during the forecast period.

The North American region's focus on technological innovation, coupled with significant investments in research and development, has supported the growth of the market. Furthermore, the market in North America has been further strengthened by the increasing demand for automation across various sectors and the adoption of advanced manufacturing practices. Consequently, the North American region would acquire nearly 30% of the total market share by 2031.

The major strategies followed by the market participants are Product launches as the key developmental strategy to keep pace with the changing demands of end users. For instance, in March, 2024, Banner Engineering Corporation unveiled its Q2X miniature photoelectric sensor series by adding fixed-field and laser measurement sensors. These compact, lightweight sensors are versatile and suitable for applications like robotic palletizing, assembly, and high-speed transfer. The new models boost the Q2X series' sensing distance and accuracy. Moreover, in March, 2024, Leuze Electronic GmbH & Co. KG unveiled new 420B and 412B ultrasonic sensors that offer adjustable sound cones and flexible application options. With settings for ‘narrow,’ ‘medium,’ or ‘wide’ via IO-Link, these sensors excel in precision and reliability. They effectively detect various surfaces, including glossy, dark, transparent, and liquids, outperforming optical sensors in challenging conditions.

Market Growth Factors

These sensors have become indispensable in industries where high-precision measurement is critical. In applications like quality control, material handling, and robotics, these sensors detect the smallest deviations, ensuring that products meet strict standards. The aerospace sector, for example, requires precise measurement of components to ensure that aircraft are safe and efficient. Hence, the growing demand for high-precision data in these fields continues to drive the need for sensor technology.

The global adoption of smart manufacturing practices powered by Industry 4.0 technologies significantly drives the need for sensors that deliver real-time data and precise measurements. The global smart manufacturing industry is experiencing robust growth, with several government-backed reports providing insights into its scale and trajectory. Thus, their demand is expected to rise in parallel with the continued expansion of smart manufacturing worldwide.

Market Restraining Factors

Alternative technologies, such as ultrasonic sensors, infrared sensors, and image-based sensors, are often more affordable and may be better suited for industries where precision is not as critical. Similarly, infrared sensors are commonly used in applications where detecting heat or proximity is more important than measuring distances with extreme accuracy. Hence, the competition from other sensor types, particularly in non-critical applications, continues to exert downward pressure on the market.

Component Outlook

Based on component, the market is divided into hardware, software, and services. The software segment procured 30% revenue share in the market in 2023. This segment includes the software needed to control, analyze, and integrate the sensor data within broader systems such as automation platforms, robotics, and data analytics tools.

Type Outlook

On the basis of type, the market is classified into laser displacement sensors, laser photoelectric sensors, and laser scanners. The laser photoelectric sensors segment recorded 27% revenue share in the market in 2023. In industrial automation and security systems, these sensors are frequently employed for object detection and presence sensing.

Application Outlook

By application, the market is divided into process monitoring & quality control, distance measurement, security & surveillance, motion & guidance, manufacturing plant management, and others. The distance measurement segment garnered 26% revenue share in the market in 2023. The segment's growth is driven by its extensive use in applications requiring precise distance calculations, such as robotics, construction, and logistics.

End-use Outlook

Based on end-use, the market is segmented into automotive, consumer electronics, healthcare, aerospace & defense, food & beverages, chemical, and others. The consumer electronics segment recorded 22% revenue share in the market in 2023. The segment's expansion is owing to the growing incorporation of these sensors into devices such as smartphones, tablets, and wearables.

Regional Outlook

Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific segment garnered 37% revenue share in the market in 2023. This region's dominance is driven by rapid industrialization, the growth of the manufacturing sector, and the significant presence of consumer electronics and automotive industries in countries like China, Japan, and South Korea.

Recent Strategies Deployed in the Market

• >Aug-2024: At Automation Expo 2024 in Mumbai, Panasonic Holdings Corporation unveiled its advanced factory automation suite. It includes the Network Function Integrated HL-G2 SERIES Laser Sensor, GM1 Motion Controller, and Minas A7 servo systems, offering enhanced equipment control, error reduction, and improved safety, efficiency, and productivity.
• Jul-2024: Keyence Corporation unveiled the LJ-S8000 Series 3D Laser Snapshot Sensor, with a motor-driven scanning method, that integrates a laser light source and scanning mechanism, eliminating the need for external components. It enables ultra-fast, high-precision inline inspections at 0.2-second speeds and 0.3 µm repeatability, ensuring comprehensive inspections with a single sensor.
• Jun-2024: Laser Technology, Inc. unveiled the TruPulse 360i, an upgraded version of their TruPulse 360° rangefinder. Featuring enhanced speed, accuracy, and a user-friendly design with tactile feedback, a bright display, and expanded Bluetooth connectivity, it remains rugged and waterproof for advanced field use.
• Jun-2024: Laser Technology, Inc. unveiled the TruPulse 200i, an advanced version of its renowned TruPulse 200 laser rangefinder. The 200i enhances distance and inclination accuracy, features Bluetooth connectivity, and offers a rugged, waterproof design, setting new standards for professional handheld measurement tools.
• May-2024: SICK AG announces the partnership with Aicadium, a company developing and commercializing advanced AI solutions to co-develop advanced AI-powered computer vision solutions for industrial customers in Singapore and Southeast Asia. This partnership combines SICK's sensor technology with Aicadium's AI expertise to address critical challenges, enhancing efficiency, safety, quality, and productivity in industrial environments.

List of Key Companies Profiled

• >Keyence Corporation
• Banner Engineering Corporation
• SICK AG
• Rockwell Automation, Inc.
• Omron Corporation
• Baumer Holding AG
• Panasonic Holdings Corporation
• Leuze electronic GmbH & Co. KG
• Schneider Electric SE
• Laser Technology, Inc.

Global Laser Sensor Market Report Segmentation

By Component

• >Hardware
• Software
• Services

By Type

• >Laser Displacement Sensors
• Laser Photoelectric Sensors
• Laser Scanners
• Others

By Application

• >Process Monitoring & Quality Control
• Distance Measurement
• Security & Surveillance
• Motion & Guidance
• Manufacturing Plant Management
• Others

By End-use

• >Automotive
• Consumer Electronics
• Healthcare
• Aerospace & Defense
• Food & Beverages
• Chemical
• Others

By Geography

• >North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
• Germany
• UK
• France
• Russia
• Spain
• Italy
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• South Korea
• Singapore
• Malaysia
• Rest of Asia Pacific
• LAMEA
• Brazil
• Argentina
• UAE
• Saudi Arabia
• South Africa
• Nigeria
• Rest of LAMEA