Laser Sensors Market Forecasts from 2023 to 2028

The laser sensors market is evaluated at US$650.370 million for the year 2021, growing at a CAGR of 11.54% to reach the market size of US$1, 396.824 million by the year 2028.

The main driving force surging the development of the laser sensors market is the rise in demand from the automotive industry and the food and beverage sector. Additionally, the utilization of 3D measurements is common in this industry due to the printing needs. These elements will keep pushing market revenue higher. Additionally, the introduction of IoT is also driving the market. IoT technology is being invested in by several industries and companies.

For instance, Keyence is a leading laser sensor company. According to its annual report, the net sales of Keyence increased from 5, 38, 134 million Yen in 2021 to 7, 55, 174 million Yen in 2022

Growing Use In The Automotive Industry

The laser sensors market is expanding due to the automobile industry's strong expansion. Laser sensors are being used more often to find possible mistakes or discrepancies when complex forms are built during the production of automobiles. Additionally, the business is expanding as engineers increasingly utilize laser sensors to detect how quickly cars slow down in crashes to make them safer. Furthermore, several government-sponsored programs, including the Automotive Mission Plan 2026, the scrappage policy, and the production-linked incentive program in the Indian market, are anticipated to elevate the laser sensor industry.

The India Brand Equity Foundation (IBEF) estimates that India produced 22.93 million cars in FY22, including both passenger and commercial vehicles which surged to 23.90 million in FY23 fueling the overall use of laser sensors.

Development of LiDar Technology

The development of LiDAR technology is improving vehicle navigation while automating several systems. As a result, more laser sensors are being used in autonomous cars, which is also boosting the market's growth. For instance, German automaker Mercedes Benz received a globally recognized government accreditation to create vehicles capable of Level 3 autonomous driving in 2022, making it the first firm in the world to do so. Further, in September 2022, to reduce major accidents involving its cars by a fifth, Volvo Cars planned to put laser-based sensors in all its upcoming models, making it the first automaker to implement the technology throughout its entire fleet.

In May 2022, the Japanese multinational Nikon Corporation's business Nikon Metrology promoted and used laser sensors. The most recent version, APDIS, represents a substantial advancement in the technology's development and is particularly well suited for usage in the automobile sector.

The United States in North America is an Expected Dominant Market

Laser sensors are devices that use laser technology to measure various physical quantities such as distance, position, velocity, temperature, and more. These sensors are widely used across industries for applications ranging from manufacturing and automotive to aerospace and healthcare. The USA has been a significant player in the global sensor market, and the adoption of laser sensors is an integral part of its technological advancement.

The USA has been at the forefront of industrial automation, with various industries seeking ways to optimize production processes, increase efficiency, and reduce human intervention. Laser sensors play a vital role in automation by providing real-time data for monitoring and control, leading to enhanced productivity. Moreover, manufacturing industries in the USA are adopting laser sensors for quality control, inspection, and measurement applications. These sensors ensure that products meet strict quality standards, contributing to consistent and high-quality output. Thus, as the manufacturing sector of the United States grows, the demand for laser sensors is expected to grow, driving the growth of the market.

There are various growth drivers which are driving the growth of the market. Among them, the rise in the Internet of things along with Industry 4, 0 initiatives followed by the rise in LiDAR technology are considered the most important. The Internet of Things (IoT) and Industry 4.0 initiatives require sensors for data collection, connectivity, and analytics. Laser sensors can play a crucial role in these smart systems, enabling real-time monitoring and data-driven decision-making.

Key Developments

• In October 2022, Japanese company Mitutoyo Company introduced a multipurpose non-contact laser line sensor with dimensional inspection and profile measurement capabilities to meet the rising need for high-precision measurements.
• In March 2023, with the use of ToF technology, Panasonic's HG-F laser distance sensor was introduced which can detect objects up to 3 meters away.
• In May 2023, Dimetix's D-series standard sensors' measurement speeds were increased from 50 Hz to 100 Hz. This increases the suitability of these models for usage on cranes, logistics facilities, and other applications.
• In September 2022, Solartron Metrology is improving process control for factory automation with the introduction of two brand-new, cutting-edge Solartron Non-Contact Laser Triangulation Sensors. The new sensors provide unparalleled precision, performance, and full interoperability with other Solartron software and systems to users of gauging and displacement management technologies.
• In March 2023, the Z-TrakTM LP2C 3D profile sensor family for in-line 3D measurement and inspection applications was introduced by Teledyne DALSA, a Teledyne Technologies subsidiary and a world pioneer in machine vision technology. These sensors produce 4, 096 samples per profile with an x resolution down to 3.5 microns.
• In September 2020, EMCORE Corporation launched the Model 1790 1550 nm High-Power Laser Module for LiDAR (Light Detection and Ranging) and Optical Sensing. The 1790 laser module was designed to serve as a (Continuous Wavelength) coherent optical source for next-generation FMCW (Frequency Modulation Continuous Wavelength) LiDAR systems.

Segmentation:

By Laser Type

• Point Laser
• Linear Laser

By Sensor Type

• Laser Distance Sensor
• Laser Displacement Sensor
• Laser Photoelectric Sensor
• Others

By End-User

• Electrical & Electronics
• Aerospace & Defense
• Automotive
• Construction
• Others

By Geography

• North America
• United States
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• United Kingdom
• Germany
• France
• Spain
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Israel
• Others
• Asia Pacific
• Japan
• China
• India
• South Korea
• Indonesia
• Thailand
• Others