The laser sensor market is expected to grow from USD 535 million in 2019 to USD 863 million by 2024—growing at a CAGR of 10.0%. Major factors driving the market growth include the high demand for laser sensors in the food manufacturing industry, advent of Industry 4.0 and smart manufacturing, and increased government initiatives toward automation.
Key players in the laser sensor market include KEYENCE CORPORATION (Japan), Panasonic Corporation (Japan), Rockwell Automation, Inc. (US), OMRON Corporation (Japan), ifm electronic (Germany), SmartRay GmbH (Germany), Schmitt Industries, Inc. (US), Banner Engineering Corp. (US), Baumer Electric AG (Switzerland), LAP GmbH Laser Applications (Germany), First Sensor AG (Germany), WayCon Positionsmesstechnik GmbH (Germany), and Laser Technology, Inc. (US).
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Following Are Top 2 Players in Laser Sensor Market:
KEYENCE CORPORATION (Japan)
Keyence is a global leader in the development and manufacturing of factory automation equipment, ranging from automation sensors, measuring instruments, vision systems, laser markers, and digital microscopes. The company has global presence in more than 45 countries. In the laser sensor market, the company offers laser sensors such as LV series, GV series, LR-Z series, LV-S series, and LV-N series that are used in a wide range of end-user industries, such as food & beverages, automotive, and manufacturing. The company focuses on the manufacturing sector to address the need for increased production efficiency, automation, and enhanced quality. The company recently launched the CL-3000 series ultra-compact coaxial laser displacement sensors to address manufacturing challenges and provide simple sensor head installation and program settings. The focus on these potential areas would help the company maintain its competitiveness and generate revenue in the laser sensor market.
Panasonic develops and offers services for electrical and electronic products globally. The company has refined its strength in the development of diverse technologies and solutions for electronics. The company has wide geographic presence and generates its major revenue, i.e., 47%, from Japan as it is a major market for consumer electronics. The company has a year-on-year increase in revenue (USD 58.75 billion in 2017 and USD 71.84 billion in 2018) as it focuses on investing in growth areas and shifts resources while carrying out structural reform and profitability improvement initiatives.
Laser Sensor Market by Offering (Hardware & Software and Services), Type (Compact and Ultra-Compact), Application (Manufacturing Plant Management & Automation and Security & Surveillance), End-user Industry, and Geography - Global Forecast to 2024
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