The rise in government focus on the automation of manufacturing facilities generates the demand for laser distance sensors. The advanced sensing application helps enhance the operational efficiencies in the manufacturing facilities. Therefore, the increase in government investments to boost the manufacturing industry fosters the laser distance sensor market growth. In addition, the automotive industry is one of the major applications of laser distance sensors. The integration of advanced technologies in automotive vehicles drives the laser distance sensor market.
A laser distance sensor is a component that uses a laser beam to calculate the distance between the objects. These sensors measure distances and allow taking measurements at great distances. They work based on the time-of-flight (ToF) principle, where the sensor emits a laser beam and receives its reflection. The time that elapses between sending and receiving the laser beam light helps the laser distance sensor determine the distance.
Laser distance sensors have diverse applications. For example, Sensor Partners, a leading supplier of sensors, provides laser distance sensors for level measurements in silos, flow optimization in warehouses, and the mooring of ships in container terminals. These sensors accurately calculate the distance to a certain object and ensure maximum safety and enhanced automated operations. In addition, the company also provides sensors that can be used in environments with a risk of explosion due to the presence of gas and/or dust in the air.
Laser distance sensors provide precise distance, spacing, and position measurements. They provide accurate and precise measurement of distance, making them ideal for application in consumer electronics, medical, industrial, automation, and other such industries. With the rise in demand from these industries, a few major players in the laser distance sensor market are focused on implementing a wide range of organic and inorganic growth strategies to cater to the growing demand for several industry verticals, further driving the laser distance sensor market size. A few of these growth strategies are mentioned below:
The laser distance sensor market is segmented based on distance, accuracy, end user, and geography. Based on distance, the laser distance sensor market is segmented into between 2 and 10 meters, between 11 and 100 meters, between 101 and 200 meters, and between 201 and 500 meters. Based on accuracy, the laser distance sensor market is segmented into 1 mm at 2 sigma, 3 mm with 2 sigma, and 5 mm at 2 sigma. By end user, the laser distance sensor market is segmented into manufacturing, construction, automotive and robotics, aerospace and defense, geospatial industry, and others. Based on geography, the laser distance sensor market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
By end user, the laser distance sensor market is segmented into manufacturing, construction, automotive and robotics, aerospace & defense, geospatial industry, and others. The automotive and robotics segment held the largest laser distance sensor market share in 2022. Laser distance sensors give precise distance, spacing, and position measurements, which makes them suitable for applications in the automotive & robotics industry. These sensors ensure better process stability and allow fully automated processing by robots, regardless of the measured object's properties. With the help of these sensors, higher efficiency can be achieved. These sensors also assist in the precise and quick positioning of the parts when combined with an installation robot, ensuring processing without waiting periods. Laser distance sensors also find applications in automotive light detection and ranging (LiDAR) systems, aiding in autonomous driving by providing accurate distance measurements and 3D mapping of the surroundings.
The Asia Pacific laser distance sensor market was valued at US$ 277.09 million in 2022, and it is expected to grow at a CAGR of 10.0% during the forecast period to reach US$ 594.24 million in 2030. The Asia Pacific laser distance sensor market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. The automotive industry across Asia Pacific is experiencing significant growth. According to the International Organization of Motor Vehicle Manufacturers, countries such as India, China, Indonesia, South Korea, and Thailand have experienced a significant rise in vehicle production volume in 2022. Additionally, regional and global automotive manufacturers are investing in establishing new vehicle production plants across the region. For instance, in March 2022, Triton Electric Vehicle LLC announced the launch of its new production plant in Gujarat, India. In addition, in June 2022, BMW announced the opening of its new electric vehicle production plant in China with an investment of US$ 2.2 billion. Thus, the development of the automotive industry requires laser distance sensors for advanced lighting systems for longer-range visibility. Automobile laser distance sensors are also used for advanced driver assistance systems (ADAS) and other sensing requirements. Thus, the growing automotive industry fosters the laser distance sensor market share of the region.
Governments of several Asia Pacific countries are also planning numerous initiatives that support the adoption of robotics in the region. For example, in December 2021, China revealed an improved version of the "Made in China 2025," a blueprint for industrial policy. Under this, the government released a five-year smart manufacturing development plan to digitize 70% of the country's large enterprises. In addition, the Japanese government implemented the New Robot Strategy through investments in the manufacturing, healthcare, infrastructure, and agriculture sectors to integrate automated solutions. Thus, the regional manufacturers focus on manufacturing industrial robots and upgrading equipment and processes. Initiatives by the government to bring automation in various industries generate the demand for laser distance sensors in light detection and ranging simultaneous localization and mapping (Lidar SLAM) systems. In these systems, laser distance sensors give accurate measurements via sensing technology. Due to the growing demand for laser distance sensors, market players are launching solutions that further fuel the market growth. For instance, in January 2023, Mileseey launched DP20 PRO, a bilateral laser distance meter.
The regional trends and factors influencing the Laser Distance Sensor Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Laser Distance Sensor Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 1.26 Billion |
| Market Size by 2030 | US$ 2.48 Billion |
| Global CAGR (2022 - 2030) | 8.8% |
| Historical Data | 2020-2021 |
| Forecast period | 2023-2030 |
| Segments Covered |
By Distance
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Laser Distance Sensor Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Laser Distance Sensor Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
Sick AG, ifm Electronic GmbH, Baumer Holding AG, Keyence Corp, Leuze electronic GmbH & Co KG, Pepperl+Fuchs SE, Wenglor Sensoric Electronic Devices GmbH, Banner Engineering Corp, Pantron Instruments GmbH, and Jenoptik AG are among the key companies operating in the laser distance sensor market.
Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies in the laser distance sensor market. A few recent key laser distance sensor market developments are listed below:
The List of Companies - Laser Distance Sensor Market
The 11- and 100-meter segments led the laser distance sensor market with a significant share in 2022.
Asia Pacific is anticipated to grow at the fastest CAGR over the forecast period.
The key players holding majority shares in the laser distance sensor market include Sick AG, Pepperl+Fuchs, Banner Engineering Corp, ifm Electronic GmbH, and Jenoptik AG.
The advent of advanced robotic solutions is expected to drive the growth of the laser distance sensor market in the coming years.
The rise in demand for sensors in automotive applications, along with the strategic initiatives by the key players, are driving factors in the laser distance sensor market.
The laser distance sensor market is expected to reach US$ 2.48 Billion by 2030.
The laser distance sensor market was estimated to be valued at US$ 1.26 billion in 2022 and is projected to reach US$ 2.48 billion by 2030; it is anticipated to grow at a CAGR of 8.8% over the forecast period.