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Global Laser Sensor Market to Reach USD 1,674 Million by 2026, Aided by the Increasing Use of Laser Sensor in the Aviation Sector

According to a new report by EMR titled, ‘Global Laser Sensor Market Report and Forecast 2021-2026’, the global market for laser sensor attained a value of about USD 950 million in 2020. The industry is further expected to grow at a CAGR of 9.9% in the forecast period of 2021-2026 to reach a value of approximately USD 1,674 million by 2026.

The global market for laser sensor is being propelled by the extensive use of the sensor in the aviation industry. As optimal resolution and accuracy are crucial in aircraft to prevent the risk of accidents, laser sensors are extensively deployed in their manufacturing and testing. Moreover, the increasing prevalence of attacks such as laser beam strikes is surging the deployment of laser sensors to detect potential threats to determine the precise location of laser strikes, which is fuelling the market growth. In addition, laser sensors are increasingly used in the military and defence sector to identify threats effectively, therefore adding to the industry growth. The development of compact laser sensors that can detect weapons with sufficient warning time to prevent accidents is expected to surge the end-uses of laser sensors, which is projected to fuel the market growth of laser sensor in upcoming years.

Keyence Corporation (OTCMKTS: KYCCF), one of the leading companies in the market, released its IX series in March 2019. The series is an advanced image-based laser sensor that combines camera and laser to enable users to determine the position before performing laser inspection. It offers a quick setup and significantly reduces installation and hardware costs. Moreover, the series allows numerous inspections of components simultaneously and can tackle various inspection situations, such as reference height checks, inspection situations, and low-contrast targets, among others. It also eliminates the requirement of complex calculation by simplifying inspection. The development of such innovative products by the leading players are increasing the demand for laser sensors, which is augmenting the growth of the market.

Market Analysis by Component, Industry, and Region:

  • The market, on the basis of component, can be divided into hardware and software, and services.
  • Based on industry, the industry can be divided into electronics manufacturing, aviation, construction, and automotive, among others.
  • The regional markets for laser sensor include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The growing demand for laser sensors in the manufacturing of complex shapes in the automotive sector to prevent defects is augmenting the market growth.
  • The market is being aided by the increasing advent of LiDAR technology, which is increasingly being deployed in automated vehicles to enhance their navigation capabilities.
  • The rising use of smart laser sensors in various industries, such as construction, automotive, and aviation, among others, to boost the decision-making process and efficiency is propelling the market growth.
  • The increasing research activities to develop sustainable laser sensors to surge its applications is fuelling the growth of the industry.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for laser sensor for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the components, industries, and major regions of laser sensor.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global laser sensor market are Keyence Corporation, MTI Instruments Inc., Rockwell Automation, Inc., Dimetix AG, First Sensor AG, and SmartRay GMBH, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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