Research shows the leading players in the global laser displacement sensor market are SICK AG, Banner Engineering Corp., MICRO-EPSILON, TURCK GmbH Co. KG, and Panasonic Corporation. The global market faces moderate level of competition as the initial cost of investment is exceptionally high. Majority of the players operating in the global market are focusing on geographical expansion through collaborations and partnerships to improve their presence. Consistent efforts to strengthen research and development activities, product innovation, and diversifying the product portfolio are expected to be some of the key strategies of these players in the coming years.
According to the research report, the global laser displacement sensor market was valued at US$2,542.0 mn in 2015 and is slated to progress at a CAGR of 7.6% between 2017 and 2025 to be worth US$5,201.4 mn by 2025. The automotive sector is projected to lead the global market in the coming years as it is expected to be worth US$538.0 mn by the end of 2025. The emerging trend of automation in vehicles is expected to benefit the segment. In terms of geography, the global laser displacement sensor market is likely to see maximum progress in Asia Pacific. The booming industrial and manufacturing sectors in the region are likely to ensure a CAGR of 8.2% over the forecast period.
- Asia Pacific to Augment Growth of Global Laser Displacement Sensors Market
- Widening Applications of Laser Displacement Sensors Ensure Steady Growth of Revenue
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