According to a report by Transparency Market Research, the global laser displacement sensor market is expected to expand at a CAGR of 7.6% from 2017 to 2025. In 2016, the market was valued at $2,713.2 million and is expected to reach around $5,201.4 million by the end of year 2025. The market is set to experience a much-consolidated competitive landscape.
- Major players in the global laser displacement sensor market are KEYENCE Corporation, SICK AG, Panasonic Corporation, TURCK GmbH Co., Cognex Corporation, OMRON Corporation, KG, Mechanical Technology Incorporated, ZSY Group Ltd., Banner Engineering Corp., and MICRO-EPSILON.
- Based on range, the global laser displacement sensor market is segmented into 100 mm to 300 mm, below 100 mm, and above 300 mm. Among these, the above 300 mm segment dominates the global market.
- Market is anticipated to witness an exponential development in the forthcoming years on the back of rising pattern of automation alongside cost effective practices in quality control.
- The laser displacement sensor market has additionally been helped by steady initiatives taken by the governments around the globe to execute industrial automation.
- High maintenance costs to hinder market growth.
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