According to a new report, published by KBV research, The Global Laser Sensor Market size is expected to reach $2 billion by 2031, rising at a market growth of 12.3% CAGR during the forecast period.
The Hardware segment generated the highest revenue in the Global Laser Sensor Market by Component in 2023; thereby, achieving a market value of $1.1 billion by 2031. The increasing demand for advanced laser sensors in automotive, manufacturing, and healthcare industries drives the segment's growth.
The Laser Displacement Sensors segment is registering a CAGR of 11.5 % during the forecast period. Laser displacement sensors are widely used for high-precision distance and position measurements, making them indispensable in the automotive, electronics, and manufacturing industries. Their ability to provide accurate and non-contact measurements in applications like quality control, robotic guidance, and surface inspection has made them the most dominant type within the laser sensor market.
The Process Monitoring & Quality Control segment led the Global Laser Sensor Market by Application in 2023; thereby, achieving a market value of $597.2 million by 2031. This is due to the widespread adoption of laser sensors in manufacturing, automotive, and electronics industries, where precise measurements are crucial for maintaining product quality and optimizing production processes.
The Automotive segment is growing at a CAGR of 10.1 % during the forecast period. This dominance is attributed to the extensive use of laser sensors in advanced driver-assistance systems (ADAS), autonomous vehicles, and precision manufacturing processes. Laser sensors are integral to collision avoidance, parking assistance, and quality control in vehicle production, making them essential in the rapidly evolving automotive industry.
Full Report: https://www.kbvresearch.com/laser-sensor-market/
The Asia Pacific region dominated the Global Laser Sensor Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $752.2 million by 2031. The North America region is anticipated to grow at a CAGR of 11.6% during (2024 - 2031). Additionally, The Europe region would witness a CAGR of 11.9% during (2024 - 2031).
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