Report : Europe Laser Distance Sensor Market Forecast to 2030 - Regional Analysis - by Distance (Between 2 and 10 Meters, Between 11 and 100 Meters, Between 101 and 200 Meters, and Between 201 and 500 Meters), Accuracy (1 mm at 2 Sigma, 3 mm with 2 Sigma, and 5 mm at 2 Sigma), and End User (Manufacturing, Construction, Automotive and Robotics, Aerospace and Defense, Geospatial Industry, and Others)
At 9.3% CAGR, Europe Laser Distance Sensor Market is Speculated to be Worth US$ 735.96 Million by 2030, says Business Market Insights
According to Business Market Insights' research, the Europe laser distance sensor market was valued at US$ 360.65 million in 2022 and is expected to reach US$ 735.96 million by 2030, registering a CAGR of 9.3% from 2022 to 2030. Strategic initiatives by market players and government initiatives to boost manufacturing facilities are among the critical factors attributed to the Europe laser distance sensor market expansion.
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. A few of these growth strategies are mentioned below:
- In March 2023, Panasonic presented the new laser distance sensor HG-F, which can detect reliably at distances of up to 3 m using ToF (Time of Flight) technology. The sensor can also be installed at a certain distance from the object to be measured so that employees or the movement radius of cobots or robot arms can operate freely.
- In June 2023, Micro-Epsilon, a precision sensor supplier, introduced a non-contact laser distance sensor that measures distances up to 270 m with a resolution of 1 mm. This sensor measures reliably even in difficult environments such as dark, structured, or weakly reflecting objects.
On the contrary, stringent government regulations for using laser-based products hampers the growth of Europe laser distance sensor market.
Based on distance, the Europe 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. The between 11 and 100 meters segment held 32.9% share of the Europe laser distance sensor market in 2022, amassing US$ 118.83 million. It is projected to garner US$ 226.76 million by 2030 to expand at 8.4% CAGR during 2022-2030.
In terms of accuracy, the Europe laser distance sensor market is segmented into 1 mm at 2 sigma, 3 mm with 2 sigma, and 5 mm at 2 sigma. The 3 mm with 2 sigma segment held 43.7% share of the Europe laser distance sensor market in 2022, amassing US$ 157.61 million. It is estimated to garner US$ 330.59 million by 2030 to expand at 9.7% CAGR during 2022-2030.
By end user, the Europe laser distance sensor market is segmented into manufacturing, construction, automotive and robotics, aerospace and defense, geospatial industry, and others. The automotive and robotics segment held 33.9% share of Europe laser distance sensor market in 2022, amassing US$ 122.42 million. It is predicted to garner US$ 266.00 million by 2030 to expand at 10.2% CAGR during 2022-2030.
Based on country, the Europe laser distance sensor market is categorized into Germany, France, the UK, Italy, Spain, and the Rest of Europe. Germany held 25.5% share of Europe laser distance sensor market in 2022, amassing US$ 91.96 million. It is projected to garner US$ 201.70 million by 2030 to expand at 10.3% CAGR during 2022-2030.
Key players operating in the Europe laser distance sensor market are Sick AG, ifm Electronic GmbH, Baumer Holding AG, Keyence Corp, Leuze electronic GmbH & Co KG, Pepperl-Fuchs SE, Wenglor Sensoric Electronic Devices GmbH, Pantron Instruments GmbH, and Jenoptik AG, among others.
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