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Laser Distance Sensor Market is expected to reach US$ 2.48 billion by 2030

Laser Distance Sensor Market share is expected to grow at a CAGR of 8.8% during 2022-2030, to surpass US$ 2.48 Billion by 2030, from US$ 1.26 Billion in 2022.

By The Insight Partners

Rise in Demand for Sensors in Automotive Applications Drives Laser Distance Sensor Market Growth

According to our latest study on “Laser Distance Sensor Market Size and Forecast (2020–2030), Global and Regional Share, Trend, and Growth Opportunity Analysis – by Distance, Accuracy, and End User,” the laser distance sensor market size was valued at US$ 1.26 billion in 2022 and is expected to reach US$ 2.48 billion by 2030. The laser distance sensor market is estimated to record a CAGR of 8.8% from 2022 to 2030.

The automotive industry is growing rapidly with rising technological developments. Vehicles rely on effective sensing to allow automated systems to assist drivers and provide better safety, comfort, and convenience. Laser distance sensors are used in autonomous vehicles for various purposes, such as localization, obstacle detection, and picking or placing objects. The technology helps detect objects and provides information on their position and movements within the three-dimensional space. It also assists in identifying the object by detecting its size, shape, and orientation. The benefits of laser distance sensors for the sensing technology in vehicles fuels the laser distance sensor market size.

Laser Distance Sensor Market – by Region, 2022 and 2030

To get free sample copy of the report, along with the TOC, Statistics, and Tables please visit @ https://www.theinsightpartners.com/brochure/TIPRE00032622

Source: The Insight Partners Analysis

The continuous transformation across the automotive industry has triggered the demand for advanced driver-assistance systems (ADAS). With the increasing emphasis on requirements for high levels of accuracy and heterogeneous signal redundancy in ADAS applications, the demand for laser distance sensors is rising. Thus, various automotive manufacturing giants are focusing on ADAS technology. In October 2022, Volkswagen (a German automaker) partnered with Horizon Robotics (a Chinese software company) to develop ADAS and autonomous driving (AD) systems to cater to the rising demand for ADAS systems in the Chinese market. Thus, the adoption of ADAS technology by automakers generates the demand for laser distance sensors to enhance the reliability required for advanced levels of automation in vehicles, which further fuels the laser distance sensor market growth.

The laser distance sensor market in the US is experiencing significant growth due to several key factors. These advanced sensing devices utilize laser technology to measure distances accurately and are widely used across various industries. The growing demand for robots in the automotive, electronics, and healthcare industries fuels the demand for laser distance sensors in the region. These sensors provide vital data to robots, allowing them to navigate and interact with their surroundings. Laser distance sensors enable robots to detect obstacles, measure distances, and perform tasks with enhanced precision and safety. Furthermore, continuous technological advancements in laser distance sensors, such as improved accuracy, increased measurement range, and reduced size, contribute to market growth. Manufacturers are incorporating advanced features such as wireless connectivity, multi-functionality, and integration with other devices, making laser distance sensors more versatile and user-friendly.

The laser distance sensor market is segmented based on distance, accuracy, end user, and geography. Based on distance, the 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. Based on accuracy, the laser distance sensor market is segmented into 1 mm at 2 sigma, 3 mm with 2 sigma, and 5 mm at 2 sigma. By end user, the laser distance sensor market is segmented into manufacturing, construction, automotive and robotics, aerospace and defense, geospatial industry, and others. Based on geography, the laser distance sensor market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.

Sick AG, ifm Electronic GmbH, Baumer Holding AG, Keyence Corp, Leuze electronic GmbH & Co KG, Pepperl+Fuchs SE, Wenglor Sensoric Electronic Devices GmbH, Banner Engineering Corp, Pantron Instruments GmbH, and Jenoptik AG are among the key laser distance sensor market players.

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