LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global laser displacement sensors market to grow at a CAGR of close to 7% during the period 2018-2022, according to their latest report.
In this report, Technavio highlights the advent of Industry 4.0 and smart manufacturing as one of the key emerging trends driving the global laser displacement sensors market. Industry 4.0 is a technical term for the fourth industrial revolution, which was developed in 2013. The trend of implementing automation and data exchange in industrial manufacturing technologies is known as the fourth industrial revolution. The implementation of the mechanization in manufacturing was the first revolution. Manual manufacturing with 100% human intervention was replaced with water-powered and steam-powered machinery. The second revolution started with the introduction of electrical systems, such as assembly lines, in manufacturing. Human intervention was reduced to such an extend where manufacturing was carried out through electrical systems and machines were operated by humans.
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In this report, Technavio analysts highlight the growth of industrial automation and robotics as a key factor contributing to the growth of the global laser displacement sensors market:
Growth of industrial automation and robotics
Globalization has created challenges for the industries worldwide, including fluctuating raw material prices, stringent regulations, supply chain fragmentation, and the constant pressure to increase revenue. In the highly competitive industrial environment, operational efficiency is the key to sustenance. Industries are focusing on automation technologies to achieve this. Automation enables industries to efficiently monitor, control, and manage processes and the workforce for the optimum functioning of the industry, thereby helping them achieve operational efficiency.
According to a senior analyst at Technavio for sensors, “Automation is achieved through the effective deployment of robotic technologies to maximize productivity and reduce the scope of errors in manufacturing. In countries such as the US and other European countries, an increase in investments in the industrial automation and robotics market is witnessed, which is driving growth in the industrial automation and robotics.”
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Global laser displacement sensors market segmentation
This market research report segments the global laser displacement sensors market into the following end-user, including automotive and industrial and key regions, including the Americas, APAC, and EMEA.
Of the two major end-users, the automotive segment held the largest market share in 2017, accounting for nearly 36% of the market. The market share for this end-user is expected to increase by 2022. The automotive segment is expected to dominate the global laser displacement sensors market due to its growing automobile production worldwide.
APAC was the leading region for the global laser displacement sensors market in 2017, accounting for a market share of nearly 42%. By 2022, APAC is expected to continue dominating the market. Countries such as India, Indonesia, Vietnam, the Philippines, and Singapore are working toward smart development. This lead to heavy investments in the adoption of smart technologies to improve energy efficiency, meet safety standards, and ensure higher productivity.
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