At 6.3% CAGR, Middle East & Africa Laser Distance Sensor Market is Projected to be Worth US$ 129.29 Million by 2030, says Business Market Insights

According to Business Market Insights' research, the Middle East & Africa laser distance sensor market was valued at US$ 79.24 million in 2022 and is expected to reach US$ 129.29 million by 2030, registering a CAGR of 6.3% from 2022 to 2030. Rise in government spending on defense sector and advent of advanced robotics solutions are among the critical factors attributed to the Middle East & Africa laser distance sensor market expansion.

The change in the modern warfare system has been urging governments across the globe to allocate higher funds toward respective military forces to procure advanced technologies and equipment. With the demand to strengthen military forces with advanced technologies, machinery, and vehicles, defense forces across the globe are investing substantial amounts in these products. For example, according to the Stockholm International Peace Research Institute (SIPRI), global military expenditure increased by 3.7% in 2022 to reach a new high of US$ 2,240 billion. The continuous requirement to procure new technologies for combat and non-combat operations by the defense forces is further boosting the defense spending to the demand for laser distance sensors for applications such as production line testing and measurement or advanced vehicle development. With the help of these sensors, the military force can precisely locate and engage targets with precision using global position system (GPS)-guided and laser-guided munitions. Thus, the rising government spending on military expenditure and wide application of sensing technology drive the demand for equipment and vehicles with advanced sensing technologies. This, in turn, is expected to create lucrative growth opportunities for the laser distance sensor market.

On the contrary, stringent government regulations for using laser-based products hampers the growth of Middle East & Africa laser distance sensor market.

Based on distance, the Middle East & Africa 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 101 and 200 meters segment held 38.0% share of the Middle East & Africa laser distance sensor market in 2022, amassing US$ 30.08 million. It is projected to garner US$ 50.93 million by 2030 to expand at 6.8% CAGR during 2022-2030.

In terms of accuracy, the Middle East & Africa 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 46.8% share of the Middle East & Africa laser distance sensor market in 2022, amassing US$ 37.07 million. It is estimated to garner US$ 60.72 million by 2030 to expand at 6.4% CAGR during 2022-2030.

By end user, the Middle East & Africa 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 31.9% share of Middle East & Africa laser distance sensor market in 2022, amassing US$ 25.26 million. It is predicted to garner US$ 43.69 million by 2030 to expand at 7.1% CAGR during 2022-2030.

Based on country, the Middle East & Africa laser distance sensor market is categorized into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. The Rest of Middle East & Africa held 43.4% share of Middle East & Africa laser distance sensor market in 2022, amassing US$ 34.38 million. It is projected to garner US$ 52.42 million by 2030 to expand at 5.4% CAGR during 2022-2030.

Key players operating in the Middle East & Africa laser distance sensor market are Sick AG, ifm Electronic GmbH, Baumer Holding AG, Keyence Corp, Leuze electronic GmbH & Co KG, and Jenoptik AG, among others.

Contact Us
Phone: +16467917070
Email Id: sales@businessmarketinsights.com