At 8.4% CAGR, North America Laser Distance Sensor Market is Projected to be Worth US$ 924.92 Million by 2030, says Business Market Insights

According to Business Market Insights' research, the North America laser distance sensor market was valued at US$ 484.20 million in 2022 and is expected to reach US$ 924.92 million by 2030, registering a CAGR of 8.4% from 2022 to 2030. Rise in demand for sensors in automotive applications and strategic initiatives by market players are among the critical factors attributed to the North America laser distance sensor market expansion.

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 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. 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.

On the contrary, stringent government regulations for using laser-based products hampers the growth of North America laser distance sensor market.

Based on distance, the North America 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 31.6% share of the North America laser distance sensor market in 2022, amassing US$ 153.13 million. It is projected to garner US$ 273.98 million by 2030 to expand at 7.5% CAGR during 2022-2030.

In terms of accuracy, the North America 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 42.2% share of the North America laser distance sensor market in 2022, amassing US$ 204.54 million. It is estimated to garner US$ 395.91 million by 2030 to expand at 8.6% CAGR during 2022-2030.

By end user, the North America 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 34.6% share of North America laser distance sensor market in 2022, amassing US$ 167.31 million. It is predicted to garner US$ 336.25 million by 2030 to expand at 9.1% CAGR during 2022-2030.

Based on country, the North America laser distance sensor market is categorized into the US, Canada, and Mexico. The US held 76.9% share of North America laser distance sensor market in 2022, amassing US$ 372.43 million. It is projected to garner US$ 729.76 million by 2030 to expand at 8.8% CAGR during 2022-2030.

Key players operating in the North America laser distance sensor market are Sick AG, ifm Electronic GmbH, Baumer Holding AG, Keyence Corp, Leuze electronic GmbH & Co KG, Pepperl-Fuchs SE, Banner Engineering Corp, and Jenoptik AG, among others.

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