Safety Laser Scanner Market is expected to grow at a higher CAGR from 2018 to 2023

The overall safety laser scanner market is expected to grow from USD 304 million in 2018 to USD 406 million by 2023, at a high CAGR of 5.99% during 2018–2023. The safety laser scanner market offers a long-term cost-effective solution for use with new machine installations or for retro fitting machines, plants, or even vehicles. Therefore, small form factor, high user-friendliness, seamless integration, and high on power efficiency collectively are responsible for the overall growth of the market.

The healthcare & pharmaceutical end-user industry is likely to exhibit the highest CAGR during the forecast period. Additionally, the mobile safety laser scanner market is expected to witness increased adoption across automotive, consumer goods & electronics, and healthcare & pharmaceuticals end-user industry in future.

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Healthcare & pharmaceuticals segment to account for a larger size of safety laser scanner market, based on end-user sector, by 2023

Lasers in the healthcare sector is used to improve patient safety and experience. Safety laser scanners are used extensively in the pharmaceutical manufacturing industry that relates largely to drug manufacturing, which is the process of industrial-scale synthesis of pharmaceutical drugs. Laser-based safety scanners play a critical role in the optimization of warehousing, packaging, and logistics operations in manufacturing facilities. For instance, safety laser scanners are used in autonomous monitoring vehicles, or movable service robots for industrial use in the pharmaceuticals sector for collision avoidance while logistics operations are being executed. These scanners are used in receiving areas and manual warehouse areas and also for transport and storage.

Safety laser scanner market expected to grow at a higher CAGR from 2018 to 2023 because of increasing fatalities in workplaces

Key factors contributing to the growth of this market include the increasing fatalities in workplaces, increased automation with the adoption of Industry 4.0, and growing concerns for the safety of machines and workers on the production floor. Moreover, the adoption of AGVs and AGCs across end-user industries such as automotive, healthcare & pharmaceutical, consumer goods & electronics drives the growth of the safety laser scanner market.

APAC to account for largest market size during forecast period

APAC is expected to grow at the highest CAGR during the forecast period. This growth can be attributed to the rapid increase in production facilities in APAC for end-user industries such as automotive and consumer goods & electronics. Europe and North America are the next major regions that are expected to exhibit substantial growth rates in the safety laser scanner market with a high CAGR during the forecast period. Further, government policies are also in favor of increasing the number of manufacturing facilities in this region. Additionally, developing economies, such as China and India, dominate the consumer electronics market in APAC.

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Key Market Players

Key players profiled in this study include Leuze Electronics GmbH (Germany), OMRON Corporation (Japan), Panasonic Corporation (Japan), Rockwell Automation  (US), SICK AG (Germany), Banner Engineering (US), Hans Turck (US), Hokuyo Automatic Co., Ltd. (Japan), IDEC Corporation (Japan), Keyence Corporation  (Japan), Pilz GmbH & Co. KG (Germany), Datalogiv SpA (Italy), Arcus Automation Private Limited(India), and ReeR SpA (Italy).