Global road profile laser sensor demand is anticipated to be valued at US$ 674.98 Million in 2022, forecast to grow at a CAGR of 10.5% to be valued at US$ 1832 Million from 2022 to 2032. Growing demand for sensors in vehicles and on roads, especially in the automotive and construction sectors, is one reason for the growth of road profile laser sensors in the market.
| Report Attribute | Details |
|---|---|
| Estimated Base Year Value (2021) | US$ 625 Million |
| Expected Market Value (2022) | US$ 674.98 Million |
| Anticipated Forecast Value (2032) | US$ 1832 Million |
| Projected Growth Rate (2022 to 2032) | 10.5% CAGR |
A major transformation is underway in the industrial automation process with the emergence of semiconductor laser technologies. IIoT is expected to play an extremely important role in improving productivity levels in modern factories, bringing a new trend to the market. In order for an industrialized inspection to be applied, there needs to be a detection of whether an object is present or absent. Thus, laser sensors are being deployed on roads around the world to address quality control tasks in traffic management.
For road profiling applications, a laser sensor is advanced sensor technology, which includes both high accuracy, reliability in harsh environmental conditions, and fast sampling capability. In addition to profiling city roads, road profile laser sensors can also be used to profile highways and expressways. Technological advancements and the introduction of new products have led to a rapid replacement of the aging labor force and preserving existing technologies, as well as government efforts to develop the manufacturing sector and the increase in foreign direct investment (FDI), which helped boost the market for road profile laser sensors.
In addition, road profiling becomes increasingly important for transportation departments, contributing to the growth in demand for road profile laser sensors. As a result of the randomness of the surface texture, the accuracy of road profile laser sensors is greatly affected. The ability to determine the roughness of the roads is a key factor for ensuring the safety of motorists; therefore, demand for high-precision road profile laser sensors is expected to increase during the forecast period.
According to a recent study, the global market for road profile laser sensors is expected to experience significant growth during the forecast period. Increasing investments for infrastructure development, increasing construction industry, and demographic changes such as an increasing demand for smoother rides have contributed to the high growth of the road profile laser sensors market.
Additionally, the builders and contractors of road construction projects in various countries have triggered market growth of road profile laser sensors in the market in order to collect statistical data regarding the road surface to determine the coefficient of friction. Due to the growing demand for high-precision road profiling and measurement, a wide range of market participants are actively engaged in R&D and innovations in order to develop more efficient, reliable, improved climate protection and mechanically stable road profile laser sensors.
Manufacturers continuously work to increase their share of the market for road profile laser sensors by boosting their product portfolios and providing customers with cost-effective solutions. Due to the dynamically-changing targets and varying characteristics of road surfaces, companies are also focusing on developing products for measuring road profiles.
As a result of recent advancements in sensor electronics and data processing technologies, these technologies are now worth utilizing in the market. Road Profile Laser Sensors are increasingly being used in industries such as longitudinal profiles, side projections, transverse profiles, macro textures, and many other applications. Hence the market demand for road profile laser sensors has grown in the market.
Despite the fact that the road profile laser sensor incorporates non-contact lasers to measure distance and accelerometers to compensate for vehicle movement, it's hard to get accurate readings from most lasers because road surfaces present dynamic targets like concrete, yellow tarmac stripes, etc. Devices such as these can be disrupted easily by air, gas, and water, so their application for high-speed surveying is pretty limited.
Increasing the market share of road profile laser sensors is one of the challenges manufacturers face constantly while enhancing their product portfolio and offering cost-effective solutions to customers. Due to local roads, however, the growth of these sensors in the market has continuously deteriorated due to the damaging effects of traffic and the environment. Increasing vehicle traffic and worldwide population growth have led to a slowdown in the development of road profile laser sensors. Hence, this is anticipated to act as a significant growth barrier to the road profile laser sensor market in forthcoming years.
North America holds the largest market share for road profile laser sensors worldwide. Increasing technological advancements, the advancement of sensor technologies, and the strong presence of key market players are the primary factors driving the market growth in this region. With the widespread adoption of laser sensors in the military and defense sectors, the market demand for road profile laser sensors has surged.
In addition, mobile phones, tablets, and AI-assisted electronics are seeing significant growth in the consumer electronics sector. This is projected to contribute to the growth of the laser sensor business in this region. Government initiatives to enforce traffic signals and install cameras on roads to capture vehicle data have contributed to the growth of road profile laser sensors. In-vehicle sensors have grown in popularity with the development of various automotive technology, leading to an increased market for road profile laser sensors. With an increase in traffic accidents and high-speed vehicles on the road, road profile laser sensors have seen great growth in the market. Thus, the market for road profile laser sensors is blowing up in this region.
The Asia Pacific region is anticipated to experience lucrative economic growth during the next few years. Growing demand for automation technologies is among the factors credited for the market growth in this region. A rise in the number of government regulations to encourage the production of different kinds of small, medium, and large-scale industrial products is increasing the demand for road profile laser sensors in this region.
China and India are expected to experience rapid growth during the forecast period owing to the continuing rise of AI integrated automotive development projects, government investments, and private investment in the automation sector. Apart from the construction and development of new roads, a considerable proportion of the existing road network needs to be rebuilt and renovated in developing countries like India, to ensure its sustainability as a growing economy momentum.
Further, the increasing number of disposable incomes, along with technological advancements in automation industries such as India, have propelled the market growth for road profile laser sensors in this region. These developments are expected to support the growth of the road profile laser sensors market in the near future.
Some of the key participants present in the global road profile laser sensor market include LMI Technologies Inc., Schmitt Industries, Inc, Data Collection Limited., STEMMER IMAGING Ltd., Ophir Optronics Solutions Ltd, Limab AB, PAVEMETRICS., Schmitt Measurement Systems, Inc., ViaTech AS.
In July 2021, Luminar Technologies Inc, maker of lidar sensors for self-driving cars, announced it had acquired a small chipmaker that is a key component of its sensors. In addition, Luminar, based in Palo Alto, California, recently announced it has accepted an offer from OptoGration Inc, which has its headquarters in Wilmington, Massachusetts, and expects the deal to close by the end of this quarter.
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 10.5% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2015 to 2020 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD Billion, Volume in Kilotons and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered | Application Type, Measurement Range, Region |
| Regions Covered | North America; Latin America; Western Europe; Eastern Europe; APEJ; Japan; Middle East and Africa |
| Key Countries Profiled | USA, Canada, Brazil, Argentina, Germany, UK, France, Spain, Italy, Nordics, BENELUX, Australia & New Zealand, China, India, ASEAN, GCC, South Africa |
| Key Companies Profiled | LMI Technologies Inc.; Schmitt Industries, Inc.; Data Collection Limited; STEMMER IMAGING Ltd; Ophir Optronics Solutions Ltd; Limab AB; PAVEMETRICS; Schmitt Measurement Systems, Inc.; ViaTech AS |
| Customization | Available Upon Request |
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FMI projects the global road profile laser sensor market to expand at a 10.5% value CAGR by 2032
Asia Pacific is expected to be the most opportunistic road profile laser sensor market, expanding at a 5% CAGR.
LMI Technologies Inc., Schmitt Industries, Inc, Data Collection Limited, STEMMER IMAGING Ltd, Ophir Optronics Solutions Ltd., Limab AB., PAVEMETRICS, Schmitt Measurement Systems, Inc., ViaTech AS are some prominent road profile laser sensor manufacturers.
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Road Profile Laser Sensor Market
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