New York, US, July 16, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Global Photoelectric Sensor Market information by Type, by Beam Source, by Industry and Region – forecast to 2027” the market was valued at USD 1,123.5 million in 2018; it is expected to reach USD 1,728.4 million by 2025 at a CAGR of 6.7%.
Market Scope:
A photoelectric sensor is used for detecting the presence of objects by measuring the light reflected by it. These sensors are utilized in different industrial applications like connected spaces, material handling, industrial automation, and packaging. The best part, photoelectric sensors offer long-range objections and high reliability for small parts regardless of the surface property, material, color, and shape.
Dominant Key Players Profiled in Photoelectric Sensor Market:
- Contrinex AG (Switzerland)
- Honeywell International Inc (US)
- DIS Sensors BV (Netherlands)
- Locon Sensor Systems Inc (US)
- DoorKing Inc (US)
- Tri-Tronics (US)
- Autonics Corporation (South Korea)
- wenglor sensoric GmbH (Germany)
- Leuze electronic GmbH + Co. KG (Germany)
- Fargo Controls Inc (US)
- HTM Sensors (US)
- SensoPart Industriesensorik GmbH (Germany)
- Banner Engineering Corp (US)
- Balluff GmbH (Germany)
- Pepperl+Fuchs (Germany)
- ifm Electronic GmbH (Germany)
- Rockwell Automation Inc. (US)
- Panasonic Corporation (Japan)
- Schneider Electric SE (France)
- Sick AG (Germany)
- Keyence Corporation (Japan)
- Omron Corporation (Japan)
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Market USP Exclusively Encompassed:
Market Drivers
Attractive Features that Bolster Market Growth
As per the MRFR report, there are numerous factors that are propelling the photoelectric sensor market share. Some of these entail the increasing application of these sensors across different sectors like connected spaces, packaging, industrial automation, and material handling, increasing adoption of industrial automation, robots, automated vehicles, automated machines, and other smart devices is increasingly replacing manual labor at workplaces and factories, rapid industrial automation, seamless execution of multiple process operations in a controlled manner attained by photoelectric sensors, and surged adoption of industrial robots.
On the contrary, high installation cost, complexity in the installation process, and high maintenance cost may impede the global photoelectric sensor market growth over the forecast period.
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Market Segmentation
The MRFR report throws light on an inclusive analysis of the photoelectric sensor market based on application, beam source, and type.
By type, the photoelectric sensor market is segmented into fixed distance, small spot definite reflective, focused beam reflective, retroreflective, diffuse reflective, thrubeam, and others. Of these, the retroreflective segment will lead the market over the forecast period.
By beam source, the photoelectric sensor market is segmented into LED beam source, infrared (IR) beam source, and laser beam source. Of these, the laser beam source will dominate the market over the forecast period.
By industry, the photoelectric sensor market is segmented into power and utilities, healthcare/life science and pharmaceuticals, food and beverage, automotive and transportation, manufacturing, consumer electronics, and others. Among these, the food & beverage segment will spearhead the market over the forecast period.
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Regional Analysis
APAC to Spearhead Photoelectric Sensor Market
Geographically, the global photoelectric sensor market is bifurcated into Europe, the Asia Pacific (APAC), North America, and Rest of the World (RoW). Among these, the APAC region will spearhead the market over the forecast period. Increasing need to boost production capacity in less time to attain high-quality products, the growing tangibility of mega smart cities projects especially in the emerging economies, the accessibility of high tech facilities in smart cities, surged demand for automation solutions from transportation and automotive, food and beverages, industrial manufacturing, and packaging applications which use photoelectric sensors, and growing need for nanotechnology are adding to the global photoelectric sensor market growth in the region.
North America to Hold Second-Largest Share in Photoelectric Sensor Market
In North America, the global photoelectric sensor market is predicted to hold the second-largest share over the forecast period. The rapid adoption of IoT-enabled devices, the growing need to meet security concerns and device management, and high pace development of smart cities are adding to the global photoelectric sensor market growth in the region. The US holds the utmost share in the market, followed by Mexico and Canada.
Europe to Have Notable Growth in Photoelectric Sensor Market
In Europe, the global photoelectric sensor market is predicted to have notable growth over the forecast period. Development of smart cities that offer different features like home automation, remote monitoring, and traffic management, the increasing preference of such facilities that push the expansion of the EU photoelectric sensor, the presence of several industry players, growing adoption of photoelectric sensors for industrial automation, the integration of the sensor technology, and growth of urbanization are adding to the global photoelectric sensor market growth in the region.
The global photoelectric sensor market in RoW is predicted to have sound growth over the forecast period.
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COVID-19 Analysis
The spread of the COVID-19 virus from China has affected the global photoelectric sensor market considerably. The rapid spread of the outbreak compelled governments to initiate lockdowns in various countries, thus resulting in a disruption in supply chains and the shutting of various manufacturing plants. The slowdown in the new photoelectric sensor production is likely to impede the market growth in the forecast period. However, the resumption in the manufacturing of the photoelectric sensor and also associated products in the post-lockdown era are likely to increase the need for photoelectric sensors over the forecast timeframe. Key industry players are widely adopting remote working policies for preventing the spread of the deadly virus at workplaces. Hence, the need for photoelectric sensors is predicted to go up owing to the rising adoption of advanced technologies in the electronica and automotive sectors.
Competitive Landscape:
The global photoelectric sensor market is fragmented and competitive with the existence of many international and domestic industry players. They have encompassed multiple strategies to stay ahead and also suffice to the growing needs of the esteemed customers, such as collaborations, contracts, partnerships, joint ventures, and others. Further, they are also investing in research and development activities to strengthen their portfolios and also create a hold in the market.
Industry Updates
March 2021- Balluff, Inc has introduced a new photoelectric sensor that offers condition monitoring data. The environmental data and real-time sensor will help in eliminating downtime and easing setup. It will deliver capabilities that have not been seen earlier in the market.
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