Pune, India., July 29, 2021 (GLOBE NEWSWIRE) -- Photoelectric Sensor Market: Key Insights
According to our new research study on “Photoelectric Sensor Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Technology, End Use and Geography,” the Photoelectric Sensor Market Size is projected to reach US$ 2,577.56 million by 2028 from US$ 1536.10 million in 2021; it is expected to grow at a CAGR of 7.7% during 2021–2028.
Photoelectric Sensor Market: Competitive Landscape and Key Developments
Autonics Corporation; Balluff GmbH; Eaton; ifm electronic Gmbh; KEYENCE CORPORATION; OMRON Corporation; Panasonic Corporation; Rockwell Automation, Inc.; Schneider Electric; and SICK AG are among the key players in the photoelectric sensor market. The leading companies are focusing on the expansion and diversification of their market presence, and acquisition of new customer base, thereby tapping prevailing business opportunities.
In 2019, SICK inaugurated new production site in China - Sensor producer expands capacities for localized production and system construction in China. The site was formally inaugurated in December 2019, in the presence of 80 guests, including business partners, government representatives, and delegates of the SICK Group in Germany and China.
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In 2020, Eaton Corporation plc completed the acquisition of Power Distribution, Inc. The acquisition allows Eaton to better serve data center customers.
Growing need for the optimization of resources are compelling manufacturers to explore various ways to streamline their manufacturing and material flow operations. They are inclined toward the adoption of automated solutions for the optimization of production processes. Industrial automation involves the deployment of robots and advanced information technologies to perform various manufacturing processes, which bolsters the demand for photoelectric sensors.
The recent COVID-19 pandemic has moderately impacted the growth of the photoelectric sensor market. The lockdowns and other restrictions have resulted in the halt of the international transportation and infrastructure projects, which has hindered the growth of the photoelectric sensor market. However, the ease of lockdown restrictions is leading to resumption of the market activities. Moreover, adoption of the Industrial Internet of Things (IIoT), which has already gained the expected pace in both developed and emerging economies, would boost the market growth in the coming years as it enables improved resource utilization, efficiency, and worker safety. This, in turn, would support the speedy recovery of the photoelectric sensor market during the post-lockdown period.
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Surge in the adoption of photoelectric sensors in pharmaceutical companies is mainly attributed to their ability to facilitate real-time production monitoring, further enhancing efficiencies and reducing operational costs. These sensors automate the upper and lower levels of liquid measurement in jar or tank. The use of strong corrosive chemicals (acidic or basic) is commonplace in pharmaceutical companies, and thus, the detection of liquid levels in storage tanks is an important task in these plants. Thus, increasing use of photoelectric sensors in the pharmaceuticals industry is driving the photoelectric sensor market growth.
Photoelectric Sensor market: End Use Overview
Based on end use, the photoelectric sensor market is segmented into automotive, military and aerospace, electronics and semiconductor, packaging, and others. The automotive segment held the largest market share in 2020. Photoelectric sensors are most commonly used in the automotive sector due to the involvement of complex production and assembly lines in this sector. These sensors ensure high accuracy of assembly line operations. The sensors can detect when the relevant station is near so that the line can stop, and the component can be processed without any error. Photoelectric sensors contribute to the proper functioning of automated systems, thereby helping companies to sustain the highly competitive environments.
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