Selbyville, Delaware, June 22, 2021 (GLOBE NEWSWIRE) --
According to latest report “Photoelectric Sensors Market by Product (Photoelectric Fork Sensor, Photoelectric Label Sensor, Photoelectric Distance Sensor, Photoelectric Color Sensor), Type (Retro Reflective, Through-beam, Diffuse), Range (<100 mm, 101-1000 mm, 1001-10,000 mm, >10,000 mm), Source (Laser-beam, Infrared, LED), Application (Industrial Manufacturing, Automotive & Transportation, Building Automation, Food & Beverages, Pharmaceuticals & Medical, Packaging & Logistics), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027”, by Global Market Insights Inc., the market valuation of photoelectric sensor will cross $2 billion by 2027.
Market growth is attributed to the increasing adoption of photoelectric sensors in the packaging & logistics sector. In the packaging & logistics industry, high-end automation equipment such as material handling robots, conveyors, pick & place robots, and packaging machinery are required to facilitate the timely processing of goods. These automation equipment are extensively integrated with photoelectric sensors, adding growth opportunities to the market. Several e-commerce players, such as Amazon, Flipkart, and Walmart, are focusing on improving their transportation, logistics, and supply chain activities. These e-commerce giants are emphasizing on developing new warehouse facilities across various locations.
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The photoelectric distance sensor segment captured around 20% of the photoelectric sensors market share in 2020 on account of the increasing acceptance of these sensors in the food & beverage sector. Photoelectric distance sensors are integrated over automated assembly lines and are used for impurity detection, proximity or distance measurement in high-speed rotary conveyors in the food & beverage industry. These sensors offer high reliability and measurement accuracy and help to achieve high-quality zero-defect products in the food processing units, further fueling the industry growth.
The >10,000 mm segment in the photoelectric sensors market held 20% of revenue share in 2020 and is projected to witness 5% growth rate through 2027 led by the several intuitive features offered by the photoelectric sensors with long sensing range of >10,000 mm such as precision monitoring, color-related object detection, and non-contact sensing. The photoelectric sensors with >10,000 mm range are showcasing a high demand in diversified application areas such as pallet detection, baggage handling in airports, and flaw detection in large glass panels, which will add growth opportunities to the market.
The infrared source segment accounted for 35% of the photoelectric sensors market share in 2020 driven by several high-end characteristics offered by the infrared technology in photoelectric sensor. The photoelectric sensors with infrared technology offer several benefits such as faster response time, longer sensing range, high durability, and longer lifecycle compared to LEDs. Adding to this, the infrared-based sensors provide cost benefits compared to laser beam sensors, further fostering the segment growth.
The automotive & transportation segment in the photoelectric sensors market is expected to expand at a CAGR of 7% by 2027 owing to the increasing demand for photoelectric sensors in automotive manufacturing facilities. In the automotive industry, these sensors are used in various applications such as measurement of rolling frequency for camshaft, motors, detecting glass plates for automotive, and vehicle coating.
The Europe photoelectric sensors market is estimated to attain a CAGR of 6% during 2021 to 2027 due to the presence of major pharmaceutical manufacturers such as Novo Nordisk, Pfizer, Inc., and AstraZeneca, among others, in the region. These players are emphasizing on mass production of vaccines and novel drugs. Adding to this, the pharmaceutical manufacturers are extensively focusing on research & development activities, further increasing the usage of photoelectric sensors in the market over the forecast period.
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Some of the major companies operating in the market are SICK AG, Omron Corporation, Keyence Corporation, Banner Engineering, Inc., Baumer Group, Schneider Electric, and Panasonic Corporation, among others. The participants operating in the market are focusing on new product launches to stay competitive in the market.
Some major findings of the photoelectric sensors market report include:
- Technological advancements in through beam photoelectric sensors such as integration of Application Specific Integrated Circuits (ASIC) to achieve miniaturized footprint, spurring the segment expansion.
- Several high-end features offered by photoelectric fork sensors such as high-speed object detection, contact-less interface, simpler installation, and low-cost assembly will support the segment progression.
- In the food & beverage industry, photoelectric sensors help to avoid contamination and improve hygiene by reducing food slippage in the production lines. Favorable government initiatives supporting industrial automation in the food & beverage manufacturing will impel the industry expansion.
- High accuracy and long-distance sensing features offered by the laser beam source in photoelectric sensors, are poised to propel the market value. The focused laser beam helps in the reliable detection of small targets on fast-moving conveyor systems, increasing their adoption in the manufacturing sector.
- The rising penetration of industrial robots across manufacturing & processing industries will create high growth opportunities for photoelectric sensors manufacturers.
- The COVID-19 pandemic severely impacted the photoelectric sensors market demand in the mid-2020. The regional governments across had imposed lockdown measures, which resulted in the shutdown of various manufacturing facilities across the globe. The shortage of raw materials and components & international trade restrictions has led several manufacturers to shift their existing manufacturing facilities to new regions.
Table of Contents (ToC) of the report:
Chapter 3 Photoelectric Sensors Market Insights
3.1 Industry segmentation
3.2 Impact analysis of corona virus (COVID-19) pandemic
3.2.1 Global outlook
3.2.2 Impact by region
3.2.3 Industry value chain
3.2.3.1 Research and development
3.2.3.2 Manufacturing
3.2.3.3 Marketing
3.2.3.4 Supply
3.2.4 Competitive landscape
3.2.4.1 Strategy
3.2.4.2 Distribution network
3.2.4.3 Business growth
3.3 Industry ecosystem analysis
3.3.1 Manufacturers
3.3.2 Distribution channel
3.3.3 End-user
3.3.4 Vendor matrix
3.4 Technology & innovation landscape
3.4.1 Internet of Things (IoT)
3.4.2 Miniaturization in sensors technology
3.5 Regulatory landscape
3.6 Industry impact forces
3.6.1 Growth drivers
3.6.2 Industry pitfalls and challenges
3.7 Growth potential analysis
3.8 Porter’s analysis
3.9 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.