Selbyville, Delaware, Oct. 11, 2022 (GLOBE NEWSWIRE) --
The photoelectric sensor market is expected to cross a valuation of USD 3 billion by 2030, according to latest research report by Global Market Insights Inc.
The widespread incorporation of IIoT across an array of manufacturing and industrial units is likely to be a major factor propelling the industry’s growth. The incorporation of IIoT technology enables the organization to enhance production efficiency while ensuring worker safety, thereby improving business profitability. Besides, the supportive government outlook for Industry 4.0 will encourage the adoption of IoT and automation in the industries, which is likely to impact the market trends during 2022-2030.
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Powerful product features to fuel the demand for photoelectric fork sensor
The North America photoelectric fork sensor market held more than 25% of the revenue share in 2021. The photoelectric fork sensor is best suited for fast detection and counting operations where precision and dependability are crucial. Several other features such as contactless interface, convenient installation, and affordable assembly, are expected to aid product acceptance in the packaging and assembly sector, impelling the overall business share by 2030.
Increasing applications of retro reflective photoelectric sensors in automotives
The Germany photoelectric sensor industry captured around 45% share from retro-reflective segment in 2021. The retro reflective segment is gaining traction, attributed to a number of benefits, including streamlined deployment, low maintenance, user-friendly optical axis, and reduced installation costs. The automakers are using these sensors in parking assist systems owing to these qualities. Moreover, the heavy investments by the leading enterprises to extend their sensor product range through advancements will push the market forward.
Usage of 1,001 mm to 10,000 mm ranged photoelectric sensors in automated guided vehicles
In 2021, the 1,001 mm – 10,000 mm range type in Spain photoelectric sensors market crossed USD 10 million, on account of increasing deployment of AGVs and advanced mobile robotics in a plethora of industries. As per the report, there is expanding usage of sensors with sensing range of 1,001 mm - 10,000 mm for automated guided vehicles in the industrial sector. The long transmission range of AGVs help to prevent collisions and mishaps in industrial sites.
Numerous smart city projects to augment product adoption in building automation applications
The Asia Pacific photoelectric sensor market from building automation applications valued at around USD 35 million in 2021. The growing government initiatives to favor infrastructure development and smart city construction will fuel the demand for photoelectric sensors in the coming years. Robust technological advancements by industry participants to facilitate the integration of automatic doors, automated building operations, etc. will transform the industry dynamics by 2030.
Increasing popularity of self-driving cars in APAC
The photoelectric sensors market in Asia Pacific region captured for nearly 40% share in 2021 and is poised to showcase impressive growth trends in the next 8 years. Consumer awareness and widespread acceptance of autonomous vehicles is cited as the key growth factor. Notably, different sensors, microcontrollers, and switches are needed in self-driving cars to improve safety features and ensure appropriate system operation. The constant efforts of the local government to encourage automakers, academic institutions, and tech firms to speed up innovations in autonomous vehicles is expected to surge the regional demand for photoelectric until 2030.
The espousal of advanced technologies to strengthen the competitive outlook
In order to sustain their industry position, the manufacturers are focused on launching new products with advanced technologies and staying ahead of the curve. The companies like Rockwell Automation Inc., OMRON Corporation, KEYENCE CORPORATION, Schneider Electric, and Eaton are among those that compete in the photoelectric sensors market. Several other well-known players are Pepperl+Fuchs, Banner Engineering, ifm electronics gmbh, Panasonic Corporation, and SICK AG.
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Partial Table of Contents (ToC) of the report:
Chapter 2 Executive Summary
2.1 Photoelectric sensor industry 3600 snapshots, 2018-2030
2.2 Business trends
2.2.1 TAM, 2023 - 2030
2.3 Regional trends
2.4 Product trends
2.5 Type trends
2.6 Range trends
2.7 Source trends
2.8 Application trends
Chapter 3 Photoelectric Sensor Industry Insights
3.1 Introduction
3.2 COVID-19 impact
3.3 Russia-Ukraine war impact
3.4 Photoelectric sensor industry ecosystem analysis
3.5 Profit margin analysis
3.6 Technology & innovation landscape
3.7 Patent landscape
3.8 Key initiative & news
3.9 Regulatory landscape
3.10 Industry impact forces
3.10.1 Growth drivers
3.10.1.1 Rising integration of photoelectric sensor in automated assembly lines
3.10.1.2 Increasing demand for photoelectric sensors in building automation systems
3.10.1.3 Government initiatives to support modernization in food & beverage industry
3.10.1.4 Growing penetration of packaging and logistics sector in North America and Europe
3.10.1.5 Growing trend towards industrial automation and IIoT in developing nations
3.10.1.6 Increasing developments in pharmaceutical industry amid COVID-19 pandemic
3.10.2 Industry pitfalls & challenges
3.10.2.1 Low performance associated with diffused-type photoelectric sensors
3.10.2.2 Availability of substitute sensors in the industry
3.10.2.3 High cost associated with maintenance of retro-reflective photoelectric sensor
3.11 Investment portfolio
3.12 Growth potential analysis
3.13 Porter’s analysis
3.14 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.
