ID: MRFR/SEM/6696-HCR | February 2021 | Region: Bric | 111 pages
Photoelectric Sensor Market was valued at USD 1,123.5 million in 2018; it is expected to reach USD 1,728.4 million by the end of the forecast period at a CAGR of 6.7%.
Photoelectric sensors are used to detect the presence of an object by measuring the light reflected by it. Photoelectric sensors are used for various industrial applications such as packaging, industrial automation, material handling, and connected spaces. With the icreasing industrial automation, robots, automated vehicles, automated machines, and devices are rapidly replacing manual labor in workplaces and factories. The demand for photoelectric sensor market is increasing with the rapid automation of industries, thereby fueling the growth of the Photoelectric Sensor Market. Automation uses computer-aided control devices to operate different industrial processes, thereby replacing human involvement. It helps to operate multiple processes in a controlled manner; this increases the production volume, reduces time, and enhances the quality. Therefore the growing demand from industries is driving the growth of the photoelectric sensor market.
The development of smart cities is emerging across the globe. The increasing number of smart city projects is leading to a significant demand for smart devices that are embedded with photoelectric sensors. The smart city initiatives aim at providing various features such as remote monitoring, traffic management, and home automation. Delivering these features complicated the management of devices and increases the security concerns. The pace of developments toward the high adoption of smart cities is propelling the growth of the the photoelectric sensor market rapidly
The market has been segmented based on type, beam source, application, and region.
By type, the market has been segmented into thrubeam, retroreflective, diffuse reflective, focused beam reflective, small spot definite reflective, fixed distance, and others.
By beam source, the market has been segmented into laser beam source, infrared (IR) beam source, and LED beam source.
By industry, the market has been segmented into consumer electronics, manufacturing, automotive & transportation, food & beverage, healthcare/life science & pharmaceuticals, power & utilities, and others
By region, the market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world.
Globally, the market has been categorized into four regions—North America, Europe, Asia-Pacific, and the rest of the world. The rest of the world segment has been further divided into the Middle East and Africa and South America. Asia-Pacific led the photoelectric sensor market in 2018, whereas North America is expected to be the fastest-growing market during the forecast period. The market in Europe is expected to be at the second spot for the photoelectric sensor market in terms of market share during the forecast period .
North America is expected to be the highest growing market for photoelectric sensor during the forecast period. This region has been further categorized into the US, Canada, and Mexico. The US dominated the photoelectric sensor market, followed by Canada and Mexico. The market in Mexico is expected to register steady growth in the photoelectric sensor market during the forecast period owing to rapid adoption of IoT enabled devices.
Photoelectric Sensor Market, USD Million
Source: MRFR Analysis
The photoelectric sensor market is characterized by the presence of several global vendors. The competition in the market is highly intense, with players competing to gain market share. Moreover, cost, quality, accuracy, and reliability of products are some of the factors that help vendors to sustain in an intensely competitive market. Furthermore, technological advancements and government initiatives and policies for the adoption of photoelectric sensors are some of the factors that are expected to drive the growth of the photoelectric sensors market during the forecast period.
The key players in the photoelectric sensor market are identified across all the major regions based on their country of origin, presence, recent key developments, product diversification, and industry expertise. Some of them are Omron Corporation (Japan), Keyence Corporation (Japan), Sick AG (Germany), Schneider Electric SE (France), Panasonic Corporation (Japan), Rockwell Automation Inc. (US), ifm Electronic GmbH (Germany), Pepperl+Fuchs (Germany), Balluff GmbH (Germany), Banner Engineering Corp (US), SensoPart Industriesensorik GmbH (Germany), HTM Sensors (US), Fargo Controls Inc (US), Leuze electronic GmbH + Co. KG (Germany), and wenglor sensoric GmbH (Germany). These players contribute significantly to market growth.
Apart from the top key players, the other players contribute nearly 35–40% in the photoelectric sensor market. These are Autonics Corporation (South Korea), Tri-Tronics (US), DoorKing Inc (US), Locon Sensor Systems Inc (US), DIS Sensors BV (Netherlands), Honeywell International Inc (US), and Contrinex AG (Switzerland), among others.
Frequently Asked Questions (FAQ) :
The global photoelectric sensor market was valued at USD 1.1 billion in 2018.
The global photoelectric sensor market is projected to reach more than USD 1.17 billion by 2023.
The global photoelectric sensors market is likely to expand at a relatively slow CAGR of 6.7% over the prognosis period (2017-2023).
The global market for the photoelectric sensor has been segmented based on the type, beam source, and industry.
North America is leading the global photoelectric sensors market and is projected to uphold the momentum over the review period. the European region and the Asia Pacific are also anticipated to witness the fastest growth during the forecast period.