Photoelectric Sensor Market was valued at USD 1,123.5 million in 2018; it is expected to reach USD 2.54 billion by 2030 at a CAGR of 7.80%.
Globally, the size of the Photoelectric Sensor Market is expected to reach USD 2.54 billion by 2030 at a CAGR of 7.80% driven by photoelectric sensors with diverse qualities such as detecting the varied size products and precision in spotting the faults in the products have increased the photoelectric sensor market demand in recent years.
Photo Electric sensors are used to detect the target object and determine the presence or absence of mentioned criteria. The photoelectric sensors have a receiver and a transmitter that sends out the light rays which get interrupted by an object. For a long period, precision was considered as the major challenge in the industry, the fine objects were not properly detected by the photoelectric sensors. However, in recent times, the precision has been tuned to detect fine particles and therefore the utilization of the photoelectric sensors has been increased.
Some of the common end-user applications of the photoelectric industry are the automotive industry, material handling, machine engineering, food and beverage, packaging, consumer electronics, automated doors, gates, and elevators. Increasing industrialization and production rates in the industrial countries are expanding their warehouses. Since material handling in the warehouses was carried out using photoelectric sensors, the increasing number of warehouses presents opportunities for the overall growth of the photoelectric sensors industry.
The COVID 19 has brought in disruptions in several industrial verticals. Several industries have reduced the production rates during the lockdown and have been handling different strategies to carry out the business. However, essential business such as the food industry, drug industry, and pharmaceutical industry has increased their production rate to combat the crisis. The bundling of the packaged food and beverages was to be processed at a faster pace to meet the demand. The reliable photoelectric sensors have been increasingly utilized by the food and beverages industry for bundling and packing foods and beverages. Therefore the photoelectric sensor market has witnessed slight growth during the pandemic due to the increased production rate of the essential materials.
The photoelectric sensors were upgraded in recent times, in terms of precision and are available in different sizes, and are capable of sensing varied kinds of materials. On the other hand, the recent inventions in the industry have ensured a long life with an affordable price range. Such factors are driving the overall growth of the photoelectric sensor industry.
The advent of photoelectric sensors with diverse qualities such as detecting the varied size products and precision in spotting the faults in the products have increased the photoelectric sensor market demand in recent years. The increasing demand for consumer electronics across the globe is impacting the photoelectric sensor market growth.
The developing industries and manufacturing units in several countries are presenting lucrative opportunities for the photoelectric sensor market growth. Additionally, a huge population is driving towards organic, safer, sustainable products and thereby increasing the demand for packaged organic foods. Such factors are fuelling the growth of the food and beverage industry, labeling industry, and other industries associated with the aspect.
Additionally, the Photoelectric Sensor Market players are increasingly investing in research and development in the photoelectric sensor industry. One of the leading market players has recently developed the photoelectric sensor with the machine processing control that enhances the overall production rate in the food and beverage industry. Such factors are expected to boost the photoelectric sensor market growth in the forecast period.
The technical errors could lead to false detections; the frequent issues with the connections, the combination of the transmitter and the receiver, the functionality of the potentiometer require regular maintenance and service. With the fast-paced industrial workload, regular maintenance could be difficult. Such factors are restraining the overall growth of the photoelectric sensor industry.
Planning to align the device is also extremely important; the requirement of installation space without interruptions is required for the efficient performance of the device. They are considered as the major restraining factor for the photoelectric sensor industry.
The fluctuation in the price of the raw materials and reduced production rate of raw materials required for the manufacturing of photoelectric sensors due to the widespread of COVID 19 are presenting challenges for the overall growth of the photoelectric sensor industry. On the other hand, the trade war between the developed countries has also affected the trade of raw materials in recent years.
The distance between the sensor and the target object can reduce the overall performance of the photoelectric sensors and the absence of reflective background can significantly affect the precision of the photoelectric sensors.
The lower manufacturing costs and an increasing number of end-user applications are the primary growth factors for the photoelectric market growth. The market value of photoelectric sensors was at USD 1,123.5 million in the year 2018 and is expected to reach over USD 2.54 billion by the year 2030 while registering a CAGR of 7.80%. Additionally, the recent developments in the industry include the recent launch, miniature sensors with LED light indicators and integrated with polarized retro-reflective and non-polarized retro-reflective modes for efficient sensing. On the other hand, photoelectric sensors are used in various end-user applications. The major end-user application is the food and beverage industry. The photoelectric sensors are used in aligning and bundling the drink bottles and food packages without committing errors. The automotive industry utilizes photoelectric sensors to ensure consistency and validation before entering the construction process.
The development in the photoelectric sensor industry is expected to increase the photoelectric sensor market growth in the forecast period. Some of the developments have increased their utilization and expanded the end-user applications. The reduction of the installation area, precision, integration with the microprocessors has stimulated the overall growth of the photoelectric sensor industry in recent times. The challenges in the conventional photoelectric sensors such as poor performance when dust gets accumulated in the lens and similar other challenges have been rectified with the smart photoelectric sensor, which has increased their utilization in various industrial verticals.
The integration of a diagnostic alarming system in the smart photoelectric sensors enables the operators to validate the issue with the sensor or alignment when the problem is detected. The reliability and precision of the smart photoelectric sensors and other attractive features are expected to boost the photoelectric sensor market growth in the forecast period.
Based on Type:
Based on Beam Source:
Based on the Industry:
Asia Pacific region is expected to contribute higher market value in the forecast period, owing to the presence of several automation and manufacturing industries in the region. The manufacturing and packaging industries are the two intensive users of photoelectric sensors to validate the products. Emerging nanotechnology is also acting as a driving factor for the overall growth of the photoelectric sensors industry. The retroreflective sensors are intensively utilized in the pharmaceutical industry, the developed countries such as U.S and Germany are increasingly investing in the pharmaceutical industry and other manufacturing sectors which are expected to boost the photoelectric market demand in the forecast period. The retro-reflective photoelectric sensors are generally integrated with the single sensor head to detect the presence of tablets in the packaging. The increasing necessity of tablets and medicines across the globe is also a growth-stimulating factor for the photoelectric sensor market.
On the other hand, Asia pacific has projected a market revenue of over 35% in the year 2020 and is expected to project a healthy CAGR of 7.80% by the year 2030.
One of the leading market players, Sick has recently launched miniature photoelectric sensors which require very minimal installation space, however capable of offering guaranteed process set up in almost any application. It also utilizes the blue pilot operating concept integrated with the novel monitoring options which helps the sensors to monitor and configure with minimal time.
In the year 2019, Omron Corporation has launched the E3AS series photoelectric sensors, which are reflective photoelectric sensors that are capable of detecting diverse targets and are capable to work under varied environmental conditions, and are still very compact.
This report has covered:
|Market Size||USD 2.54 Billion|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Beam Source, Industry, Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Sick AG (Germany) wenglor sensoric GmbH (Germany) Keyence Corporation (Japan) Pepperl+Fuchs (Germany) Autonics Corporation (South Korea) Omron Corporation (Japan) Schneider Electric SE (France) Rockwell Automation Inc. (US) Panasonic Corporation (Japan) ifm Electronic GmbH (Germany) Banner Engineering Corp (US) Balluff GmbH (Germany) Contrinex AG (Switzerland) SensoPart Industriesensorik GmbH (Germany) Fargo Controls Inc (US) HTM Sensors (US) Leuze electronic GmbH + Co. KG (Germany) Tri-Tronics (US) DoorKing Inc (US) DIS Sensors BV (Netherlands) Locon Sensor Systems Inc (US) Honeywell International Inc (US).|
|Key Market Opportunities||The market players are increasingly investing in research and development in the photoelectric sensor industry.|
|Key Market Drivers||
The global photoelectric sensor market was valued at USD 1.1 billion in 2020.
The global photoelectric sensor market is projected to reach more than USD 2.54 billion by 2030.
Sick AG (Germany) wenglor sensoric GmbH (Germany) Keyence Corporation (Japan) Pepperl+Fuchs (Germany) Autonics Corporation (South Korea) Omron Corporation (Japan) Schneider Electric SE (France) Rockwell Automation Inc. (US) Panasonic Corporation (Japan) ifm Electronic GmbH (Germany) Banner Engineering Corp (US) Balluff GmbH (Germany) Contrinex AG (Switzerland) SensoPart Industriesensorik GmbH (Germany) Fargo Controls Inc (US) HTM Sensors (US) Leuze electronic GmbH + Co. KG (Germany) Tri-Tronics (US) DoorKing Inc (US) DIS Sensors BV (Netherlands) Locon Sensor Systems Inc (US) Honeywell International Inc (US).
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.
The global photoelectric sensors market is likely to expand at a relatively slow CAGR of 7.80% over the prognosis period (2022-2030).