“Photoelectric sensors market to grow at CAGR of 7.0% from 2018 to 2024”
The photoelectric sensors market is expected to grow from USD 1.4 billion in 2019 to USD 2.0 billion by 2024 at a CAGR of 7.0% during the forecast period. Need for photoelectric sensors is mainly governed by rising adoption of industrial automation and increasing government initiatives. However, competent alternative technologies such as inductive, capacitive, ultrasonic which serve the relatively same purpose can hinder the growth of the market.
Reflective segment is expected to grow at highest CAGR during forecast period
The reflective market is the fastest growing segment in the photoelectric sensors market. Reflective (diffuse) sensors offer the cheapest sensing solution among all other categories of photoelectric sensors, which itself makes it quite eminent to be adopted across various applications with budget constraints. Also, with technological advancements such as laser beam and others, accuracy and sensing range are being improved. Also, one-point installation and convenience drive the increasing shipment of reflective sensors.
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Industrial manufacturing output is expected to hold largest size of photoelectric sensors market during forecast period
Industrial manufacturing is the most dominant industry for photoelectric sensors. Need for automation in increasing in industrial products manufacturing to ensure accuracy, shorter and consistent cycles, and faster time-to-market. Also, the rising trend of mass customization where versatility is required along with precision; automation is the inevitable. Moreover, newer trends such as smart factories and realization if its benefits to bring the process efficiency lead the adoption of automation for industrial manufacturing, which eventually drive the adoption of photoelectric sensors in industrial automation.
APAC is expected to record the highest growth rate during the forecast period
APAC is expected to have the highest growth rate during the forecast period due to an increasing number of automation activities in industrial processes, government initiatives for driving smart industries, and established market for manufacturing in China, Japan, and South Korea. China is a global manufacturing hub for semiconductor and automotive manufacturers.
Breakdown of primary participants’ profile:
- By Company Type: Tier 1 – 27%, Tier 2 – 41%, and Tier 3 – 32%
- By Designation: C-Level Executives – 26%, Directors – 40%, and Others – 34%
- By Region: North America – 47%, Europe – 28%, APAC – 19%, and RoW – 6%
Omron Corporation (Japan), Keyence Corporation (Japan), Panasonic Corporation (Japan), Rockwell Automation, Inc. (US), Sick AG (Germany), Schneider Electric (France), IFM Electronic FZC (Germany), Balluff (Germany), Pepperl & Fuchs (Germany), and Banner Engineering (US) are among the leading players in the photoelectric sensors market.
Various market segments have been covered in this report. These include technology, range, structure, beam source, output, application, and region. It also gives a detailed view of the market across 4 main regions: North America, Europe, APAC, and RoW.
Reasons To Buy the Report:
- This report includes statistics pertaining to the photoelectric sensor market in terms of technology, range, structure, beam source, output, application, and region along with their respective market sizes.
- Major drivers, restraints, opportunities, and challenges for the photoelectric sensor market have been provided in detail in this report.
- The report includes illustrative segmentation, analysis, and forecast for the photoelectric sensor market based on its segments and subsegments.