The photoelectric sensor size is projected to grow from reach USD 1.5 billion by 2020 to USD 2.1 billion by 2025, recording a CAGR of 7.8% between 2020 and 2025. Major factors driving the growth of the photoelectric sensor market include extensive use of photoelectric sensors in different industries, increased adoption of retroreflective photoelectric sensors in various applications, and surged adoption of industrial robots across several regions.
“Based on type, retroreflective segment held the largest share of the the photoelectric sensor market in 2019”
In 2019, the retroreflective segment held the largest share of the photoelectric sensor market, and this trend is projected to prevail during the forecast period. The growth of the retroreflective segment can be attributed to the rising use of retroreflective photoelectric sensors in industrial manufacturing and pharmaceuticals and medical applications. These sensors have simple wiring and optical axis adjustment controls, which enable their unaffected operations irrespective of the color or angle of the targeted objects. Retroreflective photoelectric sensors are used in pharmaceuticals and medical applications to avoid the empty packaging of tablets.
“Based on range, 100 to 1,000 mm range segment held the largest share of the the photoelectric sensor market in 2019”
The 100 to 1,000 mm range segment held the largest share of the the photoelectric sensor market in 2019 and is likely to exhibit a similar growth trend during the forecast period. The growth of this segment can be attributed to the increased demand for 100 to 1,000 mm photoelectric sensors from various end-use industries. These sensors can carry out long-range and shortrange object detection, irrespective of their materials such as glass, metal, plastic, wood, and liquid. The 100 to 1,000 mm range photoelectric sensors are compact and cost-effective.
“Based on structure, the built-in amplifier segment held the largest share of the photoelectric sensor market in 2019”
The built-in amplifier segment held the largest share of the photoelectric sensor market in 2019, and this trend is expected to continue during the forecast period. The growth of this segment can be attributed to the extensive use of built-in amplifier photoelectric sensors in ICs and wafer detection applications in the semiconductor manufacturing process. Moreover, these sensors are used for the reliable detection of objects in long range with less effect of curve and gloss on their sensing capabilities. Built-in amplifier photoelectric sensors are used in industrial manufacturing and automotive applications. The fiber type segment of the market is projected to grow at the highest CAGR of 9.4% during the forecast period. The growth of this segment can be attributed to the ability of fiber type photoelectric sensors to detect small differences in the height of objects. The use of fiber type photoelectric sensors is limited to narrow-space applications.
“Based on application, industrial manufacturing application held the largest market share in 2019”
In 2019, the industrial manufacturing segment held the largest share of the photoelectric sensor market. The advent of Industry 4.0, automation robots, virtual reality, and augmented reality to make manufacturing easy and risk-free has led to the adoption of photoelectric sensors in various industries. The modernization of machinery and other manufacturing systems to ensure less human interference are also driving the growth of the photoelectric sensor market.
The food and beverages segment of the market is projected to grow at the highest CAGR during the forecast period. The growing focus of the food and beverages industry on technologies and mechanical manipulation of raw foods to create high value-added food products is fueling the demand for photoelectric sensors. Moreover, automation brings standardization in all packaged food items and beverages. It minimizes human interference, thereby eliminating the chances of contamination of food and ensuring that all health standards are met.
In-depth interviews have been conducted with chief executive officers (CEOs), marketing managers, and other executives from various key organizations operating in the photoelectric marketplace.
- By Company Type: Tier 1 – 25%, Tier 2 – 35%, and Tier 3 – 40%
- By Designation: C-Level Executives – 35%, Managers – 25%, and Others – 40%
- By Region: North America – 25%, Europe – 42%, APAC – 21%, and RoW – 12%
Omron Corporation (Japan), Keyence Corporation (Japan), SICK AG (Germany), Schneider Electric (France), Rockwell Automation Inc. (US), ifm electronic GmbH (Germany), Pepperl+Fuchs (Germany), Balluff Inc. (Germany), Banner Engineering (US), and Panasonic Corporation (Japan) are some of the key players in the photoelectric sensor market.
The study includes an in-depth competitive analysis of these key players in the photoelectric sensor market, with their company profiles, recent developments, and key market strategies.
The report defines, describes, and forecasts the photoelectric sensor market based on type, range, structure, beam source, output, application, and region. It provides detailed information regarding factors such as drivers, restraints, opportunities, and challenges influencing the growth of the photoelectric sensor market. It also analyzes product launches and developments, acquisitions, expansions, agreements, collaborations, partnerships, and joint ventures carried out by the key players to grow in the market.
Key Benefits of Buying the Report
- This report will help market leaders/new entrants in this industry with information on the closest approximations of the revenue numbers for the overall photoelectric sensor market and the subsegments.
- The report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
- The report will also help stakeholders to understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.