The photoelectric sensor market is expected to witness significant growth by 2027 primarily driven by the increasing product demand in varied applications. In addition, rising focus on technological innovation in photoelectric sensors is anticipated to further boost market growth over the forecast period.
A photoelectric sensor can detect the presence of an object and can be used to measure the distance from a point to the object. It employs infrared or visible red light from a transmitter and is also equipped with a photoelectric receiver.
Photoelectric sensors are considered vital in automation as they offer prompt and accurate results. In recent years, industry players have been investing in technological innovation to address evolving product needs of the automation sector. As a result, the improving product landscape has significantly boosted industry expansion across emerging end-use verticals.
For instance, in June 2021, SICK AG, a leading sensor manufacturer, launched the latest generation of miniature photoelectric sensors. The sensor, dubbed ???W4F???, is a novel ASIC platform that offers various performance benefits.
The photoelectric sensor market has been bifurcated on the basis of product, type, range, source, application, and region. Based on product, the market has further been segmented into photoelectric fork sensor, photoelectric distance sensor, photoelectric label sensor, photoelectric color sensor, and others.
The photoelectric label sensor sub-segment is estimated to see profitable growth by 2027, registering a CAGR of approximately 5% through the assessment timeframe. Rising demand for photoelectric sensors in packaging and logistics sectors is expected to boost segmental adoption over the analysis period.
By range, the market has been divided into 101 mm - 1,000 mm, < 100 mm, >10,000 mm, and 1,001 mm to 10,000 mm. The < 100 mm sub-segment is projected to rise at a CAGR of over 4% through the forecast period to amass a sizable revenue by the end of 2027. Escalating adoption of <100 mm photoelectric sensors for proximity sensing in compact installation spaces is speculated to fuel segmental demand over the study timeframe.
From the application perspective, the market has been categorized into industrial manufacturing, food and beverages, automotive and transportation, pharmaceuticals and medical, building automation, packaging & logistics, and others.
The building automation sub-segment accounted for over 8% share in the photoelectric sensor market revenue in 2020 and is anticipated to expand at a notable pace over the forecast period. Mounting demand for photoelectric sensors in various building automation systems, such as smart security systems, HVAC control, lighting control, air quality monitors, and smoke detectors, among others, is expected to foster segmental outlook through 2027.
In the regional landscape, the Latin America photoelectric sensor market is estimated to observe considerable growth at a CAGR of above 5% through the projected period. Proliferation of robotics and smart manufacturing facilities across Brazil and Mexico is speculated to propel regional market growth over 2021-2027.