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. Major factors
driving the market growth include rising adoption of industrial automation,
increasing government initiatives, and growing need for production efficiency.
Built-in
amplifier accounts for largest market size during forecast period
Photoelectric sensors with built-in power
supply structure held the largest market owing to the simplicity in the
structure with all components located in a single housing. Sensors with this
structure type are free from external wiring and thereby free from any possible
noise. These sensors are large as all the components are integrated within but
supposed to be an excellent choice for the ease of use with strong noise
immunity. Inbuilt sensors usually cover a long range and are used for elevator
cage detection, automobile detection in parking lots, and others. Further,
these sensors ensure the ease of use and implementation.
By
application, market for food & beverages to grow at highest CAGR during
forecast period
Food & beverages is one of the few
industries which started the adoption of automation significantly across
various processes. Automation brings sophistication in processes by changing
the actions of equipment by programming and reprogramming. Food & beverages
is one of the few industries that have started the adoption of automation
significantly across various processes. According to the International
Federation of Robotics, demand for robotics in F&B is increasing
exponentially for last few years. There is high potential for automation in
F&B applications, especially cutting, positioning, and inspection. This
industry scenario expected to drive the photoelectric sensors market at a high
rate in F&B.
In
beam source, market for laser is growing at fastest rate during forecast
period.
Laser sensor is a new trend in the
photoelectric sensors market. The sensor is increasingly being adopted for
critical applications. For instance, laser sensors are often used for small
part detection and precision measuring, which are quite difficult with normal
LED and infrared sensors. Laser beam allows measurement of distance and
positions at a high resolution and considerably higher accuracy especially in the
environments with dust and mist, where light gets scattered. This makes it an
ideal choice for use in plant management, security & surveillance, and
other purpose.
APAC
is expected to account for largest market size during forecast period
APAC is expected to experience lucrative
growth opportunities in the next few years. China, South Korea, and India are
among the leading countries in the photoelectric sensors market and are
estimated to witness significant growth in the market in APAC during the
forecast period. Applications such as consumer electronics, industrial,
automobile, and textile contribute significantly to the growth of the market.
Key
Market Players
Key players in the photoelectric sensors
market include 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).
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