The photoelectric sensor
market was valued
at USD 1.5 billion in 2020 and is projected to reach USD 2.1 billion by 2025;
it is expected to grow at a CAGR of 7.8% from 2020 to 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.
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). Other key players in the market
include Sensopart Industriesensorikis GmbH (Germany), HTM Sensors (Canada),
Fargo controls Inc. (US), Eaton Corporation (Ireland), Leuze Electronics GmbH +
Co. KG (Germany), Wenglor Sensoric (Germany), Autonics Corporation (South
Korea), Bernstein AG (Germany), CNTD Electric Technology Co. Ltd. (China), Hans
Turck GmbH & Co.KG. (Germany), and Carlo Gavazzi Holding AG (Switzerland)
are the key players in the photoelectric sensor market. These players have
adopted various growth strategies, such as product launches and developments,
acquisitions, expansions, agreements, collaborations, partnerships, and joint
ventures. Product launches and developments has been the most dominating
strategy adopted by the key players from 2017 to 2020 to help them strengthen
their product portfolio and broaden their customer base.
Omron Corporation (Japan) held the first
position in the photoelectric sensor market in 2019. The company is a global
electronics company, which manufactures automation equipment and systems. It
also develops computer, communication, and control technologies. It offers
various photoelectric sensors, such as separate amplifier sensors, built-in
amplifier sensors, built-in power supply sensors, and area sensors. Moreover,
the company has a strong geographic reach and customer base. Omron Corporation
also plans to expand its production capability, especially for photoelectric
sensors, to leverage their increased demand from different industries.
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Keyence Corporation (Japan)
is a multinational company, which develops, manufactures, and sells industrial
automation and inspection equipment. It offers automation sensors, vision
systems, barcode readers, laser markers, measuring instruments, and digital
microscopes. It offers various photoelectric sensors such as through-beam,
retroreflective, diffuse-reflective, focused-beam reflective, small-spot
definite reflective, fixed distance, and luster recognition sensors. The
company expanded its network to 46 countries. It focuses on increasing its
production efficiency and enhancing its research and development investments to
remain competitive in the photoelectric sensor ecosystem.
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