Photoelectric Sensor Market Synopsis
Market Research Future (MRFR), in its report on the Global Photoelectric Sensor Market 2023, mentions factors that can cast significant impact on the market. In addition, a detailed report on the analysis of COVID 19 pandemic on photoelectric sensor market is provided. MRFR data shows that the photoelectric sensor market is likely to thrive at 6.7% across the assessment period. The photoelectric sensor market value can rise from USD 1,123.5 Mn to USD 1,728.4 Mn by the end of the review period.
The increase in the application of photoelectric sensors across various sectors, such as material handling, industrial automation, packaging, and connected spaces can boost the expansion of the market in the years to come. The rise in the adoption of industrial automation, automated vehicles, robots, automated machines, and other smart devices is rapidly replacing manual labor at factories and workplaces. This can impel the rise of the photoelectric sensors market through the assessment period. The pressing demand for photoelectric sensors due to rapid industrial automation can fuel the growth of the market in the near future. The affordability of computer-aided control devices that support the automation of different industrial processes, curbing human involvement, can also promote the expansion of the photoelectric sensor market through the review period. In addition, the seamless execution of multiple processes operations in a controlled manner achieved by photoelectric sensors can support the rise of the market.
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Key Players
Sick AG (Germany), wenglor sensoric GmbH (Germany), Keyence Corporation (Japan), Pepperl+Fuchs (Germany), Autonics Corporation (South Korea), Omron Corporation (Japan), Schneider Electric SE (France), Rockwell Automation Inc. (US), Panasonic Corporation (Japan), ifm Electronic GmbH (Germany), Banner Engineering Corp (US), Balluff GmbH (Germany), Contrinex AG (Switzerland), SensoPart Industriesensorik GmbH (Germany), Fargo Controls Inc (US), HTM Sensors (US),Leuze electronic GmbH + Co. KG (Germany), Tri-Tronics (US), DoorKing Inc (US), DIS Sensors BV (Netherlands), Locon Sensor Systems Inc (US), and Honeywell International Inc (US).
Market Segmentation
The segment evaluation of the global photoelectric sensor market is done by application, type, and beam source.
By type, the segments of the photoelectric sensor market are diffuse reflective, retroreflective, thrubeam, small spot definite reflective, focused beam reflective, fixed distance, and others.
By beam source, the market segments are infrared (IR) beam source, laser beam source, and LED beam source.
By industry, the segmenst of the market are manufacturing, consumer electronics, power utilities, food beverage, healthcare/life science, automotive transportation, pharmaceuticals, and others
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Regional Analysis
In APAC, the increase in the need for boosting production capacity in less time, to achieve high quality products is pushing the need for photoelectric sensors in different industries. This is expected to drive the expansion of the regional market. In addition, the growing tangibility of mega smart cities projects in the emerging economies of APAC can support the rise of the photoelectric sensor market in the years to come. The availability of high tech facilities in smart cities is significantly increasing the demand for photoelectric sensors enabled smart devices, which can impel the expansion of the photoelectric sensors market in APAC. In Europe, smart cities offer different features such as, traffic management, remote monitoring, and home automation. The growing preference for these facilities can push the expansion of EU photoelectric sensor market through the review period. In North America, the rise in need for meeting security concerns and devices management can improve the expansion of the market through the review period. Moreover, the rise of North America photosensitive sensor market can be attributed to the high pace development of smart cities.
