According to the new research report titled “Photoelectric Sensor Market Forecast to 2028 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, The photoelectric sensor market is expected to grow from US$ 1,536.10 million in 2021 to US$ 2,577.56 million by 2028; it is estimated to grow at a CAGR of 7.7% from 2021 to 2028.
Strategic Insights
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Report Coverage |
Details |
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Market Size Value in |
US$ 1,458.23 Million in 2021 |
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Market Size Value by |
US$ 2,577.56 Million by 2028 |
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Growth rate |
CAGR of 7.7% from 2021-2028 |
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Forecast Period |
2021-2028 |
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Base Year |
2021 |
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No. of Pages |
155 |
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No. Tables |
72 |
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No. of Charts & Figures |
59 |
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Historical data available |
Yes |
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Segments covered |
Technology and End-User |
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Regional scope |
Type, Frequency Range, and Application |
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Country scope |
US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
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Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
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The demand for photoelectric sensors is increasing in various manufacturing industries owing to precise output delivered by them. Increasing productivity without hampering product quality is a primary goal of different manufacturing industries. Inconsistencies in production lines and defects in products cause a huge loss to manufacturers, and to overcome this challenge, manufacturers are adopting photoelectric sensors in their production or assembly lines. These sensors help detect objects, check surface conditions, and measure distance through various optical properties, thereby ensuring consistency in assembly line. During the construction of a car body, each part of the body is place on the assembly line with precision.
Skids must speed up, slow down, and stop in front of each station, in time, for welding, riveted, and gluing operations. The entire car body assembly line is controlled and processed with help of photoelectric sensors. Further, diffuse mode photoelectric sensors are used in bottle cap feeding machines in the food and beverages industry. They help align and orient each bottle cap in correct position for the bottling. The sensors detect smallest possible feed errors and stop the cap feeding machine operations before the occurrence of capping mistakes. Similarly, photoelectric sensor devices are extensively used in packaging, transportation, and logistics industries for safe transfer, and pickup and drop of goods from conveyer belt.
Impact of COVID-19 Pandemic on Photoelectric Sensor Market
According to the latest report from the World Health Organization (WHO), the US, Spain, Italy, France, Germany, the UK, Russia, Turkey, Brazil, Iran, and China are among the worst-affected countries due to the COVID-19 outbreak. In 2020, the world economy suffered significant consequences, and the effects are expected to endure to some extent in coming years. The outbreak disrupted primary industries such as electronics, semiconductor, and manufacturing. A sharp decline in the growth of these industries is limiting the growth of the photoelectric sensor market. Factory shutdowns, travel and trade bans, and border lockdowns to combat and contain the infection have negatively impacted manufacturing, supply, and sales of various sensor products.
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Photoelectric sensor is a specialized sensor that is used to detect the presence and absence or distance of an object using alight transmitter and a photoelectric receiver. The light used for object detection varies from sensor to sensor, the photoelectric sensor market has a wide range of applications in manufacturing industry. The photoelectric sensors market is anticipated to grow in the forecast period owing to driving factors such as growing focus towards increasing operational efficiency, and growing demand for IoT. The photoelectric sensor market is experiencing significant growth owing to escalating industrialization across the world, especially in Asia-Pacific. Steady economic growth and favorable government policies are attracting companies to set up manufacturing facilities in Asian countries.
Photoelectric Sensor Market: Technology
Based on technology, the photoelectric sensor market is segmented into diffused, retro-reflective, and thru-beam. In 2020, the retro-reflective segment accounted for the largest share in the market.
Photoelectric Sensor Market: Competitive Landscape and Key Developments
Autonics Corporation, Balluff GmbH, Eaton Corporation plc, Ifm Electronic GmbH, Keyence Corporation, OMRON Corporation, Rockwell Automation, Inc., Panasonic Corporation, SICK AG and Schneider Electric SE are among the key players in the global Photoelectric Sensor market. The leading companies focus on the expansion and diversification of their market presence, and acquisition of new customer base, thereby tapping prevailing business opportunities.
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- In April 2020, Balluff Photoelectric Sensors provided condition monitoring data. The smart automation and monitoring systems (SAMS) portfolio includes solid photoelectric sensing, condition monitoring, and advanced IO-link technologies, all of which are meant to save downtime by making troubleshooting, changeover, and machine setup easier.
- In February 2020, Eaton Corp plc listed among world’s most admired company in 2020 by Fortune magazine.
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