Photoelectric Sensor Market Business Opportunities, Size, Share, Scope & Forecast to 2028
The new report by Expert Market Research titled, ‘Global Photoelectric Sensor Market Analysis, Share, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the global photoelectric sensor market, assessing the market based on its segments like technology, type, material, spectrum, output, range, application, industry vertical and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): 1.6 Billion
- Forecast CAGR (2023-2028): 7.4%
Consumer electronics, automotive and transportation, building automation, food and beverages, pharmaceuticals and medical, packaging, and industrial manufacturing are among the industries where photoelectric sensors are used to ensure accuracy, shorter and consistent cycles, and faster time-to-market. Photoelectric sensors can detect objects of various materials and sizes, which is why they are used in the industrial sector to improve efficiency and accuracy. One of the most common applications for photoelectric sensors is in the food and beverage industry. This can be ascribed to a rising emphasis on automation in material handling and packing by reducing human participation.
Photoelectric sensors for bottle-cap alignment and orientation, counting packed goods on a conveyor belt, and avoiding the danger of contamination caused by human touch are among the different aspects that are boosting the food and beverage industry and driving photoelectric sensor market growth.
Photoelectric Sensor Industry Definition and Major Segments
A device that detects a change in light intensity is known as a photoelectric sensor. A light source (LED), a receiver (phototransistor), a signal converter, and an amplifier are all components of these sensors. Together with the LED, the phototransistor analyses incoming light and produces a suitable output.
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Based on technology, the market can be divided into thru-beam, retro-reflective, and diffused. On the basis of type, the market can be segmented into laser photoelectric sensor and fibre optics photoelectric sensor. The market, based on material, can be categorised into metal and plastic. On the basis of spectrum, the market can be categorised into infrared, visible, and ultraviolet. The market, based on output, can be classified into analogue and digital. Based on range, the market segmentations include less than 100 mm, 100 – 1,000 mm, 1,000 – 10,000 mm, and more than 10,000 mm. Based on applications, the market can be divided into safety, edge detection, film thickness detection, height and level measurement, and position detection, among others. The market divisions based on industry vertical are consumer electronics, aerospace and defence, automotive, food and beverages, and healthcare, among others.
Photoelectric Sensor Market Trends
The growing use of photoelectric sensors in logistics automation, which relies on location and object detection for efficient and safe operations, is propelling the photoelectric sensor market forward. The need for photoelectric sensors is being driven by favourable government regulations that promote the manufacturing industry, as well as the growing acceptance of IIoT solutions. In addition, year-over-year increases in vehicle manufacturing and a surge in the demand for processed foods will drive up demand for these sensors further.
The rise of electric vehicles and self-driving automobiles is driving up demand for photoelectric sensors used in vehicle production, moving the market forward. Photoelectric sensors are employed throughout the assembly process to monitor the transit of individual components along the manufacturing line, reducing the possibility of human mistake. As a result, the thriving automotive sector, which is developing new technologies, is likely to be a significant driving force for photoelectric sensor market growth throughout the forecast period.
Key Market Players
The major players in the market are OMRON Corporation, Autonics Corporation, Panasonic Corporation, KEYENCE CORPORATION, Rockwell Automation, Inc., and SICK AG, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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