The Worldwide Photoelectric Sensor Industry is Projected to Reach $2.1 Billion by 2025 - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Photoelectric Sensor Market with COVID-19 Impact Analysis by Type (Through Beam, Retroreflective, Reflective), Range, Structure, Beam Source, Output, Application (Industrial Manufacturing, Food and Beverages) and Geography - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.

The photoelectric sensor market was valued at USD 1.4 billion in 2019 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.

Based on type, the retroreflective segment held the largest share of the photoelectric sensor market in 2019.

In 2019, the retroreflective segment held the largest share of the photoelectric sensor market, and this trend is projected to prevail during the forecast period. The growth of the retroreflective segment can be attributed to the rising use of retroreflective photoelectric sensors in industrial manufacturing and pharmaceuticals and medical applications. These sensors have simple wiring and optical axis adjustment controls, which enable their unaffected operations irrespective of the color or angle of the targeted objects. Retroreflective photoelectric sensors are used in pharmaceuticals and medical applications to avoid the empty packaging of tablets.

Based on range, the 100 to 1,000 mm range segment held the largest share of the photoelectric sensor market in 2019.

The 100 to 1,000 mm range segment held the largest share of the photoelectric sensor market in 2019 and is likely to exhibit a similar growth trend during the forecast period. The growth of this segment can be attributed to the increased demand for 100 to 1,000 mm photoelectric sensors from various end-use industries. These sensors can carry out long-range and short-range object detection, irrespective of their materials such as glass, metal, plastic, wood, and liquid. The 100 to 1,000 mm range photoelectric sensors are compact and cost-effective.

Based on structure, the built-in amplifier segment held the largest share of the photoelectric sensor market in 2019.

The built-in amplifier segment held the largest share of the photoelectric sensor market in 2019, and this trend is expected to continue during the forecast period. The growth of this segment can be attributed to the extensive use of built-in amplifier photoelectric sensors in ICs and wafer detection applications in the semiconductor manufacturing process. Moreover, these sensors are used for the reliable detection of objects in the long-range with less effect of curve and gloss on their sensing capabilities. Built-in amplifier photoelectric sensors are used in industrial manufacturing and automotive applications. The fiber type segment of the market is projected to grow at the highest CAGR of 9.4% during the forecast period. The growth of this segment can be attributed to the ability of fiber type photoelectric sensors to detect small differences in the height of objects. The use of fiber type photoelectric sensors is limited to narrow-space applications.

Based on the application, the industrial manufacturing applications held the largest market share in 2019.

In 2019, the industrial manufacturing segment held the largest share of the photoelectric sensor market. The advent of Industry 4.0, automation robots, virtual reality, and augmented reality to make manufacturing easy and risk-free has led to the adoption of photoelectric sensors in various industries. The modernization of machinery and other manufacturing systems to ensure less human interference are also driving the growth of the photoelectric sensor market.

The food and beverage segment of the market is projected to grow at the highest CAGR during the forecast period. The growing focus of the food and beverage industry on technologies and mechanical manipulation of raw foods to create high value-added food products is fueling the demand for photoelectric sensors. Moreover, automation brings standardization in all packaged food items and beverages. It minimizes human interference, thereby eliminating the chances of contamination of food and ensuring that all health standards are met.

Market Dynamics

Drivers

• Extensive Use of Photoelectric Sensors in Different Industries
• Increased Adoption of Retroreflective Photoelectric Sensors in Various Applications
• Surged Adoption of Industrial Robots Across Several Regions

Restraints

• Us-China Trade War
• Easy Availability of Competent Alternative Sensors

Opportunities

• Increasing Demand for Photoelectric Sensors for Packaging Applications from Food and Beverages Industry
• Ongoing Digitization and Emerging Connected Industries
• Prevailing Trend of Miniaturized Sensors

Challenges

• Unavailability of Raw Materials
• High Maintenance Costs of Photoelectric Sensors

Companies Mentioned

• Autonics Corporation
• Balluff Inc.
• Banner Engineering
• Bernstein Ag
• Carlo Gavazzi Holding Ag
• CNTD Electric Technology Co. Ltd.
• Eaton Corporation
• Fargo Controls Inc.
• Hans Turck GmbH & Co. Kg.
• HTM Sensors
• Ifm Electronic GmbH
• Keyence Corporation
• Leuze Electronic GmbH + Co. Kg
• Omron Corporation
• Panasonic Corporation
• Pepperl+Fuchs
• Rockwell Automation Inc.
• Schneider Electric
• Sensopart Industriesensorik GmbH
• Sick Ag
• Wenglor Sensoric

For more information about this report visit https://www.researchandmarkets.com/r/mfodxv