The global photoelectric sensors market size is expected to reach USD 2.09 billion by 2025,
according to a new report by Grand View Research, Inc., registering a 6.1% CAGR
during the forecast period. These sensors are widely used in packaging and
manufacturing industries as they offer numerous advantages such as cost
effectiveness, long sensing distances, fast response time, and high resolution.
These high-efficiency products are expected to witness an increase demand also
owing to benefits such as low maintenance, long operating life, and low power
consumption.
Rising penetration of Industrial Internet
of Things (IIoT) is further expected to enhance market growth. This growth is
attributed to numerous benefits, including maximizing asset utilization,
improving productivity, and enhancing work safety. These devices help in
connecting machines and devices to enhance efficiency, productivity, and
operation of industrial facilities.
The photoelectric sensors market is
anticipated to witness a considerable demand over the forecast period, which
stems from industries such as healthcare, oil and gas, and military and
aerospace across developed and developing countries.
Increasing government regulations
pertaining to fuel emissions, along with increasing use of photoelectric
sensors in automotive applications such as failure diagnostics, throttle
control, contactless positioning sensing, and precision position measurement
for better control, are key factors spurring market growth.
The emergence of smart photoelectric
sensors is expected to drive market growth over the forecast period. This may
be ascribed to several benefits such as reduced down time, lower cost,
adaptability for self-calibration and compensation, fewer interconnections
between multiple sensors and control systems, lower weight, and higher reliability.
Access Research Report
of Photoelectric Sensors
Market@ www.grandviewresearch.com/industry-analysis/photoelectric-sensors-market
Further key findings from the report suggest:
· The photoelectric sensors market was valued
at USD 1.24 billion in 2016 and is projected to expand at a CAGR
exceeding 6.0% over the forecast period. This is largely attributed to rising
penetration of IIoT in industrial facilities
· By technology, the retro-reflective segment
captured a major market share in 2016. The segment is also expected to grow at
the highest rate over the forecast period owing to its capability to offer
sturdy construction, low maintenance, and efficient detection of shiny and transparent
objects
· The packaging industry as an end-use
segment is expected to grow at the highest rate over the forecast period as
these products are broadly adopted to detect transparent bottles, control
conveyor positioning, and monitor product presence
· The Asia Pacific region is projected to
witness substantial growth, exhibiting a CAGR exceeding 6.0% over the forecast
period. This is owing to rising industrial automation and increasing government
regulations in the developing economies of China, India, and Japan
· Key players such as Panasonic Corporation;
Keyence Corporation; Rockwell Automation Inc.; Autonics Corporation; and
Schneider Electric SE dominated the market in 2016, with a focus on increasing
market presence through mergers and acquisitions.
Grand View Research has segmented the
global photoelectric sensors market based on technology, end use, and region:
Photoelectric Sensors Technology Outlook
(Revenue, USD Million, 2014 - 2025)
·
Diffused
·
Retro-Reflective
·
Thru-Beam
Photoelectric Sensors End-use Outlook
(Revenue, USD Million, 2014 - 2025)
·
Automotive
·
Military & Aerospace
·
Electronics & Semiconductor
·
Packaging
·
Others
Photoelectric Sensors Regional Outlook
(Revenue, USD Million, 2014 - 2025)
·
North America
o
U.S.
o
Canada
·
Europe
o
U.K.
o
Germany
·
Asia Pacific
o
China
o
India
o
Japan
·
Central & South America
o
Brazil
o
Mexico
·
Middle East & Africa
Access
Press Release of Photoelectric Sensors Market@ www.grandviewresearch.com/press-release/global-photoelectric-sensors-market
Grand View Research, Inc. is a U.S. based
market research and consulting company, registered in the State of California
and headquartered in San Francisco. The company provides syndicated
research reports, customized research
reports, and consulting services. To help clients make informed business decisions, we offer market intelligence
studies ensuring relevant and fact-based research across a range of industries,
from technology to chemicals, materials and healthcare.
For More Information: www.grandviewresearch.com
