According to the new research report titled “Photoelectric Sensor Market Forecast to 2028 - COVID-19 Impact and Global Analysis,” 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.
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. Moreover, semiconductor industries deploy photoelectric sensors extensively due to their extremely small beam angles and sharply defined light spots, which are ideal for the precise positioning required for producing semiconductor devices. Thus, numerous applications of photoelectric sensors in different industries bolster the market growth.
The recent COVID-19 pandemic has moderately impacted the growth of the photoelectric sensor market. Lockdowns and other restrictions have resulted in the halt of the international transportation and infrastructure projects, which hindered the growth of the market. However, the ease of lockdown restrictions, along with increased adoption of the Industrial Internet of Things (IIoT), is expected to boost the market growth due its variety of benefits such as increased resource utilization, and improved efficiency and worker safety in both developed and emerging economies. This, in turn, will support the speedy recovery of the photoelectric sensor market during the postolockdown period.
Key Findings of the Study:
Several players operating in the global photoelectric sensor market are adopting significant strategic initiatives. For instance, in April 2021, Panasonic Corporation created a manufacturable technology that dramatically improves device output fabricated on silicon (Si) wafers by exploiting the unique function of a phononic crystal structure which can overcome the traditional limitation of solids' heat insulation property. The heat loss from the infrared-receiving portion of a thermal-type far infrared sensor was reduced to about a tenth of what it was before the phononic crystal structure was added.
Reasons to Buy
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global photoelectric sensor market.
- Highlights key business priorities in order to assist companies to realign their business strategies.
- The key findings and recommendations highlight crucial progressive industry trends in the global automated waste collection system market, thereby allowing players across the value chain to develop effective long-term strategies.
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution.
What is the estimated value of the Global Photoelectric Sensor Market?
What is the growth rate of the Global Photoelectric Sensor Market?
What is the forecasted size of the Global Photoelectric Sensor Market?
Who are the key companies in the Global Photoelectric Sensor Market?
| Report Attribute | Details |
|---|---|
| No. of Pages | 155 |
| Published | June 2021 |
| Forecast Period | 2021 - 2028 |
| Estimated Market Value ( USD
| USD 1458.23 Million |
| Forecasted Market Value ( USD
| USD 2577.56 Million |
| Compound Annual Growth Rate | 7.7% |
| Regions Covered | Global |
Table of Contents
Companies Mentioned
A selection of companies mentioned in this report includes:
- Autonics Corporation
- Balluff GmbH
- Eaton Corporation plc
- Ifm Electronic GmbH
- Keyence Corporation
- OMRON Corporation
- Rockwell Automation, Inc.
- Panasonic Corporation
- SICK AG
- Schneider Electric SE
