Photoelectric Sensor Market to Grow at a CAGR of 7.7% to reach US$ 2,577.56 Million from 2020 to 2028

[Research Report] The photoelectric sensor market was valued at US$ 1,458.23 million in 2021 and is projected to reach US$ 2,577.56 million by 2028; it is expected to grow at a CAGR of 7.7% from 2021 to 2028.

Photoelectric sensors are gaining popularity due to their high reliability and long-range object detection capabilities, irrespective of the size, shape, color, material, and surface properties of objects. These sensors are designed to operate under harsh conditions; moreover, they are enabled with advanced technologies to ensure reliable suppression of undesirable reflections. These abilities makes them more versatile than many other sensor types and appropriate for industrial usage. For instance, retro reflective sensors with polarization filters detect the position of carriage of any shape and material, which is to be kept on and off the track of a rollercoaster. Further, photoelectric sensors are widely used in the military and aerospace industries owing to their high accuracy and reliable performance. They are used in cargo aircraft for smoke and fire detection. In addition, photoelectric sensors help airframe and engine manufacturers to monitor aerospace system parameters such as pressure, temperature, acceleration, optical position, and speed. Moreover, the defense industry is extensively using biological detection equipment for detecting the presence of chemical substances in environment and for assessing the risk of potential biological threats by detecting harmful biological materials, to safeguard both military and civilian populations. Thus, the accuracy and reliability of photoelectric sensor operations make them a preferred sensor type in harsh industrial conditions.

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 Market: Strategic Insights

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Manufacturers of photoelectric sensors are focusing on lowering operating costs to stay competitive. However, they are expected to resume production activities during the post-lockdown phase. Government initiatives to boost economies and relaxations in the lockdowns are expected to fuel demand for photoelectric sensors during the forecast period. Demand for photoelectric sensors is likely to expand as new technologies become more widely adopted in the automotive and aerospace industries.

Photoelectric Sensor Market Insights

Rising Demand for Photoelectric Sensors in Pharmaceuticals Industry Drives Growth of Photoelectric Sensor Market

Pharmaceutical companies focus on improving their overall manufacturing operations by avoiding discrepancies such as empty packaging, which can be caused due to the unavailability of medicine tablets on the production line. The industry is increasingly deploying photoelectric sensors for tablet counting, bottle filling, and count verification (in clinical trials). These sensors are also being used in automated prescription fulfillment machines at retail pharmacies and hospitals. Further, advancements in photoelectric sensors in terms of their sensing range, which is improving their counting accuracy, along with maintaining a hygienic production environments by excluding human contacts while packaging of medicine are the benefits associated with photoelectric sensors. Also, photoelectric sensor provides a cost-effective solution, which is attained through automatic production line in the pharmaceutical industry. Hence,

the surge in the adoption of photoelectric sensors in pharmaceutical companies is mainly attributed to their abilities to enhance efficiencies, reduce industry’s operational costs, and facilitate real-time production monitoring. These sensors automate the upper and lower levels of liquid measurement in jar or tank. The use of strong corrosive chemicals (acidic or basic) is commonplace in pharmaceutical companies, and thus, the detection of liquid levels in storage tanks is an important task in these plants. Thus, increasing use of photoelectric sensors in the pharmaceuticals industry would drive the photoelectric sensor market growth in the coming years.

Technology-Based Market Insights

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.

End-User Based Market Insights

Based on end-user, the photoelectric sensor market is segmented into automotive, military and aerospace, electronics and semiconductor, packaging, and others. In 2020, the automotive segment accounted for the largest market share.

The players operating in the photoelectric sensor market adopt strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key players are listed below:

• 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.

Photoelectric Sensor Market Regional Insights

The regional trends and factors influencing the Photoelectric Sensor Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Photoelectric Sensor Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Photoelectric Sensor Market Market Report Scope

Market Players Density: Understanding Its Impact on Business Dynamics

The Photoelectric Sensor Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Photoelectric Sensor Market are:

1. Autonics Corporation
2. Balluff GmbH
3. Eaton Corporation plc
4. Ifm Electronic GmbH
5. Keyence Corporation

Disclaimer: The companies listed above are not ranked in any particular order.

The global photoelectric sensor market has been segmented as mentioned below:

By Technology

• Diffused
• Retro-Reflective
• Thru-Beam

By End-User

• Automotive
• Military and Aerospace
• Electronics and Semiconductor
• Packaging
• Others

By Geography

• North America
  • US
  • Canada
  • Mexico
• Europe
  • France
  • Germany
  • Italy
  • UK
  • Russia
  • Rest of Europe
• Asia Pacific (APAC)
  • China
  • India
  • South Korea
  • Japan
  • Australia
  • Rest of APAC
• Middle East & Africa (MEA)
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of MEA
• South America (SAM)
  • Brazil
  • Argentina
  • Rest of SAM

Company Profiles

•   Autonics Corporation
•   Balluff GmbH
•   Eaton Corporation plc
•   Ifm Electronic GmbH
•   Keyence Corporation
•   OMRON Corporation
•   Rockwell Automation, Inc.
•   Panasonic Corporation
•   SICK AG
•   Schneider Electric SE