According to a report published by Grand View Research, Inc.; the photoelectric sensors market is expected to reach a valuation of around USD 2.09 billion by 2025.
Rising adoption of this sensors in various industrial end-use including manufacturing, packaging, and material handling industries can propel the market over the forecast period (2014 to 2025).
Various benefits associated with these sensors such as fast response time, long sensing distances, high resolution, cost effectiveness, extended operating life, low maintenance, and less power consumption are likely to boost their demand in different end-use in industries. Development and high adoption of industrial internet of things (IIoT) is also expected to positively drive the market growth in the years to come. These devices aid in improving operational efficiency and productivity in industries. Since, numerous industrial process systems depend on sensors to perceive reliable and accurate data to control and automation. IIoT mainly uses these sensors to measure pressures, positions, and several other important production parameters. Additionally, introduction of smart photoelectric sensors is likely to support the market growth during the forecast period. Use of these sensors provide several benefits including reduction in downtime, improved reliability, less maintenance cost, and reduced weight.
Worldwide photoelectric sensors market can be segmented on the basis of technology, end-use, and region.
As per technology, the market can be characterized into diffused, thru-beam, and retro-reflective.
Full Research Report On Photoelectric Sensors Market Analysis: https://www.grandviewresearch.com/industry-analysis/photoelectric-sensors-market
In 2016, the retro-reflective segment accounted for the major market share and expected to grow significantly. The technology offers efficient sensing of glossy and transparent objects, and small and large objects. It also comprises low installation and maintenance costs. The thru-beam segment is estimated to grow at a CAGR over 5.0%. The technology has capabilities like long sensing distances and stable operation. The diffused segment is expected to expand at a reasonable rate over the study period. Based on end-use, the market can be fragmented into automotive, electronics and semiconductor, military and aerospace, packaging, and others.
The automotive segment dominated the market in 2016. These sensors are extensively used in sensing vehicles in parking lots, noticing shiny objects, and electronic power steering systems. The use of these sensors has increased in automobiles due to high implementation of emission guidelines. For instance, In Europe, the Euro 6 standards for exhaust emissions involves 56% reduction in nitrogen oxides emission for diesel engines. The packaging segment is likely to grow with the highest CAGR during the projected period. This growth can be associated with increasing automation and high adoption of these devices in packaging. These industries use these products for detecting transparent bottles, detection of wafers in vacuum conveyor system, and conveyor positioning control monitoring.
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The military and aerospace segments, and electronics and semiconductor segment are projected to grow sensibly during 2017 to 2025. Increasing expenditure in military across several developed as well as emerging countries is likely to support the military and aerospace segment. Sensors are widely accepted in the military and aerospace sectors for detecting biological agent and surveillance.
Geographically, the market can be divided into North America, Europe, Asia Pacific, Central & South America, and Middle East and Africa.
In 2016, Asia Pacific estimated for around 35.0% of the overall market. The region is expected to grow at a CAGR of 6.0% over the forecast period. Increasing adoption of IIoT is various industrial facilities, growing technological advancements for improving operational efficiency, and rise in safety directives are likely to increase the demand for these sensors in the coming years. Rise in government regulations and industrial automation in emerging countries such as Japan, China, and India are expected to support6 the market growth in this region.
Europe is expected to grow on account of increasing implementation of strict guidelines for industrial automation in numerous manufacturing settings. The Middle East is also likely to observe promising demand due to existence of oil and gas companies in the region.
Major companies operating in the market include Rockwell Automation Inc.; Keyence Corporation; Panasonic Corporation; Schneider Electric SE; and Autonics Corporation.
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