The photoelectric sensor market was valued at US$1.445 billion in 2019 and is expected to grow at a CAGR of 7.64% over the forecast period to reach a total market size of US$2.419 billion by 2026.
A photoelectric sensor is a device that uses a light transmitter, often infrared, and a photoelectric receiver to identify the distance, absence, or presence of an object. They are primarily employed in industrial manufacturing.
The rise in demand for safety and surveillance through biological agent detection in the military sector, as well as the need to measure product parameters such as pressure and position in all aspects of control and automation, drives the photoelectric sensor market growth, and so does the penetration of the Industrial Internet of Things (IIoT).
However, high installation costs, the complexity associated with deploying transmitters and receivers in different locations in beam and retro-reflective sensors, as well as the regular maintenance required owing to lens contamination, tend to hamper the expansion of the photoelectric sensor market.
Adoption of robotics and complete automation by programming and reprogramming equipment in the food and beverage sector for cutting, positioning, and essential inspection applications, on the other hand, enhances the revenue of the photoelectric sensor market. Extensive progress in digital sensor technology, along with an increase in demand for IoT, and massive government investments in security and surveillance, is expected to open new doors for the photoelectric sensor market.
Asia Pacific photoelectric sensor market is expected to dominate the global industry. The increasing usage of advanced technology, expanding acceptance of IIoT across various industrial facilities, and rising safety regulations in emerging nations such as India, Japan, and China are driving the expansion of photoelectric sensors in the region. The photoelectric sensors market is growing rapidly due to the fast expansion of end-user sectors such as consumer electronics, industrial, automotive, and textile. Nanotechnology has also opened up new prospects for the Asia-Pacific photoelectric sensor market.
Photoelectric sensors can detect objects of various sizes and sense a variety of materials. They have a vast sensing range, are inexpensive, and have a long life. As manufacturers strive to increase production efficiency without sacrificing product quality, demand for these photoelectric sensors continues to rise. Any defect in the manufacturing process might result in massive losses. As a result, manufacturers are incorporating photoelectric sensors into their manufacturing or assembly lines. Photoelectric sensors, for instance, are used in the food and beverage industries to identify the size of items, detect flaws, count small objects, and check misaligned lids on bottles. Photoelectric sensors are used by robotic pickers and trucks in the logistics and materials handling industries to ensure efficient and safe operations. These sensors are also used by automatic doors and elevators to detect and count people.
The engagement of the United States and China in a trade war may result in global trade regionalization. This trade war has already reduced trade flows between the two nations by imposing tariffs, imposing business restrictions on particular firms, and accusing each other of currency manipulation. The continuance of this trade war has heightened global industrial concern. It has also harmed global economic advances, as seen by a fall in overseas commerce. In major markets, the Manufacturing Purchasing Managers' Index has fallen, and export order levels have deteriorated. Furthermore, the spread of the COVID-19 has led not only to the loss of human lives but also to political and economic implications. The pandemic resulted in widespread lockdowns, which have slowed manufacturing and international trade. Consequently, the world economy has suffered. Hence, slower international trade and a failing global economy operate as major barriers for photoelectric sensor producers, restricting market development.
The COVID-19 pandemic had significantly impacted the photoelectric sensor market. Several industrial units, including those in automotive, packaging, and logistics, ceased operations in 2020. Consumer demand declined, international trade restrictions, and supply chain disruptions have all hampered market potential. Manufacturers of pharmaceuticals and medical devices, as well as food and drinks, increased their manufacturing capacity in response to the COVID-19 pandemic in order to satisfy rising consumer demand while preserving the supply chain for essential commodities. To satisfy rising demand, several manufacturers shifted toward the use of automated processes and technology, creating new opportunities for industry growth.
|Market size value in 2019||US$1.445 billion|
|Market size value in 2026||US$2.419 billion|
|Growth Rate||CAGR of 7.64% from 2019 to 2026|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Type, End-User, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Omron Corporation, Pepperl+Fuchs, Telco Sensors, Sick AG, Panasonic Corporation, Keyence Corporation, Rockwell Automation Inc., Leuze Electronic GmbH, Schneider Electric, Banner Engineering|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the photoelectric sensor market size by 2026?
A1. The global photoelectric sensor market is expected to reach a total market size of US$2.419 billion in 2026.
Q2. What are the growth prospects for the photoelectric sensor market?
A2. The global photoelectric sensor market is expected to grow at a CAGR of 7.64% over the forecast period.
Q3. What is the size of the global photoelectric sensor market?
A3. Photoelectric Sensor Market was valued at US$1.445 billion in 2019.
Q4. What factors are anticipated to drive the photoelectric sensor market growth?
A4. The rise in demand for safety and surveillance through biological agent detection in the military sector, as well as the need to measure product parameters, drives the photoelectric sensor market growth.
Q5. Which region holds the largest market share in the photoelectric sensor market?
A5. The Asia Pacific region is expected to hold a noteworthy share in the photoelectric sensor market.
Rockwell Automation Inc.
Leuze Electronic GmbH
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