Knowledge Sourcing Intelligence announces the publication of a new analysis report on the market of the "Photoelectric Sensor Market - which is forecasted from 2022 to 2027”.
The growing demand for photoelectric sensors in the pharmaceutical, food and packaging industries is responsible for stimulating the global expansion of the Photoelectric Sensor Market.
As per the report, the Photoelectric Sensor Market is expected to grow at a CAGR of 7.84% to reach US$2.453 billion by 2027, from US$1.446 billion in 2020.
The photoelectric sensor market is driven by the growing adoption of sensors in assembly lines, as well as in automated production facilities. The growing demand for rapid and efficient production in the pharmaceutical and food industries has expanded the photoelectric market. The adoption of robotic and automated production methods in the market has also contributed to its growth. Moreover, the growing government initiatives for the manufacturing sector have also contributed to its growing demand.
However, the high installation costs for the sensor transmitters and receivers, as well as the requirements for their maintenance are some of the challenges for the market. More
Based on type, the photoelectric sensor market is categorized into thru-beam, retroreflective, and diffused. The retroreflective segment of the market has seen the highest growth among other types and is expected to continue growing at a steady rate. However, the thru-beam photoelectric sensor has also seen significant growth in the market.
Based on the end-user, the photoelectric sensor market is divided into consumer electronics, packaging, semiconductors, manufacturing, automotive, and others. Of these segments, the automotive segment leads the market, mostly due to the advancements in technology in the sector. The complex production techniques and requirement of high accuracy in the assembly lines of automotive manufacturing plants have increased the demand in the segment. Moreover, the automotive sector has been a rapidly growing market and has seen a lot of developments in the sector.
Based on Geography, North America, South America, Europe, the Middle East, Africa, and the Asia Pacific are the regions that make up the Photoelectric Sensor market. The Asia Pacific region holds a majority of the market share, owing to the growing demand in the IIoT (Industrial Internet of Things) industry. Moreover, the growing technological developments in the region are also expected to drive up the demand in the region. North America was recorded to hold the second-largest market share and is growing at a fast pace.
As part of the report, the major players operating in the Photoelectric Sensor market that have been covered are Pepperl+Fuchs, Omron Corporation, Sick AG, Panasonic Corporation, etc.
View a sample report or purchase the complete study at https://www.knowledge-sourcing.com/report/photoelectric-sensor-market
This analytic report segments the Photoelectric Sensor market on the following basis: