The Photoelectric Sensor Market was valued at US$1.446 billion in 2020 and will increase to US$2.453 billion by 2027. Over the forecast period, this market is estimated to grow at a compound yearly growth rate of 7.84%.
A Photoelectric sensor is a proximity detector used to ascertain the distance, presence, or absence of the object with the aid of a light transmitter and photoelectric receiver built into it. The light transmitted by the sensor could be visible or infrared. The Photoelectric sensors are primarily available in three types: Through-beam, diffused, and retro-reflective. Depending on the type of sensor, both emitting and receiving elements are either housed in a single body or are separated into two bodies. Due to their versatile applications, Photoelectric sensors are being used in multiple industries, including Consumer Electronics, Semiconductors, Manufacturing, Packaging, Automotive, and others. Photoelectric Market is primarily segmented based on its types, end-user, and geography.
According to the Analysts, the demand for Photoelectric Sensor Market is expected to increase predominantly due to sensors' applicability in multiple industries and growing industrial automation.
Photoelectric sensors offer a wide range of features, including long-distance sensing, fast response time, High resolution, easy adjustment, color identification, etc. A Through-beam photoelectric sensor, for example, can detect objects that are even 10 meters away, a feat impossible by other ultrasonic or magnetic sensors. Furthermore, as the speed of light is very fast, the sensors are able to respond at the swiftest speed possible. The advancement in technologies has further enabled them to be able to detect even objects of small sizes and detect precise positions. Moreover, as the sensors work on the principle of the amount of light reflected or interrupted by an object, they can detect any object, including wool, liquid, plastic, glass, etc., unlike proximity sensors which can detect only metals.
To optimize the operational processes and enhance accuracy, several industries—including pharmaceutical, food & beverages, packaging, and many others—are owing to their wide range of applications. For instance, a Photoelectric sensor can be used to count the number of products to detect the orientation or damages, if any, of the products on a production line. Furthermore, these sensors can even be used in smart parking lots to detect passing cars. These sensors are also installed in robotic trucks and pickers in the logistics industry for efficient and safe operations. The sensors not only possess a wide array of sensing ranges and longer serviceable life but are also economical. Thus, many industries are adopting photoelectric sensors into their operating systems to detect to enhance efficiency.
By type, the retro-reflective photoelectric sensors are expected to show significant growth during the forecasted period.
In Retro-reflective photoelectric sensors, the light emitter and receiver are usually housed in the same body. In contrast, a reflector is installed on the opposite side. In this, a light beam transmitter, usually a light-emitting diode, emits a light beam, which, when interrupted by any object, undergoes deviation. The reflector reflects the deviated light ray back to the light-sensitive receiver, which measures the intensity of deviation and detects the presence and orientation of the object. One of the positive attributes of these sensors is that they have simple wiring and an adjustable optical axis, making the device installation and configuration easy. Furthermore, as the light goes through an object twice, these sensors are optimal for sensing transparent articles. The main advantages of these sensors are that they are inexpensive when compared with Through-beam sensors and offer better sensing range and accuracy. The growing demand for these sensors in pharmaceutical and food manufacturing facilities is expected to fuel the market.
During the forecast period, the Photoelectric Sensors market in the Asia Pacific region is expected to have a dominant share.
Based on geography, the Global Photoelectric Sensors market is segmented into five regions: North America, South America, Europe, the Middle East and Africa, and the Asia Pacific. The Asia Pacific is expected to hold a dominant share of the photoelectric sensor market. Among the countries presiding in the region, the photoelectric sensor market in India, China, Japan, and South Korea are expected to see significant growth, owing to the rapid development of automobile, semiconductors, and consumer electronics industries. For instance, according to OICA, of the 80,145,988 units of motor vehicles produced in 2021, 46,732,785 units were produced in the Asia Pacific region. About 50% percent of these units, that is 26,082,220 units, were produced by China, the largest automobile producing nation globally. At the same time, according to World Semiconductor Trade Statistics, of the US$ 555,893 million global sales produced in the semiconductor industry, the Asia Pacific region alone contributed to US$ 342,9667 million in sales in 2021. Furthermore, the emergence of Japan, China, South Korea, and Taiwan as the Big Four in the Asia Pacific, owing to the increasing strategic developments and investments in research and development, are fuelling the market growth. Thus, the increasing development of such industries in the region is bound to drive market growth in the Asia Pacific. The emergence of Industry 4.0, IoT, and their rapid adoption into several industries by governments and enterprises to increase efficiency are further expected to add impetus to the market growth.
COVID-19's impact on Photoelectric Sensor Market is negative. The end-users of the Photoelectric Sensors Market are primarily packaging, semiconductors, consumer electronics, automotive, and manufacturing. The outbreak of the pandemic and mandated lockdown has led to the closure of many automobile and consumer electronic factories, either partially or completely. The increased infection rates had further affected the staffing in the industries, thereby reducing productivity. Subsequently, a number of investments and development plans were also put on hold and were postponed to a later time. The disruptions in demand and supply chains and volatile prices had negatively affected the market. In the automobile industry, for instance, the number of units produced in 2020 fell to 77,621,582 units from 92,175,805 in 2019 worldwide, according to the statistics derived by The Organisation Internationale des Constructeurs d'Automobiles, OICA. Overall, the year 2020 saw a decline of 15.8% in the production of motor vehicles globally. Subsequently, the demand for photoelectric sensors in the Automobile industry decreased during the pandemic. Nevertheless, with the economy's recovery and several strategic developments deployed by the enterprises and governments to integrate industry 4.0 into multiple sectors, the demand for the photoelectric segment is expected to witness progressive growth in upcoming years.