(MENAFN- GlobeNewsWire - Nasdaq) Newark, April 18, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the photoelectric sensor market will grow to USD 1.65 billion in 2022 and reach USD 3.07 billion by 2032. In just ten years, a rising trend of miniaturized sensors and the growing availability of affordable processors & sensors that can provide real-time access to information are also expected to drive market growth during the forecast period. Additionally, the increasing need to enhance operational competence, along with considerable collaboration between the key participants, is also helping to stimulate market growth over the forecast period.
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Key Insight of the Photoelectric Sensor Market
Asia Pacific to account for the largest market size during the forecast period.
Asia Pacific is expected to have the largest market share in the photoelectric sensor market. Key factors favouring the growth of the photoelectric sensor market in Asia Pacific include rising stringent regulations for industrial automation in multiple manufacturing facilities, along with the ever-increasing trend towards industrial automation & IoT in developing nations are helping to stimulate market growth. Further, technological advancements to improve operational efficiency and raise safety mandates are expected to drive market growth in this region.
The retroreflective photoelectric sensors segment is expected to augment the photoelectric sensor market during the forecast period.
The technology segment is divided into retroreflective photoelectric sensors, reflective photoelectric sensors, through-beam photoelectric sensors, and diffused. The retroreflective photoelectric sensors segment held the largest market share in 2022 and is expected to continue during the forecast period owing to the rising use of retroreflective photoelectric sensors in industrial manufacturing, pharmaceuticals, and medical applications.
The laser beam source segment market size was USD 0.91 billion in 2022
The beam source segment is divided into standard beam source and laser beam source. The market size of the laser beam source segment was USD 0.91 billion in 2022 due to growing safety and security awareness.
The 100 TO 1,000 MM sector segment accounted for the largest market share of 32.26% in 2022.
The range segment is divided into 10,000 MM, 1,000 TO 10,000 MM, 100 TO 1,000 MM, and ≤100 MM. The 100 TO 1,000 MM segment accounted for the largest market share of 32.26% in 2022 due to the increasing deployment of AGVs and advanced mobile robotics in many industries.
The fiber optic photoelectric sensor segment market size was USD 0.94 billion in 2022
The type segment is divided into fiber optic photoelectric sensor and proximity photoelectric sensor. The fiber optic photoelectric sensor segment is anticipated to dominate the market over the forecast period owing to the increasing need among enterprises & businesses to engage in influential sensing operations of their mechanical systems.
The built-in amplifier segment market size was USD 0.54 billion in 2022
The structure segment is divided into the built-in power supply, built-in amplifier, fiber type, and separate amplifier. Due to its extensive use in industrial manufacturing and automotive applications, the built-in amplifier segment is anticipated to dominate the market over the forecast period. Further, by 2032, the fiber type segment will likely dominate the market due to the capacity of fiber type photoelectric sensors to detect small differences in the height of objects.
The packaging segment is anticipated to dominate the market by 31.05% in 2032.
The application segment is divided into industrial manufacturing, consumer electronics, building automation, automotive and transportation, packaging, pharmaceuticals and medical, food and beverages, and others. Due to increasing industrialization, the packaging segment is anticipated to dominate the market by 31.05% in 2032. In 2022, the automotive and transportation segment dominated the market with 23.18% and a revenue of USD 0.38 billion. This growth is attributed to the increasing demand for connected cars worldwide.
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Market Dynamics
Driver: The emergence of self-driven cars:
The gradual shift towards automation in the automotive industry. The emergence of electric vehicles and self-driven cars is boosting the demand for photoelectric sensors for the manufacturing of these vehicles, which is helping to drive market growth. Moreover, customer awareness and widespread acceptance of autonomous vehicles, strict safety regulations worldwide, and increasing expendable income in emerging economies are also helping to boost market growth over the forecast period.
Restraint: The high maintenance costs of photoelectric sensors:
The unavailability of raw materials and the high maintenance costs of photoelectric sensors hinder the market growth. Moreover, the low detection sensitivity of photoelectric sensors in long-range detection applications is the restraining factor of market growth.
Opportunity: The increasing digitization & connected industries:
The photoelectric sensors have a broad range of applications in multiple industry verticals, such as pharmaceuticals and medical, automotive and transportation, consumer electronics, building automation, packaging, & industrial manufacturing to assure accuracy, consistent and shorter cycles, and faster time-to-market. Moreover, the high demand for photoelectric sensors for packaging applications from the food and beverages industry is promoting market growth over the forecast period. However, the rising adoption of IoT-based machines and the growing government initiatives to favor infrastructure development and smart city construction are also helping to boost market growth over the forecast period.
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Some of the major players operating in the photoelectric sensor market are:
. Pepperl
. Rockwell
. Banner Engineering
. Balluff
. Omron
. Bernstein
. IFM
. Schneider Electric
. Keyence
. Autonics
. Cntd Electric Technology
. Panasonic
. Sick
. Wenglor Sensoric
. Leuze Electronic
. Avago Corporation
. Sensopart Industriesensorik
. Baumer Group
. HTM Sensors
. Eaton Corporation
. Fargo Controls
Key Segments cover in the market:
By Technology:
. Retroreflective Photoelectric Sensors
. Reflective Photoelectric Sensors
. Through-Beam Photoelectric Sensors
. Diffused
By Beam Source:
. Standard Beam Source
. Laser Beam Source
By Range:
. 10,000 MM
. 1,000 TO 10,000 MM
. 100 TO 1,000 MM
. ≤100 MM
By Type:
. Fiber Optic Photoelectric Sensor
. Proximity Photoelectric Sensor
By Structure:
. Built-In Power Supply
. Built-In Amplifier
. Fiber Type
. Separate Amplifier
By Application:
. Industrial Manufacturing
. Consumer Electronics
. Building Automation
. Automotive and Transportation
. Packaging
. Pharmaceuticals and Medical
. Food and Beverages
. Others
By Region
. North America (U.S., Canada, Mexico)
. Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
. Asia-Pacific (China, Japan, India, Rest of APAC)
. South America (Brazil and the Rest of South America)
. The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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