The photoelectric sensor market was valued at US$ 1,458. 23 million in 2021 and is projected to reach US$ 2,577. 56 million by 2028; it is expected to grow at a CAGR of 7. 7% from 2021 to 2028.
New York, Aug. 30, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Photoelectric Sensor Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Technology and End-User" - https://www.reportlinker.com/p06130869/?utm_source=GNW
The demand for photoelectric sensors is increasing in various manufacturing industries owing to precise output delivered by them.Increasing productivity without hampering product quality is a primary goal of different manufacturing industries.
Inconsistencies in production lines and defects in products cause a huge loss to manufacturers, and to overcome this challenge, manufacturers are adopting photoelectric sensors in their production or assembly lines.These sensors help detect objects, check surface conditions, and measure distance through various optical properties, thereby ensuring consistency in assembly line.
During the construction of a car body, each part of the body is place on the assembly line with precision.Skids must speed up, slow down, and stop in front of each station, in time, for welding, riveted, and gluing operations.
The entire car body assembly line is controlled and processed with help of photoelectric sensors. Further, diffuse mode photoelectric sensors are used in bottle cap feeding machines in the food and beverages industry. They help align and orient each bottle cap in correct position for the bottling. The sensors detect smallest possible feed errors and stop the cap feeding machine operations before the occurrence of capping mistakes. Similarly, photoelectric sensor devices are extensively used in packaging, transportation, and logistics industries for safe transfer, and pickup and drop of goods from conveyer belt. Moreover, semiconductor industries deploy photoelectric sensors extensively due to their extremely small beam angles and sharply defined light spots, which are ideal for the precise positioning required for producing semiconductor devices. Thus, numerous applications of photoelectric sensors in different industries bolster the market growth.
The photoelectric sensor market is segmented on the bases of technology, end-use, and geography.Based on technology, the market is segmented into diffused, retro-reflective, thru-beam.
The retro-reflective segment represented the largest share of the overall market in 2020.In terms of end-user, the global photoelectric sensor market is segmented into automotive, military and aerospace, electronics and semiconductor, packaging, and others.
In 2020, the automotive segment accounted for a substantial share of the Market.Geographically, the photoelectric sensor market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM).
In 2020, Asia Pacific accounted for the significant share in the global market.
According to the latest report from the World Health Organization (WHO), the US, Spain, Italy, France, Germany, the UK, Russia, Turkey, Brazil, Iran, and China are among the worst-affected countries due to the COVID-19 outbreak.In 2020, the world economy suffered significant consequences, and the effects are expected to endure to some extent in coming years.
The outbreak disrupted primary industries such as electronics, semiconductor, and manufacturing.A sharp decline in the growth of these industries is limiting the growth of the photoelectric sensor market.
Factory shutdowns, travel and trade bans, and border lockdowns to combat and contain the infection have negatively impacted manufacturing, supply, and sales of various sensor products.
Manufacturers of photoelectric sensors are focusing on lowering operating costs to stay competitive.However, they are expected to resume production activities during the post-lockdown phase.
Government initiatives to boost economies and relaxations in the lockdowns are expected to fuel demand for photoelectric sensors during the forecast period. Demand for photoelectric sensors is likely to expand as new technologies become more widely adopted in the automotive and aerospace industries.
The overall photoelectric sensor market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining an overview and forecast for the photoelectric sensor market with respect to all the segments.It also provides the overview and forecast for the global photoelectric sensor market based on all the segmentation provided with respect to five major regions—North America, Europe, Asia Pacific, Middle East and Africa, and South America.
Also, primary interviews were conducted with industry participants and commentators to validate data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the photoelectric sensor market.
A few major players operating in the global photoelectric sensor market are Autonics Corporation; Balluff GmbH; Eaton; ifm electronic gmbh; KEYENCE CORPORATION; OMRON Corporation; Panasonic Corporation; Rockwell Automation, Inc.; Schneider Electric; and SICK AG.
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