Photoelectric Sensors Market Set to Witness an Uptick during 2019 to 2025Posted by Mrudula Anil Karmarkar on March 25th, 2021 The global photoelectric sensors market size is expected to reach USD 2.09 billion by 2025, according to a new report by Grand View Research, Inc., registering a 6.1% CAGR during the forecast period. These sensors are widely used in packaging and manufacturing industries as they offer numerous advantages such as cost effectiveness, long sensing distances, fast response time, and high resolution. These high-efficiency products are expected to witness an increase demand also owing to benefits such as low maintenance, long operating life, and low power consumption. The recent COVID-19 pandemic that has been ravaging numerous countries across the globe has adversely affected the overall sensor, control, and automation industry. While the capital investments in the automation sector have been lethargic before the pandemic, they are expected to be put on hold or postponed for at least a year. However, the recent standstill in industrial manufacturing and production is anticipated to act as a wake-up call for the manufacturing sector on its reliance on human labor. This, in turn, is expected to highlight the advantages of robotics and automation helping a greater adoption in the post-pandemic period. As IoT, industrial automation, and digitalization are expected to become increasingly relevant to post-pandemic Tier 1 manufacturers, it may eventually turn into an opportunity especially in evolving supply chains. The report will account for Covid19 as a key market contributor. Rising penetration of Industrial Internet of Things (IIoT) is further expected to enhance market growth. This growth is attributed to numerous benefits, including maximizing asset utilization, improving productivity, and enhancing work safety. These devices help in connecting machines and devices to enhance efficiency, productivity, and operation of industrial facilities. The photoelectric sensors market is anticipated to witness a considerable demand over the forecast period, which stems from industries such as healthcare, oil and gas, and military and aerospace across developed and developing countries. Increasing government regulations pertaining to fuel emissions, along with increasing use of photoelectric sensors in automotive applications such as failure diagnostics, throttle control, contactless positioning sensing, and precision position measurement for better control, are key factors spurring market growth. The emergence of smart photoelectric sensors is expected to drive market growth over the forecast period. This may be ascribed to several benefits such as reduced down time, lower cost, adaptability for self-calibration and compensation, fewer interconnections between multiple sensors and control systems, lower weight, and higher reliability. Further key findings from the report suggest:
Rising penetration of Industrial Internet of Things (IIoT) has also resulted in proliferated demand. Industrial and process systems rely on sensors for reliable and precise data in all aspects of control and automation. Industrial Internet of Things uses this product to measure positions, pressures, and other significant production parameters. Constant rise in military expenditure across developed and developing countries is also expected to boost market growth. These sensors are used in the military and aerospace industry for biological agent detection and surveillance to safeguard military as well as civilian population. Furthermore, advent of smart photoelectric sensors is anticipated to augment market growth over the forecast period. These smart sensors offer various advantages such as reduced maintenance cost, enhanced reliability, decreased weight, and reduced downtime. The automotive segment captured the dominant share in the photoelectric sensors market in 2016. These sensors are used in several automotive applications such as enabling advanced electronic power steering systems, detecting automobiles in parking lots, and detecting shiny objects. Reduced costs associated with photoelectric sensor manufacturing and mandatory emission regulations have also led to increased use in the automotive industry. For instance, the Euro 6 standards for exhaust emissions in Europe requires 56% reduction in nitrogen oxides emission for diesel engines. Have a Query? Ask Our Expert: https://www.grandviewresearch.com/inquiry/1671/ibb The market for photoelectric sensors is characterized by robust competition owing to major global players as well as small vendors offering a wide range of products. Moreover, the market is fragmented in nature with the presence of key players such as Panasonic Corporation; Keyence Corporation; Rockwell Automation Inc.; Autonics Corporation; and Schneider Electric SE. Companies adopt various inorganic strategies such as mergers and acquisitions and joint ventures to survive the competition. For instance, SICK AG acquired the industrial business of MICAS. This acquisition helped the former company expand its technology portfolio for port end uses, mines, and heavy industries. On the other hand, MICAS sold its industrial business because the industrial radar segment, which served mainly port and mine operators, could not be developed without a globally operating sales organization. Grand View Research has segmented the global photoelectric sensors market based on technology, end use: Photoelectric Sensors Technology Outlook (Revenue, USD Million, 2014 - 2025)
Photoelectric Sensors End-use Outlook (Revenue, USD Million, 2014 - 2025)
About Grand View Research Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare. For More Information:www.grandviewresearch.com Like it? Share it! More by this author |