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The global photoelectric sensors market size is expected to reach $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.
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:
- The photoelectric sensors market was valued at USD 1.24 billion in 2016 and is projected to expand at a CAGR exceeding 6.0% over the forecast period. This is largely attributed to rising penetration of IIoT in industrial facilities
- By technology, the retro-reflective segment captured a major market share in 2016. The segment is also expected to grow at the highest rate over the forecast period owing to its capability to offer sturdy construction, low maintenance, and efficient detection of shiny and transparent objects
- The packaging industry as an end-use segment is expected to grow at the highest rate over the forecast period as these products are broadly adopted to detect transparent bottles, control conveyor positioning, and monitor product presence
- The Asia Pacific region is projected to witness substantial growth, exhibiting a CAGR exceeding 6.0% over the forecast period. This is owing to rising industrial automation and increasing government regulations in the developing economies of China, India, and Japan
- Key players such as Panasonic Corporation; Keyence Corporation; Rockwell Automation Inc.; Autonics Corporation; and Schneider Electric SE dominated the market in 2016, with a focus on increasing market presence through mergers and acquisitions.