Photoelectric Sensor Market worth $2.1 billion by 2025 - Exclusive Report by MarketsandMarkets™
CHICAGO, Nov. 3, 2020 /PRNewswire/ -- According to a research report "Photoelectric Sensor Market with COVID-19 Impact Analysis by Type (Through Beam, Retroreflective, Reflective), Range, Structure, Beam Source, Output, Application (Industrial Manufacturing, Food and Beverages) and Geography - Global Forecast to 2025", published by MarketsandMarkets™, the Photoelectric Sensor Market size is projected to reach USD 2.1 billion by 2025 from an estimated USD 1.5 billion in 2020, at a CAGR of 7.8% from 2020 to 2025.
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Extensive use of photoelectric sensors in different industries, increased adoption of retroreflective photoelectric sensors in various applications and surged adoption of industrial robots across several regions are among the factors driving the growth of the photoelectric sensor market.
Reflective segment of photoelectric sensor market to grow at highest CAGR from 2020 to 2025
The reflective segment of the photoelectric sensor market is projected to grow at the highest CAGR of from 2020 to 2025. The growth of this segment can be attributed to the advantages offered by reflective photoelectric sensors in terms of the ease of their installation at one point only, their cost-effectiveness, and their ability to carry out the non-contact detection of objects. Moreover, these sensors are used to detect small objects, including color marks and labels in packaging, industrial manufacturing, and consumer electronics applications.
By structure, the fiber type photoelectric sensor market is projected to grow at the highest CAGR of during the forecast period
The growth of the segment can be attributed to the small size and shape flexibility of fiber type photoelectric sensors and their ability to withstand challenging environments. These sensors are used in punch presses, vibratory feeders, conveyors, pill counting systems, small object detection systems, ovens, semiconductor processing equipment, robotic arms, and moving machines in applications such as food and beverages, pharmaceuticals and medical, etc.
By application, the food and beverage segment of the photoelectric sensor market is projected to grow at the highest CAGR during the forecast period.
The increased automation of the food and beverage industry to maintain hygiene standards and enhance production is expected to fuel the growth of this segment of the market. Photoelectric sensors are used for sensing and reliably detecting objects moving at high speeds. These sensors are used at a large-scale for filling and packaging, level measuring, folding, sealing, taping, boxing, and picking and placing operations in the food and beverage industry.
Browse in-depth TOC on "Photoelectric Sensor Market"
95 – Tables
63 – Figures
184 – Pages
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By region, APAC to account for the largest share of the photoelectric sensor market in 2025
APAC is projected to account for the largest share of the photoelectric sensor market in 2025. The growth of the market in this region can be attributed to the increased demand for photoelectric sensors from industrial manufacturing, consumer electronics, and building automation applications. Moreover, increasing research and development expenditure and rising investments by governments of different countries for the development of improved sensors for use in various applications are also expected to further drive the growth of the photoelectric sensor market in APAC.
Omron Corporation (Japan), Keyence Corporation (Japan), SICK AG (Germany), Schneider Electric (France), Rockwell Automation Inc. (US), ifm electronic GmbH (Germany), Pepperl+Fuchs (Germany), Balluff Inc. (Germany), Banner Engineering (US), and Panasonic Corporation (Japan) are some of the key players in the photoelectric sensor market.
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