According to the new research report titled “Photoelectric Sensor Market” Forecast to 2028 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, The photoelectric sensor market is expected to grow from US$ 1,536.10 million in 2021 to US$ 2,577.56 million by 2028; it is estimated to grow at a CAGR of 7.7% from 2021 to 2028.
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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.
Photoelectric sensor is a specialized sensor that is used to detect the presence and absence or distance of an object using alight transmitter and a photoelectric receiver. The light used for object detection varies from sensor to sensor, the photoelectric sensor market has a wide range of applications in manufacturing industry. The photoelectric sensors market is anticipated to grow in the forecast period owing to driving factors such as growing focus towards increasing operational efficiency, and growing demand for IoT. The photoelectric sensor market is experiencing significant growth owing to escalating industrialization across the world, especially in Asia-Pacific. Steady economic growth and favorable government policies are attracting companies to set up manufacturing facilities in Asian countries.
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The recent COVID-19 pandemic has moderately impacted the growth of the photoelectric sensor market. Lockdowns and other restrictions have resulted in the halt of the international transportation and infrastructure projects, which hindered the growth of the market. However, the ease of lockdown restrictions, along with increased adoption of the Industrial Internet of Things (IIoT), is expected to boost the market growth due its variety of benefits such as increased resource utilization, and improved efficiency and worker safety in both developed and emerging economies. This, in turn, will support the speedy recovery of the photoelectric sensor market during the post-lockdown period.
Key Findings of Study:
Several players operating in the global photoelectric sensor market are adopting significant strategic initiatives. For instance, in April 2021, Panasonic Corporation created a manufacturable technology that dramatically improves device output fabricated on silicon (Si) wafers by exploiting the unique function of a phononic crystal structure which can overcome the traditional limitation of solids' heat insulation property. The heat loss from the infrared-receiving portion of a thermal-type far infrared sensor was reduced to about a tenth of what it was before the phononic crystal structure was added.
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.
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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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