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Global Photoelectric Sensors Market to Reach $2 Billion by 2026
SAN FRANCISCO, June 30, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Photoelectric Sensors - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 9; Released: January 2021
Executive Engagements: 7804
Companies: 53 - Players covered include Banner Engineering Corporation; CNTD Electric Technology Co., Ltd.; Fargo Controls Inc.; HTMSensors; Keyence Corporation; Leuze Electronic, Inc.; Omron Corporation; Panasonic Corporation; Pepperl+Fuchs SE; Rockwell Automation, Inc.; Schneider Electric SE; SensoPart Industriesensorik GmbH; Sick AG and Others.
Coverage: All major geographies and key segments
Segments: Application (Automotive, Packaging, Electronic & Semiconductor, Military & Aerospace, Other Applications); Technology (Retro-reflective, Diffused, Other Technologies)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Africa.
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ABSTRACT-
Global Photoelectric Sensors Market to Reach $2 Billion by 2026
A photoelectric sensor is device used to sense position with a modulated light beam. They are used to determine how far an object is by using infrared or visible red light detected by a receiver. Demand in the global market is set to be driven by growing industrial automation, logistic operations and rising trend of packaged food consumption that uses advanced sensor technology. With the growing adoption of automation technology in several industries, robots, automated machines, devices and vehicles are replacing the manual labor in various factories and other workplaces. As a result, the demand for photoelectric sensors has been growing rapidly. Growing number of projects in smart cities that need smart devices embedded with photoelectric sensors is another factor fueling the market growth. Increasing investments in R&D on latest sensor technologies and integration of sensor solutions for several applications are expected to accelerate the market growth further.
Amid the COVID-19 crisis, the global market for Photoelectric Sensors estimated at US$1.4 Billion in the year 2020, is projected to reach a revised size of US$2 Billion by 2026, growing at a CAGR of 5.8% over the analysis period. Retroreflective, one of the segments analyzed in the report, is projected to grow at a 5.5% CAGR to reach US$1 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Through-Beam segment is readjusted to a revised 5.7% CAGR for the next 7-year period. This segment currently accounts for a 26.9% share of the global Photoelectric Sensors market. Retroreflective photoelectric sensors dominate market growth as the sensors can continue to provide results even in challenging conditions such as multiple angles and colors that can distort results when regular sensors are used. The built-in optical axis adjustment controls as well as the simple wiring render them highly useful for applications in various industries such as the pharmaceutical industry, where the sensors ensure that tablets are packaged appropriately and no blanks are left in the blisters.
The U.S. Market is Estimated at $331.1 Million in 2021, While China is Forecast to Reach $413 Million by 2026
The Photoelectric Sensors market in the U.S. is estimated at US$331.1 Million in the year 2021. The country currently accounts for a 22.29% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$413 Million in the year 2026 trailing a CAGR of 6.9% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 5.4% and 5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 5.4% CAGR while Rest of European market (as defined in the study) will reach US$441.5 Million by the end of the analysis period. The Asia-Pacific region, being the hub for global industrial production, offers robust growth opportunities for photoelectric sensors. The increasing adoption of automation and Internet of Things (IoT) in the region is expected to drive market growth. North America and Europe are also expected to witness healthy growth as companies are nearshoring production and are embracing industrial automation to compete with Asian companies.
Reflective Segment to Reach $493.7 Million by 2026
Increasing preference for non-contact and safe object detection in several applications is a key factor, driving demand for reflective photoelectric sensors. Demand from key applications such as printing & packaging, and manufacturing sectors drives growth in the segment. Using different optical properties, these sensors detect the objects and variations in surface conditions and other factors. In the global Reflective segment, USA, Canada, Japan, China and Europe will drive the 6.5% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$259.5 Million in the year 2020 will reach a projected size of US$402.4 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$52.9 Million by the year 2026, while Latin America will expand at a 7.4% CAGR through the analysis period. More
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Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world`s only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.
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Zak Ali
Director, Corporate Communications
Global Industry Analysts, Inc.
Phone: 1-408-528-9966
www.StrategyR.com
Email: [email protected]
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SOURCE Global Industry Analysts, Inc.
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