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Global Photoelectric Sensor Market to Grow at a CAGR of 7.4% During 2021-2026, Aided by the Rising Deployment of Photoelectric Sensors in Military Applications

According to a new report by EMR titled, ‘Global Photoelectric Sensor Market Report and Forecast 2021-2026’, the market attained a value of about USD 1.6 billion in 2020. The industry is further expected to grow at a CAGR of 7.4% in the forecast period of 2021-2026 to reach a value of approximately USD 2.5 billion by 2026.

The Asia Pacific region is expected to hold a significant share of the overall market for photoelectric sensor in the coming years. The increasing growth of automation in manufacturing industries as a result of the presence of the Industrial Internet of Things (IIoT) is anticipated to drive the market growth in the region. In addition, the flourishing automobile industry due to the presence of leading market players developing the latest technologies to meet the rising consumer expectations are projected to catalyse the market growth in the region. Apart from this, the market growth is anticipated to be propelled by applications of photoelectric sensors in the military and defence sector. These sensors are used for biological agent detection and surveillance to safeguard the military as well as civilians. Furthermore, the development of nanotechnology and smart sensors offer numerous advantages, such as reduced maintenance costs, enhanced reliability, and decreased weight, which is further fuelling the market growth of photoelectric sensor.

OMRON Corporation (TYO: 6645), a global leader in the market for photoelectric sensors, recently announced the launch of a new complementary metal-oxide semiconductor (CMOS) photoelectric sensor in October 2020. The E3AS-HL series of photoelectric sensors are designed to help manufacturers enhance flexibility and minimise maintenance needs. In addition, it provides stable detection even as objects vary in colour, opacity, or pattern with the help of image array technology. Furthermore, the E3AS-HL developed by Omron further reduces the need for specialised set-ups as the photoelectric sensor is easy to use, which makes its set-up quick and easy. This allows the operators to minimise costs by hiring professional help. Also, the E3AS-HL is equipped with two-point object teaching and background suppression (BGS) teaching, which further eases the operations. Hence, the market is expected to be augmented by the development of such innovative technologies by the leading market players.

Market Analysis by Technology, Type, Material, Spectrum, Output, Range, Application, Industry Vertical, and Region:

  • Based on technology, the market can be divided into thru-beam, retro-reflective, and diffused.
  • On the basis of type, the market can be segmented into laser photoelectric sensor and fibre optics photoelectric sensor.
  • The market, based on material, can be categorised into metal and plastic.
  • On the basis of spectrum, the market can be categorised into infrared, visible, and ultraviolet.
  • The market, based on output, can be classified into analogue and digital.
  • Based on range, the market segmentations include less than 100 mm, 100 - 1,000 mm, 1,000 - 10,000 mm, and more than 10,000 mm. 
  • Based on applications, the market can be divided into safety, edge detection, film thickness detection, height and level measurement, and position detection, among others.
  • The market divisions based on industry vertical are consumer electronics, aerospace and defence, automotive, food and beverages, and healthcare, among others.
  • The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The market growth of photoelectric sensors can be attributed to the emergence of advanced technology in the field of robotics and automation across various industry verticals.
  • The rising use of photoelectronic sensors in the food and beverage industry for packaging and handling purposes is propelling the market growth.
  • The rising adoption of photoelectric sensors in logistics automation that rely on position and object sensing for efficient and safe operations is augmenting the market growth of photoelectric sensor.
  • The rising market demand for the product from the automotive sector for the assembly process to monitor the production line is invigorating the market growth of photoelectric sensor.

Key Offerings of the Report:

  • The EMR report gives an overview of the global photoelectric sensor industry for the periods (2016-2020) and (2021-2026).
  • The report also offers historical (2016-2020) and forecast (2021-2026) markets for technologies, types, materials, spectrums, outputs, ranges, applications, industry verticals, and regions of photoelectric sensor.
  • The report analyses market dynamics, covering the key demand and price indicators in the market along with an assessment of the SWOT and Porter’s Five Forces Model.

The major players in the global photoelectric sensor market are OMRON Corporation, Autonics Corporation, Panasonic Corporation, KEYENCE CORPORATION, Rockwell Automation, Inc, and SICK AG, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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*We at Expert Market Research always strive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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