Photoelectric Sensors Market to Achieve $2 Billion Milestone by 2030
Meticulous Research®, a leading global market research firm, has released its latest report titled “Photoelectric Sensors Market by Sensing Type (Diffuse-reflective Sensors, Retroreflective Sensors), Sensing Distance, Structure (Amplifier Built-in, Power Supply Built-in), Beam Source, Output, End Use, and Geography – Global Forecast to 2030.”
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The global photoelectric sensors market is projected to reach $2 billion by 2030, growing at a compound annual growth rate (CAGR) of 12.8% from 2023 to 2030. This growth is driven by the increasing adoption of photoelectric sensors across various industries, the rising demand for retro-reflective sensors, ongoing digital transformation, and the emergence of connected industries. However, the market faces constraints from the availability of alternative technologies. Significant growth opportunities are expected from the increasing use of industrial robots and the growing demand for packaged foods. Challenges such as raw material scarcity and high maintenance costs may impede market progress.
Market Segmentation and Key Insights:
By Sensing Type:
- The market is segmented into through-beam sensors, diffuse-reflective sensors, retro-reflective sensors, distance-settable sensors, and limited-reflective sensors.
- In 2023, the retro-reflective sensors segment is expected to hold the largest market share due to their simplicity, cost-effectiveness, compact design, versatility, stability, and long sensing distances.
By Sensing Distance:
- The market is divided into less than 300 mm, 300 mm to 1000 mm, 1000 mm to 10,000 mm, and more than 10,000 mm.
- The 300 mm to 1000 mm segment is projected to lead in 2023, driven by features like short- and long-range object detection and compact sizes, enhancing the profitability of packaging and handling operations.
By Structure:
- Segments include amplifier built-in, power supply built-in, amplifier-separated, and fiber.
- The amplifier built-in segment is anticipated to dominate in 2023, thanks to its extensive use in industrial control systems and semiconductor manufacturing for reliable long-range object detection.
By Beam Source:
- The market includes infrared beam, red beam, green beam, blue beam, and three-color beam.
- The red beam segment is expected to command the largest share in 2023 due to its visibility, contrast, cost-effectiveness, power efficiency, and suitability for various industrial automation applications.
By Output:
- The market is segmented into digital and analog outputs.
- The digital segment is anticipated to capture the largest market share in 2023, benefiting from advantages in design, operational performance, and reduced maintenance costs.
By End Use:
- Segments include consumer electronics, automotive & transportation, packaging, pharmaceutical & medical, food & beverage, building automation, industrial manufacturing, and others.
- The automotive & transportation segment is forecasted to lead in 2023, driven by applications in advanced electronic power steering systems, parking lot detection, and compliance with stringent emission regulations.
By Geography:
- The market is segmented into Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa.
- Asia-Pacific is expected to hold the largest share in 2023, driven by the region’s demand for automation solutions in various sectors and the growing influence of nanotechnology.
Key Players: The report profiles key players in the photoelectric sensors market, including:
- OMRON Corporation (Japan)
- KEYENCE CORPORATION (Japan)
- SICK AG (Germany)
- Schneider Electric SE (France)
- Rockwell Automation Inc. (U.S.)
- ifm electronic gmbh (Germany)
- Pepperl+Fuchs SE (Germany)
- Balluff GmbH (Germany)
- Banner Engineering Corp. (U.S.)
- Panasonic Corporation (Japan)
- EATON CORPORATION plc (Ireland)
- HTM Sensors Inc. (U.S.)
- wenglor sensoric GmbH (Germany)
- Fargo Controls Inc. (U.S.)
- Carlo Gavazzi (Switzerland)
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