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Outlook on the World Market for Photoelectric Sensors, 2019 to 2024 - The Need for Increased Production Efficiency is Driving Market Growth - ResearchAndMarkets.com

May 17, 2019

DUBLIN--(BUSINESS WIRE)--May 17, 2019--

The “Photoelectric Sensors Market by Technology (Through-beam, Retro-reflective, Reflective), Range, Structure, Beam Source (Laser Beam, Standard Beam), Application (Consumer Electronics, Industrial Manufacturing) and Geography - Global Forecast to 2024” report has been added to ResearchAndMarkets.com’s offering.

The photoelectric sensors market is expected to grow from USD 1.4 billion in 2019 to USD 2 billion by 2024 at a CAGR of 7% during the forecast period.

The need for photoelectric sensors is mainly governed by the rising adoption of industrial automation and increasing government initiatives. However, competent alternative technologies such as inductive, capacitive, ultrasonic which serve the relatively same purpose can hinder the growth of the market.

The reflective segment is expected to grow at the highest CAGR during the forecast period

The reflective market is the fastest-growing segment in the photoelectric sensors market. Reflective (diffuse) sensors offer the cheapest sensing solution among all other categories of photoelectric sensors, which itself makes it quite eminent to be adopted across various applications with budget constraints. Also, with technological advancements such as laser beam and others, accuracy and sensing range are being improved. Also, one-point installation and convenience drive the increasing shipment of reflective sensors.

Industrial manufacturing output is expected to hold the largest size of photoelectric sensors market during the forecast period

Industrial manufacturing is the most dominant industry for photoelectric sensors. The need for automation is increasing in industrial products manufacturing to ensure accuracy, shorter and consistent cycles, and faster time-to-market. Also, the rising trend of mass customization where versatility is required along with precision; automation is inevitable. Moreover, newer trends such as smart factories and realization of its benefits to bring the process efficiency lead the adoption of automation for industrial manufacturing, which eventually drives the adoption of photoelectric sensors in industrial automation.

APAC is expected to record the highest growth rate during the forecast period

APAC is expected to have the highest growth rate during the forecast period due to an increasing number of automation activities in industrial processes, government initiatives for driving smart industries, and established the market for manufacturing in China, Japan, and South Korea. China is a global manufacturing hub for semiconductor and automotive manufacturers.

Market Dynamics

Drivers

  • Rising Adoption of Industrial Automation
  • Increasing Government Initiatives
  • Need for Increased Production Efficiency

Restraint

  • Competent Alternative Technologies

Opportunities

  • Digitization and Connected Industries
  • Growing Trend of Miniaturization for Sensor Technologies

Challenge

  • Required High Maintenance

Key Companies

  • Omron
  • Keyence
  • Sick
  • Schneider Electric
  • Panasonic
  • Rockwell
  • IFM
  • Pepperl + Fuchs
  • Balluff
  • Banner Engineering

Other Major Companies

  • Sensopart Industriesensorik
  • HTM Sensors
  • Fargo Controls
  • Leuze Electronic
  • Wenglor Sensoric
  • Autonics
  • Bernstein
  • CNTD Electric Technology

For more information about this report visit https://www.researchandmarkets.com/r/f8bato

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Related Topics:Sensors ,Optical Sensors

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INDUSTRY KEYWORD: TECHNOLOGY OTHER TECHNOLOGY

SOURCE: Research and Markets

Copyright Business Wire 2019.

PUB: 05/17/2019 12:36 PM/DISC: 05/17/2019 12:36 PM

http://www.businesswire.com/news/home/20190517005429/en