Photoelectric Sensor Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 7.20 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Photoelectric Sensor Market Analysis
The photoelectric sensor market is expected to register a CAGR of 7.2% during the forecast period of 2021-2026. There is a significant increase in the trend of automation. As sensors play the most critical role in every aspect of automation, the photoelectric sensor market is expected to witness growth during the forecast period.
- Photoelectric sensors are used for contour and edge detection, film thickness detection, anti-collision, safety, and people detection, height and level measurement, orientation, and position detection, and counting in various industries in order to increase efficiency and accuracy across industries.
- The reflective photoelectric sensor is the fastest-growing segment as they offer the cheapest sensing solution among all other categories of photoelectric sensors. Growing demand for industrial automation and increased adoption of nanotechnology are also some of the growth drivers for retroactive photoelectric sensors in the market. However, competent alternative technologies such as inductive, capacitive, ultrasonic, which serve the relatively same purpose, can hinder the growth of the market.
- Due to the recent shut down of businesses across the world, owing to the influence of COVID-19 is expected to influence the photoelectric sensor market negatively due to a decline in demand from various industries and disrupted supply chain as production came to a halt from February and March. This is also expected to impact prices over time. With the increasing number of cases in the United States, the North American electronics industry is under pressure due to the lack of supply of raw materials and products as the global supply chain is disrupted.
Photoelectric Sensor Market Trends
This section covers the major market trends shaping the Photoelectric Sensor Market according to our research experts:
Industrial Automation to Drive the Growth of The Market
- The photoelectric sensors have a wide range of applications in several industry verticals, such as consumer electronics, automotive and transportation, building automation, food and beverages, pharmaceuticals and medical, packaging, and industrial manufacturing to ensure accuracy, shorter and consistent cycles, and faster time-to-market. For instance, in the parking assistance system, these sensors can detect the presence of objects in the pathway of the reversing vehicle and can raise the alarm to warn the driver.
- Rising penetration of the Industrial Internet of Things (IIoT) is further expected to enhance market growth attributed to numerous benefits, including maximizing asset utilization, improving productivity, and enhancing worker safety in developed, as well as emerging economies, such as India and China.
- Favorable government policies promoting the manufacturing industry, coupled with the rising adoption of IIoT solutions, are the major factors driving the demand for photoelectric sensors. In addition, growing year-on-year automotive production and booming demand for processed food will further boost the demand for these sensors.
- However, the availability of competent alternative technologies restrains the growth of the market. Also, an increase in the digitization and connected industries provide lucrative growth opportunities for the photoelectric sensors market.
Asia Pacific To Witness the Highest Growth
- The increasing use of enhanced technology, growing adoption of IIoT across various industrial facilities, rising safety mandates in developing countries, like India, Japan, and China, is driving the growth of photoelectric sensors in the region.
- Rapid Expansion of the end-user industries, like consumer electronics, industrial, automobile, and textile, are contributing significantly to the growth of the photoelectric sensors market as these sensors themselves are used to improve the productivity of manufacturing set-ups as the data gathered by the sensors can be collated and acted upon immediately.
- Other factors that are expected to drive the market growth are reduced downtime, lower cost, adaptability for self-calibration and compensation, fewer interconnections between multiple sensors and control systems, lower weight, and higher reliability. Nanotechnology has also created new opportunities for the photoelectric sensor market in the Asia-Pacific region.
- These sensors usually have high maintenance costs restraining the growth of the market. For instance, automobiles are required to work in varying atmospheric conditions, which can vary from altitude difference, coast to desert area, cold and summer climatic condition, and varying humidity, thus, further adding the cost of maintaining the usability in different conditions.
Photoelectric Sensor Industry Overview
The availability of several players providing photoelectric sensors has intensified the competition in the market. Therefore, the market is fragmented, with many companies developing expansion strategies.
- October 2019 - Omron released E3AS Series TOF Photoelectric Sensors with compact size and 1,500 mm sensing distance. Its cutting-edge E3AS photoelectric sensors employ time-of-flight (TOF) detection and an antifouling coating to provide exceptional performance in the toughest environments.
- April 2019 - SICK AG partnered with a software solution provider, AutoCoding Systems (ACS). This partnership may enable SICK to provide customers with a combined package of SICK's sensor technology and ACS's software platform.
Photoelectric Sensor Market Leaders
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Omron
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Keyence
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Sick AG
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Schneider Electric
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Panasonic
*Disclaimer: Major Players sorted in no particular order
Photoelectric Sensor Market Report - Table of Contents
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1. INTRODUCTION
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1.1 Study Assumptions and Market Definition
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1.2 Scope of the Study
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2. RESEARCH METHODOLOGY
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3. EXECUTIVE SUMMARY
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4. MARKET DYNAMICS
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4.1 Market Overview
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4.2 Industry Value Chain Analysis
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4.3 Industry Attractiveness - Porter's Five Forces Analysis
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4.3.1 Bargaining Power of Suppliers
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4.3.2 Bargaining Power of Consumers
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4.3.3 Threat of New Entrants
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4.3.4 Threat of Substitutes
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4.3.5 Intensity of Competitive Rivalry
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4.4 Market Drivers
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4.4.1 Rising Adoption of Industrial Automation
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4.4.2 Increasing Government Initiatives
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4.5 Market Restraints
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4.5.1 Competent Alternative Technologies
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4.5.2 Required High Maintenance
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5. Influence of COVID-19 on the Industry
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6. MARKET SEGMENTATION
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6.1 By Type
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6.1.1 Laser photoelectric sensor
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6.1.2 Fiber optics photoelectric sensor
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6.2 By Technology
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6.2.1 Through-Beam
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6.2.2 Reflective
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6.2.3 Diffuse
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6.3 By End-user Industry
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6.3.1 Consumer Electronics
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6.3.2 Automotive and Transportation
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6.3.3 Packaging
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6.3.4 Pharmaceuticals and Medical
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6.3.5 Food and Beverages
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6.3.6 Building Automation
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6.3.7 Others
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6.4 By Geography
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6.4.1 North America
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6.4.2 Europe
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6.4.3 Asia-Pacific
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6.4.4 Latin America
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6.4.5 Middle-East and Africa
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7. COMPETITIVE LANDSCAPE
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7.1 Company Profiles
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7.1.1 Omron Corporation
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7.1.2 Keyence Corporation
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7.1.3 Schneider Electric SE
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7.1.4 Sick AG
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7.1.5 Panasonic Corporation
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7.1.6 Rockwell Automation Inc.
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7.1.7 Pepperl + Fuchs
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7.1.8 Sensopart Industriesensorik
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7.1.9 Banner Engineering
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7.1.10 HTM Sensors
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7.1.11 Fargo Controls
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7.1.12 Leuze Electronic
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7.1.13 Cntd Electric Technology
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- *List Not Exhaustive
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8. INVESTMENT ANALYSIS
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9. MARKET OPPORTUNITIES AND FUTURE TRENDS
Photoelectric Sensor Industry Segmentation
A photoelectric sensor is an equipment that is used to discover the distance, absence, or presence of an object by using a light transmitter. It consists of an emitter and receiver for emitting light and receiving light. Photoelectric sensors detect objects, changes in surface conditions, and other items through a variety of optical properties.
| By Type | |
| Laser photoelectric sensor | |
| Fiber optics photoelectric sensor |
| By Technology | |
| Through-Beam | |
| Reflective | |
| Diffuse |
| By End-user Industry | |
| Consumer Electronics | |
| Automotive and Transportation | |
| Packaging | |
| Pharmaceuticals and Medical | |
| Food and Beverages | |
| Building Automation | |
| Others |
| By Geography | |
| North America | |
| Europe | |
| Asia-Pacific | |
| Latin America | |
| Middle-East and Africa |
Photoelectric Sensor Market Research FAQs
What is the current Photoelectric Sensor Market size?
The Photoelectric Sensor Market is projected to register a CAGR of 7.20% during the forecast period (2024-2029)
Who are the key players in Photoelectric Sensor Market?
Omron, Keyence, Sick AG, Schneider Electric and Panasonic are the major companies operating in the Photoelectric Sensor Market.
Which is the fastest growing region in Photoelectric Sensor Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Photoelectric Sensor Market?
In 2024, the North America accounts for the largest market share in Photoelectric Sensor Market.
What years does this Photoelectric Sensor Market cover?
The report covers the Photoelectric Sensor Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Photoelectric Sensor Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Photoelectric Sensor Industry Report
Statistics for the 2024 Photoelectric Sensor market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Photoelectric Sensor analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
