SAN
FRANCISCO, March 23, 2022 /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
What's New for 2022?
- Global competitiveness and key competitor percentage market
shares
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Strong/Active/Niche/Trivial
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updates
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Platform
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Edition: 10; Released: February
2022
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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Registry
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 industrial
automation, logistic operations and rising trend of packaged food
consumption that uses advanced sensor technology has been fueling
the market growth. 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$1.6 Billion
in the year 2022, 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 $347
Million in 2022, While China is Forecast to Reach
$413 Million by 2026
The
Photoelectric Sensors market in the U.S. is estimated at
US$347 Million in the year 2022. 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 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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Director, Corporate Communications
Global Industry Analysts, Inc.
Phone: 1-408-528-9966
www.StrategyR.com
Email: ZA@StrategyR.com
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SOURCE Global Industry Analysts, Inc.