Pune, India, July 29, 2021 (GLOBE NEWSWIRE) – Photoelectric Sensors Market: Key Insights
According to our new research study on “Photoelectric Sensors Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Technology, End Use and Geography,” the Photoelectric Sensor Market Size is expected to reach US $ 2,577.56 million by 2028 compared to US $ 1,536.10 million in 2021; it is expected to grow at a CAGR of 7.7% during 2021-2028.
Photoelectric Sensors Market: Competitive Landscape and Key Developments
Autonic Society; Balluff GmbH; Eaton; ifm electronic GmbH; KEYENCE COMPANY; OMRON Company; Panasonic Corporation; Rockwell Automation, Inc .; Schneider Electric; and SICK AG are among the key players in the photoelectric sensor market. Leading companies focus on expanding and diversifying their market presence and acquiring new customers, thereby exploiting existing business opportunities.
In 2019, SICK inaugurated a new production site in China – The sensor manufacturer expands its local production and system construction capabilities in China. The site was officially opened in December 2019, in the presence of 80 guests, including business partners, government representatives and representatives of the SICK group in Germany and China.
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In 2020, Eaton Corporation plc completed the acquisition of Power Distribution, Inc. The acquisition enables Eaton to better serve data center customers.
The growing need for value for money is forcing manufacturers to explore various ways to streamline their manufacturing operations and material flow. They are inclined to adopt automated solutions for the optimization of production processes. Industrial automation involves the deployment of robots and advanced information technology to perform various manufacturing processes, which in turn increases the demand for photoelectric sensors.
The recent COVID-19 pandemic has moderately impacted the growth of the photoelectric sensor market. Lockdowns and other restrictions have resulted in international transportation and infrastructure projects being halted, hampering the growth of the photoelectric sensor market. However, the ease of foreclosure restrictions is driving a resumption of market activity. In addition, the adoption of the Industrial Internet of Things (IIoT), which has already reached the expected pace in developed and emerging economies, would boost the market growth in the coming years, as it would improve the resource use, efficiency and worker safety. This, in turn, would support the rapid recovery of the photoelectric sensor market during the post-containment period.
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The boom in adoption of photoelectric sensors in pharmaceutical companies is mainly attributed to their ability to facilitate real-time production monitoring, further improve efficiency and reduce operating costs. These sensors automate the upper and lower levels of liquid measurement in a jar or tank. The use of strongly corrosive chemicals (acidic or basic) is common in pharmaceutical companies, and thus detection of liquid levels in storage tanks is an important task in these factories. Thus, the increasing use of photoelectric sensors in the pharmaceutical industry is driving the growth of the photoelectric sensor market.
Photoelectric Sensors Market: End Use Overview
On the basis of end use, the photoelectric sensor market is segmented into automotive, military and aerospace, electronics and semiconductor, packaging, and others. The automotive segment held the largest market share in 2020. Photoelectric sensors are most commonly used in the automotive industry due to the involvement of complex production and assembly lines in this industry. These sensors ensure high precision in assembly line operations. The sensors can detect the proximity of the affected station so that the line can stop and the component can be processed without error. Photoelectric sensors help automated systems run smoothly, helping businesses support highly competitive environments.
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