Photoelectric Sensors Market Worth $ 3.4 Billion by 2031 | CAGR: 7.6% - TMR Study

• Rising application in packaging, material handling, and logistics in multiple industries generating sizable lucrative opportunities in photoelectric sensors
• Adoption of automated assembly lines creates massive demand for sensors; sensor manufacturers to tap into emerging avenues in Asia Pacific, propelled by industrial robotics

WILMINGTON, Del., Oct. 3, 2022 /PRNewswire/ -- Abundant use of the sensors in numerous material handling applications has augmented the photoelectric sensor market size over the years. Enormous uptake of photoelectric sensors in various industrial applications has generated tremendous growth opportunities for photoelectric sensor manufacturers. The global photoelectric sensors market is forecast to expand at CAGR of 7.6 % from 2022 to 2031. 

Growing demand for built-in amplifier photoelectric sensors in wafer detection applications underpins a vast revenue potential for firms in photoelectric sensors market, observed the TMR analysts. Rising demand from food & beverages industry has allowed sensor manufacturers to grow their photoelectric sensors market shares. 

The choice of photoelectric sensor types varies depending on what tracking and tracing applications they are meant for. Of note, photoelectric sensors are widely utilized in wafer detection, conveyor system monitoring, and transparent bottle tracking in F&B industries, and identifying presence/absence of objects, owing to attractive optical properties. Stridently, R&D on these sensors have led to advanced capabilities in response time, sensing range, and reliability of detection in wide array of applications, thereby expanding the canvas for players in photoelectric sensors market.

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Key Findings of Photoelectric Sensors Market Study

• Wide Spectrum of Applications in Automated Manufacturing and Production Lines Steering Revenues: Rise in use of photoelectric sensors for monitoring and controlling machines in automated assembly lines has generated abundant opportunities in multiple manufacturing industries. Customers in end-use industries are preferring these due to benefits of faster response time, non-contact sensing, and long-distance sensing, thus boosting the photoelectric sensors market prospects. The increasing trend of automation in handling and assembly processes in metal, electronics, and automotive will catalyze the rate of uptake of the sensors.
  
  
• Uptake of Photoelectric Sensors in F&B Industry to Rise to Ensure Product Quality: Stringent hygiene and food safety requirements are spurring the demand for photoelectric sensors in the food & beverages industry. Their use in packaging applications is slated to rise during the forecast period, notably where bottles are used. They have been widely used for preventing any positioning errors of the bottle cap, for instance. The application is poised to grow rapidly, generating attractive growth opportunities for manufacturers in photoelectric sensors market.
  
  
• Built-in Amplifier Photoelectric Sensors Gaining Preference Among Customers: Built-in amplifier photoelectric sensors are gathering traction especially for wafer detection and IC applications in semiconductor manufacturing industries. The segment held a major market share in 2021. Several product attributes reinforce the utilization of this configuration type of photoelectric sensors, notably their ability to detect transparent objects.

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Photoelectric Sensors Market: Key Drivers

• Rising demand for photoelectric sensors in industrial automation applications is a key driving force for market growth. They are gathering traction in logistic & material handling and packaging applications in various industries.
• Rapid pace of urbanization in some emerging economies has spurred automatic door installation in commercial spaces, which is enriching the prospects of photoelectric sensors. The sensors are popularly used in automatic doors.
• Need for sensors that can be used for the detection of transparent objects is expanding the avenues for firms in photoelectric sensors market

Photoelectric Sensors Market: Regional Growth Dynamics

Asia Pacific held a major share of the global photoelectric sensors market in 2021, and is anticipated to remain lucrative over the next ten years. Increasing trend of industrial automation and rising adoption of industrial robotics especially in end-use industries in China, South Korea, and Japan have created tremendous demand for photoelectric sensors. Rising adoption of IoT-based machines in smart factories will generate massive revenue streams in the regional market.

Photoelectric Sensors Market: Key Players

A TMR study scrutinizing the strategic dynamics of the photoelectric sensors market found that competition landscape is characterized by high degree of consolidation. Relatively few vendors control the value chain of the market.

Some of the key market players are Schneider Electric SE, Rockwell Automation Inc., Panasonic Industry Co., Ltd., Omron Corporation, Keyence Corporation, ifm electronic gmbh, Eaton Corporation, Baumer Group, and Autonics Corporation.

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Photoelectric Sensors Market Segmentation

• Type
• Through-Beam Photoelectric Sensors
• Retroreflective Photoelectric Sensors
• Diffused Photoelectric Sensors
• Range
• Upto 100 mm
• 100 to 1,000 mm
• Above 1,000 mm
• Configuration
• Sensors with Separate Alifiers
• Built-in Amplifier Sensors
• Sensors with Built-in Power Supplies
• Area Sensors
• Application
• Conveyors
• Liquid Crystal Displays
• Logistics and Materials Handling
• Automatic doors
• Industrial Automation
• Elevators
• Others (Track Packaging, Robotic Pickers, etc.)
• End-use Industry
• Consumer Electronic
• Automotive and Transportation
• Healthcare
• Industrial
• Food & Beverage
• Others (Chemicals, Building and Construction, etc.)

Regions Covered

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa

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