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The photoelectric sensors market size is forecast to increase by USD 819.45 million, at a CAGR of 7.64% between 2023 and 2028. The market growth analysis depends on several factors, such as the increasing adoption of Industry 4.0 practices and automation, the growing focus on building smart cities and infrastructure projects, and the rise in demand for photoelectric sensors owing to surging emphasis on energy efficiency and environmental sustainability. Our market report examines historical data from 2018-2022, besides analyzing the current and forecasted market scenario.
The market in APAC is expanding rapidly because of increased industrialization and automation across a variety of sectors. The rising need for smart manufacturing, combined with severe industrial safety standards, is driving the deployment in APAC. Additionally, Autonics Corp. company offers photoelectric sensors such as the BUP series, BJX series, BRQ series, BJP series, BJR series, BTF series, BTS series, BJ series, BY series, BYD series, and more. Also, Balluff GmbH company offers photoelectric sensors such as Cam switches, Capacitive sensors, Condition Monitoring Sensors, Encoders, Flow sensors, Inclination sensors, Inductive sensors, and more.
Market Forecast 2024-2028
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Our researchers studied the market research and growth data for years, with 2023 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market.
Industry 4.0, which integrates digital technologies into manufacturing processes, has resulted in a paradigm shift toward smart and networked industrial systems. In this context, photoelectric sensors are critical in providing precise and efficient item detection in automated procedures. Further, photoelectric sensors use light-based technology to detect the presence, absence, and distance of objects, making them indispensable in automation. Furthermore, as enterprises adopt smart manufacturing processes, there is an increased demand for real-time data collection and precise control in automated systems. They enable such requirements by offering reliable and speedy object detection capabilities, which ensure the smooth running of automated machinery and systems.
Additionally, due to the growth of IIoT (Industrial Internet of Things) and advancements in electronics, photoelectric sensors are increasingly seen as a competent alternative in industrial automation, surpassing other technologies. As the global demand for seamless integration of automation technologies grows, the market is positioned for long-term growth during the forecast period, driven by its critical role in assuring precision and accuracy in Industry 4.0-driven automated processes.
The light detection and ranging (LiDAR) improves standard by using laser beams to detect distances with high precision. This technology allows for the production of precise 3D maps of the surrounding environment, resulting in exceptional accuracy in detecting object shapes, sizes, and placements. In applications such as industrial automation, LiDAR-integrated photoelectric sensors improve object detection and localization, resulting in increased efficiency and safety. This trend is critical in the development of advanced driver-assistance systems (ADAS) and self-driving cars, where precise distance measuring is essential for accident avoidance and navigation.
Moreover, LiDAR technology can potentially be used in smart cities to enable intelligent traffic control, surveillance, and environmental monitoring through accurate object detection. Furthermore, in robotics and drones, LiDAR-equipped aids in obstacle avoidance and navigation in complicated situations. As industries demand more accuracy and dependability, the incorporation of LiDAR technology into photoelectric sensors coincides with the changing needs of industries, making this trend a significant driver of innovation and development in the market during the forecast period.
The high cost of sophisticated technologies limits their widespread application in the market, particularly in price-sensitive businesses. Advanced sensors with cutting-edge features and capabilities typically have greater production and development expenses. This cost barrier has a direct influence on market penetration, especially in areas where cost concerns play an important role in decision-making. Budget restrictions may hinder the adoption in industries where cost efficiency is critical, such as manufacturing, shipping, and consumer electronics.
Furthermore, the competitive landscape in price-sensitive industries may worsen, prompting manufacturers to consider cost-effective alternatives. To address this challenge, the market must prioritize cost-cutting R&D initiatives, as well as the exploration of innovative production techniques and collaborations to build more cost-efficient solutions. Furthermore, educating end-users about the long-term benefits and increased efficiency of sophisticated can help alleviate worries and encourage market acceptance. Owing to such factors, the market is expected to witness a hindrance in expansion during the forecast period.
The laser photoelectric sensors segment will account for a major share of the market's growth during the forecast period.? The demand for lasers is expected to increase significantly, establishing itself as a prominent type in the market. They are more precise and reliable than ordinary photoelectric sensors. Their use of laser technology produces a focused and constant beam, allowing for accurate detection and measurement across a wide range of applications. They are rapidly being used in industries such as manufacturing, automation, and robotics to perform tasks that require great precision and efficiency.
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The laser photoelectric sensors segment was valued at USD 759.63 million in 2018. Furthermore, in robotics, these sensors are crucial for navigation and obstacle avoidance, improving the overall performance and safety of robotic systems. Additionally, advances in laser technology are driving the growth of the segment, making these sensors more cost-effective and adaptable. As companies prioritize efficiency and precision in their operations, growth for the segment is likely to be significant, thereby driving the growth of the market during the forecast period.
Based on end-user, the market has been segmented into automotive, consumer electronics, building automation, and others. The automotive?segment will account for the largest share of this segment.?Photoelectric sensors serve an important role in improving automobile manufacturing processes and applications. These sensors are essential for automation, offering precise object detection, distance measurement, and position sensing in assembly lines and robotics applications. The growing emphasis on efficiency, automation, and safety in the automotive industry is driving demand. Furthermore, the integration of Industry 4.0 concepts in vehicle manufacturing, such as smart factories and networked production lines, is driving up demand. As automotive manufacturers strive to emphasize innovation and automation, the automotive end-user segment is expected to witness growth during the forecast period.
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APAC is estimated to contribute 45% to the growth by 2028. Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period. Automation technologies are being adopted by industries such as automotive, electronics, and manufacturing, which is driving the expansion of the market. Furthermore, the growing e-commerce sector and the requirement for efficient material handling drive up demand in logistics and storage. Notably, advanced sensor technologies improve energy efficiency and sustainability by delivering real-time data on resource consumption, allowing for accurate monitoring and control. Thus, the market in APAC is expected to witness significant growth during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
Baumer Holding AG, Broadcom Inc., Delta Electronics Inc., Eaton Corp. Plc, Hans Turck GmbH and Co. KG, ifm electronic gmbh, Keyence Corp., Leuze electronic Pvt. Ltd., OMRON Corp., Panasonic Holdings Corp., Pepperl and Fuchs SE, Rockwell Automation Inc., Schneider Electric SE, SICK AG, TMSS France, TRI TRONICS, and wenglor sensoric electronic devices GmbH
Technavio market forecast the an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The market analysis and report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
The photoelectric sensor market continues to thrive with advancements in industrial automation and nanotechnology. Reflective and retroreflective photoelectric sensors dominate, but alternative technologies like ultrasonic are emerging. Supply chain efficiency impacts prices and raw materials sourcing, influencing industrial automation. Diverse applications span industry verticals such as automotive, food and beverages, pharmaceuticals, and packaging in industrial manufacturing.
Enhanced accuracy and reduced time-to-market drive innovations like parking assistance systems and IIoT integration, improving asset utilization and worker safety. Adaptation to government policies fosters growth, especially in automotive production and processed food sectors, amid digitization efforts. As the manufacturing industry evolves, photoelectric sensors play a pivotal role in optimizing operations and ensuring efficiency.
Photoelectric Sensors Market Scope |
|
Report Coverage |
Details |
Page number |
160 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.64% |
Market Growth 2024-2028 |
USD 819.45 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
7.44 |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 45% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Autonics Corp., Balluff GmbH, Banner Engineering Corp., Baumer Holding AG, Broadcom Inc., Delta Electronics Inc., Eaton Corp. Plc, Hans Turck GmbH and Co. KG, ifm electronic gmbh, Keyence Corp., Leuze electronic Pvt. Ltd., OMRON Corp., Panasonic Holdings Corp., Pepperl and Fuchs SE, Rockwell Automation Inc., Schneider Electric SE, SICK AG, TMSS France, TRI TRONICS, and wenglor sensoric electronic devices GmbH |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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