Rising number of automation activities in industrial processes and government initiatives for smart industries are driving the photoelectric sensors market
On the back of increasing adoption of industrial automation, global photoelectric sensors market is expected to grow at a compound annual growth rate (CAGR) of 7 per cent between 2019-2024, according to a latest report by MarketsandMarkets.
The photoelectric sensors market is likely to reach US$ 2 billion by 2024, from US$ 1.4 billion in 2019.
Citing the reason for such growth, the report states that the key factors driving the market growth are rising adoption of industrial automation, growing need for production efficiency and increasing government initiatives.
The photoelectric sensors are primarily used for object detection, unlike continuous measurement of any specific parameters like pressure, temperature, etc., which resulted in high adoption of sensors with digital output. In such type of applications, sensors with digital output provide high accuracy and prompt response. In addition, digital signals are more immune to EMI and RF noise as compared to analog. Therefore, photoelectric sensors market with digital output captured the maximum market share and likely to grow at a high rate.
Major demand in APAC
Region-wise, Asia Pacific (APAC) is expected to account for the biggest share in the overall photoelectric sensors market. The rising number of automation activities in industrial processes, and initiatives by government for smart industries are driving the photoelectric sensors market in APAC. In addition, there is an established market for manufacturing in countries like China, Japan and South Korea, which are also contributing to the demand for photoelectric sensors.
The major global players in the photoelectric sensors market include Omron Corporation, Panasonic Corporation, Keyence Corporation, Rockwell Automation, Schneider Electric, Sick AG, Pepperl & Fuchs, IFM Electronic FZC, Balluff, and Banner Engineering.