Photoelectric Sensor Global Market Report 2024 by The Business Research Company | Schneider Electric SE, Panasonic Holdings Corporation, Omron Corp., Sick AG, Keyence Corporation., Rockwell Automation Inc., Balluff Inc., Banner Engineering Corp., Tri-Tron

The photoelectric sensor market size has grown strongly in recent years. It will grow from $1.93 billion in 2023 to $2.09 billion in 2024 at a compound annual growth rate (CAGR) of 8.2%. The growth in the historic period can be attributed to automation and industrial robotics, growth in consumer electronics, advancements in semiconductor technology, automotive safety and driver assistance systems, demand in the healthcare and medical sectors.

The photoelectric sensor market size is expected to see strong growth in the next few years. It will grow to $2.91 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%. The growth in the forecast period can be attributed to iot and industry 4.0 adoption, miniaturization and sensor integration, increased use in autonomous vehicles, expansion of smart cities and infrastructure, robotics and industrial automation growth.. Major trends in the forecast period include lidar and time-of-flight sensors, 3d imaging and gesture recognition, wireless and battery-free sensor technology, sensing solutions for environmental monitoring, human-machine collaboration with sensors, self-monitoring and predictive maintenance.

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Photoelectric Sensor Market Major Segments
The photoelectric sensor market covered in this report is segmented -

1) By Type: Proximity Photoelectric Sensor, Fiber Optic Photoelectric Sensor
2) By Technology: Retro-Reflective, Through-Beam, Diffused, Other Technologies
3) By Range: ≤100 mm, 100 to 1,000 mm, 1,000 to 10,000 mm, >10,000 mm
4) By Application: Consumer Electronics, Industrial Manufacturing, Automotive and Transportation, Building Automation, Food and Beverages, Pharmaceuticals and Medical, Packaging, Other Applications

Key Driver - Driving Growth Of Photoelectric Sensors Across Multi-Sector Applications

The increasing demand for photoelectric sensor from various industries such as consumer electronics, automotive and transportation, building automation, food and beverages, pharmaceuticals and medical, packaging, and industrial manufacturing is expected to drive the market for photoelectric sensors during the forecast period. For instance, automated doors and gates on buses, trains, elevators, garages and others need to have reliable sensing technology so that they open and close at correct times. Photoelectric sensors coupled with infrared scanners can detect approaching people or vehicles and can open or close doors accordingly. Therefore, the demand for photoelectric sensors is increasing in various applications including automotive and this is expected to drive the market during the forecast period.

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Prominent Trend - Focus On Increased Sensing Range For The Detection Of Objects At Greater Distances

Major companies operating in the photoelectric sensor market are focusing on increasing the sensing range of photoelectric sensors. This allows for the detection of objects at greater distances, making them suitable for more diverse applications. For instance, in February 2021, Omron Corporation, a Japan-based electronics company, launched E3AS sensor range. E3AS sensor range is used in fiber optic cables for small part detection. It provides a wide sensing range of 50 to 1,500 millimeter (mm).

Photoelectric Sensor Market Players
Major companies operating in the photoelectric sensor market include Schneider Electric SE, Panasonic Holdings Corporation, Omron Corp., Sick AG, Keyence Corporation., Rockwell Automation Inc., Balluff Inc., Banner Engineering Corp., Tri-Tronics, Baumer group, Hans Turck GmbH & Co., Pepperl+Fuchs SE, di-soric GmbH & Co. KG, Eaton Corporation plc., IFM Electronic GmbH, Autonics Corporation, Contrinex AG, Lumasense Technologies Inc., SensoPart Industriesensorik GmbH, Leuze electronic GmbH + Co. KG, Optex Group, Joyson Safety Systems, Capella Microsensors LLC, Telco Sensors Inc., Riko Opto-Electronics Technology Co. Ltd., OmniVision Technologies, Senix Corporation, Hamamatsu Photonics, Sony Corporation, Sharp Corporation, Laser Components GmbH

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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the photoelectric sensor market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the photoelectric sensor market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Photoelectric Sensor Market Report Structure
3. Photoelectric Sensor Market Trends And Strategies
4. Photoelectric Sensor Market - Macro Economic Scenario
5. Photoelectric Sensor Market Size And Growth
…..
27. Photoelectric Sensor Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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