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Photoelectric Sensor Market Growth, Size, Key Drivers, Forecast To 2033
Photoelectric Sensor Market Growth
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According to The Business Research Company's, 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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Market Drivers and Trends:
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.
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).
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Major Key Players of the Market:
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
Photoelectric Sensor Market 2024 Key Insights:
• 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%.
• Driving Growth Of Photoelectric Sensors Across Multi-Sector Applications
• Focus On Increased Sensing Range For The Detection Of Objects At Greater Distances
• Asia-Pacific was the largest region in the photoelectric sensor market in 2023
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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
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LinkedIn: https://in.linkedin.com/company/the-business-research-company
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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