The global photoelectric sensor market size is expected to grow from $1.63 billion in 2021 to $1.74 billion in 2022 at a compound annual growth rate (CAGR) of 6.3%. The change in the photoelectric sensor market growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2021. The market is expected to reach $2.29 billion in 2026 at a CAGR of 7.2%.
What is the Global Photoelectric Sensor Market?
The photoelectric sensor market consists of sales of photoelectric sensors and related services by entities (organizations, sole traders and partnerships) that manufacture photoelectric sensors. A photoelectric sensor refers to a sensor that emits a light beam from its light-emitting element. Photoelectric sensors are used in consumer electronics, industrial manufacturing, automotive and transportation, building automation, food and beverages, pharmaceuticals and medical, packaging, and other sectors.
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What drives the Global Photoelectric Sensor Market?
The increasing demand for photoelectric sensors 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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Global Photoelectric Sensor Market Segments
The global photoelectric sensor market is segmented:
By Type: Proximity Photoelectric Sensor, Fiber Optic Photoelectric Sensor
By Technology: Retro-Reflective, Through-Beam, Diffused, Others
By Range: =100 mm, 100 to 1,000 mm, 1,000 to 10,000 mm, >10,000 mm
By Application: Consumer Electronics, Industrial Manufacturing, Automotive and Transportation, Building Automation, Food and Beverages, Pharmaceuticals and Medical, Packaging, Others
By Geography: The regions covered in the photoelectric sensor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Photoelectric Sensor Global Market Report 2022 provides market size and growth forecasts for the global photoelectric sensor market, global photoelectric sensor market share, photoelectric sensor market segments and geographies, photoelectric sensor market competitive landscape including leading competitors’ revenues, profiles and market shares. The photoelectric sensor market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global Photoelectric Sensor Industry Players include Schneider, Baumer Group, Panasonic, Omron Corp., SICK, Keyence, Rockwell Automation, Balluff, Banner, Tri-Tronics, Baumer, and Hans Turck. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.
