NEW YORK, May 20, 2019 /PRNewswire/ --
Photoelectric sensors market to grow at CAGR of 7.0% from 2018
to 2024
The photoelectric sensors market is expected to grow from
USD 1.4 billion in 2019 to
USD 2.0 billion by 2024 at a CAGR of
7.0% during the forecast period. Need for photoelectric sensors is
mainly governed by rising adoption of industrial automation and
increasing government initiatives. However, competent alternative
technologies such as inductive, capacitive, ultrasonic which serve
the relatively same purpose can hinder the growth of the
market.
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Reflective segment is expected to grow at highest CAGR during
forecast period
The reflective market is the fastest growing segment in the
photoelectric sensors market.Reflective (diffuse) sensors offer the
cheapest sensing solution among all other categories of
photoelectric sensors, which itself makes it quite eminent to be
adopted across various applications with budget constraints.
Also, with technological advancements such as laser beam and
others, accuracy and sensing range are being improved. Also,
one-point installation and convenience drive the increasing
shipment of reflective sensors.
Industrial manufacturing output is expected to hold largest size
of photoelectric sensors market during forecast period
Industrial manufacturing is the most dominant industry for
photoelectric sensors.Need for automation in increasing in
industrial products manufacturing to ensure accuracy, shorter and
consistent cycles, and faster time-to-market.
Also, the rising trend of mass customization where versatility is
required along with precision; automation is the inevitable.
Moreover, newer trends such as smart factories and realization if
its benefits to bring the process efficiency lead the adoption of
automation for industrial manufacturing, which eventually drive the
adoption of photoelectric sensors in industrial automation.
APAC is expected to record the highest growth rate during the
forecast period
APAC is expected to have the highest growth rate during the
forecast period due to an increasing number of automation
activities in industrial processes, government initiatives for
driving smart industries, and established market for manufacturing
in China, Japan, and South
Korea. China is a global
manufacturing hub for semiconductor and automotive
manufacturers.
Breakdown of primary participants' profile:
• By Company Type: Tier 1 – 27%, Tier 2 – 41%, and Tier 3 – 32%
• By Designation: C-Level Executives – 26%, Directors – 40%, and
Others – 34%
• By Region: North America – 47%,
Europe – 28%, APAC – 19%, and RoW
– 6%
Omron Corporation (Japan), Keyence
Corporation (Japan), Panasonic
Corporation (Japan), Rockwell
Automation, Inc. (US), Sick AG (Germany), Schneider Electric (France), IFM Electronic FZC (Germany), Balluff (Germany), Pepperl & Fuchs (Germany), and Banner Engineering (US) are
among the leading players in the photoelectric sensors market.
Research Coverage:
Various market segments have been covered in this report.These
include technology, range, structure, beam source, output,
application, and region.
It also gives a detailed view of the market across 4 main regions:
North America, Europe, APAC, and RoW.
Reasons to Buy the Report:
• This report includes statistics pertaining to the photoelectric
sensor market in terms of technology, range, structure, beam
source, output, application, and region along with their respective
market sizes.
• Major drivers, restraints, opportunities, and challenges for the
photoelectric sensor market have been provided in detail in this
report.
• The report includes illustrative segmentation, analysis, and
forecast for the photoelectric sensor market based on its segments
and subsegments.
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