The Photoelectric Sensor Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Photoelectric Sensor Global Market Report 2024, 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.
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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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
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).
The photoelectric sensor market report table of contents includes:
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