Photoelectric Sensors Market Worth $2.0 Billion by 2024 - Exclusive Report by MarketsandMarkets™

CHICAGO, May 13, 2019 /PRNewswire/ -- According to the new market research report "Photoelectric Sensors Market by Technology (Through-beam, Retro-reflective, Reflective), Range, Structure, Beam Source (Laser Beam, Standard Beam), Application (Consumer Electronics, Industrial Manufacturing) and Geography - Global Forecast to 2024", published by MarketsandMarkets™,  the Photoelectric Sensors Market is estimated to grow from USD 1.4 billion in 2019 to USD 2.0 billion by 2024; it is expected to grow at a CAGR of 7.0%. Major factors driving the market growth include rising adoption of industrial automation, increasing government initiatives, and growing need for production efficiency.

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Retro-reflective segment to hold largest share during forecast period

Retro-reflective sensing is the most optimum sensing technology when compared to through-beam and reflective, considering parameters such as, sensing range, accuracy, reliability, and price. Unlike through-beam sensors, retro-reflective sensors cost less and have comparable sensing range and accuracy. Moreover, retro-reflective sensors offer simple wiring (electric connection at only one junction) and optical axis adjustment, which eventually saves a considerable labor cost. Also, particularly in retro-reflective sensors, light passes through sensing objects twice, which makes them very suitable for transparent objects detection.

Digital output to have fastest growth during forecast period

The major application of photoelectric sensors is object detection, unlike continuous measurement of any particular parameters such as temperature, pressure, etc., which led to high adoption of sensors with digital output. In such applications, a sensor with digital output offers high accuracy and fast response. Also, digital signals are more immune to EMI and RF noise than analog. Thus, photoelectric sensors market with digital output held the largest market and expected to grow at the highest rate.

APAC is expected to hold the largest market size in the photoelectric sensors market during the forecast period

APAC is estimated to account for the largest share of the market in 2018. The increased number of automation activities in industrial processes, government initiatives for driving smart industries, and established market for manufacturing in China, Japan, and South Korea are key contributing factors for the growth of the photoelectric sensors market in APAC. China is a global manufacturing hub for semiconductor and automotive manufacturers.

Browse in-depth TOC on "Photoelectric Sensors Market"

65 – Tables

42 – Figures

145 – Pages

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Key players in the photoelectric sensors market include 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).

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