According to the business intelligence report titled ‘Photoelectric Sensor Market Size, By Product, By Type, By Source (Laser-beam, Infrared, LED), By Application (Industrial Manufacturing, Automotive & Transportation, Building Automation, Food & Beverages, Pharmaceuticals & Medical, Packaging & Logistics), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027’, available with MarketStudyReport, global photoelectric sensor market is slated to witness significant growth between 2021 and 2027.
 

Surging demand for various applications, coupled with growing focus on technological developments are the key factors driving global photoelectric sensor market expansion. Also, efforts towards automation in various sectors is creating a favorable scenario of industry players.
 

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For the unversed, a photoelectric sensor can be used to detect the presence of an object and measure the distance from a point to the object using visible red or infrared light from a transmitter. It is also equipped with a photoelectric receiver.
 

Utilization of photoelectric sensors in automation sector and growing investments by leading players into technological developments & launch of new products  will aid industry growth as well. Citing an example, in 2021, Sick AG, a sensor manufacturing company launched miniature photoelectric sensors.
 

Based on product gamut, photoelectric label sensor segment is projected to expand at 5% CAGR between 2021-2027, owing to surging demand from packaging & logistics sector. As per range, <100 mm segment is anticipated to register 4% CAGR over the forecast period, owing to increasing adoption of proximity sensors in compact installation spaces. 
 

Speaking of application scope, building automation segment captured 8% of global photoelectric sensors market share in 2020 and is speculated to garner massive returns between 2021-2027, owing to surging demand in various building automation systems such as lighting control, HVAC control, and smoke detectors among others.
 

Regionally speaking, Latin America market is estimated to record 5% CAGR between 2021-2027, owing to a rise in robotics & smart manufacturing facilities in Brazil and Mexico.
 

Leading companies shaping global photoelectric sensor market dynamics are Tri-Tronics Company Inc., Autonics Corporation, STS Electronics Ltd., Balluff Inc., Banner Engineering Corporation, Sick AG, Baumer Group, Carlo Gavazzi Holding AG, Schneider Electric SE, Fargo Controls Inc., Eaton Corporation plc, SensoPart Industriesensorik GmbH, Hans Turck GmbH & Co. KG, Rockwell Automation Inc., HTM Sensors, Rockwell Automation Inc., IFM Electronic GmbH, Pepperl+Fuchs SE, Keyence Corporation, Panasonic Corporation, Leuze Electronic GmbH + Co. KG, and Omron Corporation.