According to the market analysis report titled ‘Photoelectric Sensor Market Size, By Product (Photoelectric Fork Sensor, Photoelectric Label Sensor, Photoelectric Distance Sensor, Photoelectric Color Sensor), By Type (Retro Reflective, Through-beam, Diffuse), By Range (<100 mm, 101-1000 mm, 1001-10,000 mm, >10,000 mm), 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, photoelectric sensor market is slated to witness a sizeable growth during 2021-2027.
 

Experts cite that technological advancements and rise in product demand across various applications are fueling the growth of the photoelectric sensor market.

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Furthermore, increasing demand for photoelectric sensors in automated assembly lines and manufacturing automation systems, government initiatives towards modernization of facilities in food and beverage enterprises, and rising penetration of IIoT and automation in developed nations are anticipated to add to the growth of this business sphere during the forecast timeframe.

Despite the positive industry outlook, challenges related to the performance of diffused photoelectric sensors may impede growth in the upcoming years.

Based on product type, the market is divided into photoelectric distance sensor, photoelectric color sensor, photoelectric label sensor, photoelectric fork sensor, and others. The photoelectric label sensor sub-segment is anticipated to register a CAGR of 5% over the forecast period owing to surging demand from logistics and packaging sectors.

Considering the range, global photoelectric sensor industry from <100 mm segmentation is expected to record a CAGR of more than 4% during the analysis period due to the increased usage of <100mm photoelectric sensors for proximity sensing in condensed installation spaces.

From the application perspective, the building automation segment held a notable share of 8% in 2020 and is slated to garner substantial returns during the forecast period. This can be ascribed to the surge in the demand for photoelectric sensors across various building automation systems such as HVAC control, smart security, air quality monitors, light control systems, and smoke detectors.

From a regional frame of reference, photoelectric sensor market in Latin America is expected to witness a y-o-y growth rate of over 5% during the projected time period, mainly due to the rapid expansion of robotic and smart manufacturing facilities in Brazil and Mexico.

Speaking of the competitive landscape, key players influencing the market trends are Schneider Electric SE, Omron Corporation, Sick AG, Rockwell Automation Inc., Eaton Corporation, PLC and Panasonic Corporation.