Photoelectric Sensors Market worth over $2bn by 2027
Published Date: June 22, 2021 Authors: Preeti Wadhwani, Shubhangi Yadav
Photoelectric Sensors Market size is set to surpass USD 2 billion by 2027, according to a new research report by Global Market Insights, Inc.
Growing penetration of building automation systems across residential as well as commercial sector is expected to propel the market growth. The building automation systems such as smart security systems, HVAC control, lighting control, air quality monitors, and smoke detectors are extensively integrated with advanced photoelectric sensors. These sensors help to achieve real time control, improved security, enhanced comfort, and high energy efficiency in building automation devices. The ongoing mega projects such as construction of new airports, metro stations and commercial towers will increase the demand for building automation systems, further fueling the market expansion.
High maintenance costs associated with photoelectric sensors is a major factor restraining the market progression. Over the course of time, the photoelectric lens installed in the sensor gets contaminated and it requires frequent inspection and replacement, increasing the maintenance costs of sensors. The photoelectric sensing range can be affected by the reflectivity and color of the targeted object, resulting in low sensitivity and measurement accuracy. Adding to this, a photoelectric sensor is equipped with both transmitter (Tx) and receiver (Rx) at separate locations, making the installation complex and eventually rising the cost of the system. These factors are restraining the overall industry growth.
Increasing uptake of photoelectric fork sensors in packaging and logistics is positively impacting the market revenue
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The photoelectric fork sensor segment held 25% of revenue share in 2020 and is projected to witness more than 7% growth rate by 2027 on account of the rising adoption of photoelectric fork sensors in packaging & logistics applications. Photoelectric fork sensors offer several high-end features such as high-speed object detection, contact-less interface, simpler installation, and low-cost assembly. These sensors provide reliable passage detection of objects, machine parts, and transportation equipment such as conveyors and trolleys. The market players are also emphasizing on integrating wireless technology into their sensor offerings, further fostering the industry expansion.
Technological advancements in through-beam sensor will spur the industry progression
The through beam sensor segment captured 30% of the market share in 2020 driven by the precision proximity measurements and shorter response times suitable for industrial applications. Through beam sensors are integrated with separate transmitter and receiver ends, enabling high accuracy and precision measurement with reduced error margins. Technological advancements in through beam sensors such as integration of Application Specific Integrated Circuit (ASIC) technology will further support the industry revenue.
Browse key industry insights spread across 300 pages with 647 market data tables and 28 figures & charts from the report, “Photoelectric Sensors 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 mm – 1,000 mm, 1,001 mm – 10,000 mm, >10,000 mm), By Source (Laser Beam, Infrared, LED) By Application (Industrial Manufacturing, Automotive & Transportation, Building Automation, Food & Beverages, Pharmaceuticals and Medical, Packaging & Logistics), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2021 - 2027” in detail along with the table of contents:
Proliferation of Automated Guided Vehicles (AGVs) in the industrial sector will support the 1,001 mm -10,000 mm segment growth
The 1,001 mm – 10,000 mm range segment accounted for 30% of revenue share in 2020. Growth is credited to the increasing uptake of photoelectric sensors with 1,001 mm -10,000 mm sensing range in Automated Guided Vehicles (AGVs) in the industrial sector. Automated guided vehicles and mobile autonomous robots require a long transmission range to avoid collisions and accidents in industrial facilities. The proliferation of these robots will further influence the industry size over the forecast timeline.
Long-distance sensing by laser beam source will bring new market opportunities
The laser beam segment will grow at a CAGR of over 9% through 2027 impelled by the high-accuracy and long-distance sensing features, offered by the laser beam source in photoelectric-sensors. Unlike LEDs, a laser beam travels in a straight line due to which the position of a beam-spot can be identified quickly over a long distance. This increases its usage in automated assembly and packaging lines in the logistics sector. The focused laser-beam also helps in the reliable detection of small targets on fast-moving conveyor systems, further boosting the market value over the forecast timeline.
Modernization of food & beverage processing units will accelerate the market demand
The food & beverage application segment held 15% of revenue share in 2020 and is predicted to expand at a CAGR of 8% by 2027 owing to the increasing demand for automated machinery in food & beverage processing units. In the food & beverage industry, a photoelectric sensor is used for impurity detection, leakage of bottles, stoppage of bottle conveyance, and prevention of bottlenecks. Adding to this, these sensors help avoiding contamination, improving hygiene by reducing food slippage in the production lines.
Expansion of the pharmaceutical sector is significantly impacting the growth of North America region
North America photoelectric sensors market accounted for 20% of revenue share in 2020 due to the presence of major pharmaceutical manufacturers in the region such as Moderna, Inc., Johnson & Johnson, AbbVie, Inc., and Merck & Co., Inc. among others. These participants are emphasizing on the mass production of vaccines and novel drugs. Adding to this, the regional governments are focusing on providing R&D funding to pharma companies, which will support the industry value.
Key companies operating in the market include SICK AG, Omron Corporation, Keyence Corporation, Banner Engineering, Inc., Baumer Group, Schneider Electric, and Panasonic Corporation, among others. The industry leaders are continuously focusing on R&D activities to develop technically advanced products compared to their competitors.