Photoelectric Position Sensors Market Growth Analysis

Market Insights

The Photoelectric Position Sensors Market is estimated to grow from USD 1.5 billion in 2020 to USD 2.4 billion by 2026 at a healthy CAGR of 8.1% during the forecast period.

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What is a photoelectric position sensor?

A photoelectric position sensor could be a specialized position sensor, which uses an infrared light transmitter and photoelectric receiver to detect colour, distance, absence, or presence of an object. These sensors are widely employed in industrial applications like product presentations, monitoring conveyor position control, and detecting position misalignments because it enhances operational efficiency and decreases process time, hence increasing productivity.

Key Players

Key players operating in the photoelectric position sensors market are-

• Autonics Corporation (South Korea)
• Balluff Inc. (Germany)
• BANNER ENGINEERING (US)
• Baumer (Switzerland)
• Carlo Gavazzi (Switzerland)
• Eaton (Ireland)
• Fargo Controls Inc. (US)
• Hans Turck GmbH & Co. KG (Germany)
• HTMSensors (US)
• Leuze electronic GmbH + Co. KG. (Germany).

Market Dynamics

Growing initiatives by the governments to escalate robots and automated machinery in the industrial sector is a key factor boosting market growth. Also, the increasing penetration of IoT has resulted in surging product demand. Moreover, the constant rise in military expenditure across the globe coupled with the emergence of smart photoelectric sensors creates immense opportunities for the market players in the coming years.

COVID-19 Impact

The COVID-19 outbreak has significantly affected the photoelectric position sensors industry. This is mainly due to soaring coronavirus cases, the implementation of stringent lockdown measures, and limited movement of people to curb the spread of the virus. Several manufacturing plants such as packaging, automotive, and logistics halted their production in 2020. The decline in demand from consumers, international trade barriers, and supply chain disruption has further impacted the market potential.

Segment Analysis

By Type

The photoelectric position sensors market is categorized into diffused, retro-reflective, and through-beam. The retro-reflective segment held a significant market share in 2020 and is estimated to register a healthy CAGR during the forecast timeline. This is mainly attributed to the rising demand for retro-reflective sensors in the industrial manufacturing and pharmaceutical sectors in the developed economies of the U.S. and Germany. Also, these sensors are used in the pharmaceutical and medical sectors to prevent the chance of empty packaging of medicines and tablets, thereby bolstering segment growth.

Regional Analysis

The Asia Pacific market accounted for a significant share in 2020 and is expected to grow at the highest CAGR in the following years. This is mainly ascribed to an increasing rising inclination toward automation & industrial robots in Japan, China, and South Korea. In addition, rising support from the government has positively influenced the regional manufacturers to incorporate IoT-based machines and robots in factories, which adds an opportunity for industry value, further proliferating the regional market growth.

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Target Audience

Here is the list of the group of customers that the photoelectric position sensors market hopes to have the greatest opportunity to convert-

• Distributors
• Suppliers
• Manufacturers
• Logistics organizations
• Government bodies

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

What deliverables will you get in this report?

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.?

Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

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