Global Photoelectric Sensors Market to Expand with a CAGR of 17.8% due to Extensive Growth of Demand from Numerous Industry

Transparency Market Research (TMR) observes the global photoelectric sensors market is fragmented and competitive vendor landscape. The market features numerous players operating in the global market for photoelectric sensors coupled with growing research and development (R&D) activities is intensifying the competition among them. Some of the prominent players operating in the market are Rockwell Automation Inc., Avago Corporation, Keyence Corporation, Omron Corporation, and Panasonic Corporation.

A report from TMR estimates, the global photoelectric sensors market valued at US$400 mn in the year 2015 and is predicted to attain a value of US$1,703.2 mn by 2024. The market is expected to expand with a CAGR of 17.8% over the forecast period from 2015 to 2024. Based on the volume, the market was valued at 30.5 million units in the year 2015 and is expected to reach units 167.0 million by 2024, by exhibiting the rate of 21.2%. Based on technology, the photoelectric sensors market dominated by the retro-reflective technology by accounting the largest share of about 45% share in 2015 of the overall market. Based on the region, the photoelectric sensors market was dominated by the Europe region in the year 2015 and is expected to remain dominant over the forecast period owing to the growing demand for automation in numerous industries.

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Advancements of Photoelectric Sensors to Boost Growth

The photoelectric sensors are employed to detect the size, color, shape, and distance of the target entity. The sensors use light to perform some of the tasks coupled with the ability to detect the substances and non-metal objects. Self-contained sensors are designed to attach with the electronics and optics. The unit comprises the light transmitter and receiver. These sensors emit light in order to target the reflected and light beam, which is received by the photoelectric receiver. These advantages of the photoelectric sensors are widening its applications across numerous applications and which is boosting the growth of the global photoelectric sensors market.

These applications are packaging, logistics, and semiconductor devices are some of the primary sectors, which are increasingly demanding the photoelectric sensors. Additionally, the advantages and advancements are widening its uptake across the object detection, glass detection, and others. Widening its applications in the polarization filter and in infrared areas due to its faster working is propelling growth of the global photoelectric sensors market.