The photoelectric sensor market size is projected to reach USD 2.1 billion by 2025 from an estimated USD 1.5 billion in 2020, at a CAGR of 7.8% from 2020 to 2025. Extensive use of photoelectric sensors in different industries increased the adoption of retroreflective photoelectric sensors in various applications, and surged adoption of industrial robots across several regions are among the factors driving the growth of the photoelectric sensor market.
COVID-19 Impact on the Global Photoelectric Sensor Market
The outbreak and the spread of the COVID-19 impacted the photoelectric sensor market in 2019, resulting in a decline in photoelectric sensor shipments and the revenues generated from them. As a result, a dip was witnessed in the growth trend of the market during the first half of 2020. However, the latter half of the year is expected to witness normalization in the inventory levels and increased demand for photoelectric sensors owing to the stabilization in demand for these sensors from industrial manufacturing, consumer electronics, automotive and transportation, food and beverages, and packaging applications. The COVID-19 has also affected the production of photoelectric sensors as manufacturing facilities across the world have been temporarily shut down to curb the spread of the virus. The spread of the COVID-19 has significantly impacted the players operating in the photoelectric sensor value chain. Global lockdowns have also affected the production of photoelectric sensors, along with the GDP of countries and the per capita income of individuals across the world. The consequent reduction in the purchasing power of the masses has led to a decline in the y-o-y growth of the overall market.
APAC to lead photoelectric sensor market during the forecast period
APAC is projected to lead the photoelectric sensor market from 2020 to 2025. The growth of the market in this region can be attributed to surged demand for automation solutions from automotive and transportation, industrial manufacturing, food and beverages, and packaging applications that use photoelectric sensors. Moreover, the rising demand for nanotechnology has created significant opportunities for the growth photoelectric sensor market in APAC.
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Key Market Players
Omron Corporation (Japan), Keyence Corporation (Japan), SICK AG (Germany), Schneider Electric (France), Rockwell Automation Inc. (US), ifm electronic GmbH (Germany), Pepperl+Fuchs (Germany), Balluff Inc. (Germany), Banner Engineering (US), and Panasonic Corporation (Japan) are some of the key players in the photoelectric sensor market.
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