The whirlwind affair of the world with the ongoing technological revolution has made every aspect of human life depend on it for the most basic needs. Right from the need to develop self-driven cars to assistance for parking vehicles correctly, technology is governing an enormous number of tasks primarily performed by humans. A fine example of this point is the evolution of photoelectric sensors that are used in designing parking facilities of vehicles, elevators, automation in buildings, semiconductor devices, and packaging machines amongst others. The common use of photoelectric sensors is seen in vehicles for helping drivers align the car accurately, parking it efficiently, and safeguarding the car in more ways than one. The global photoelectric sensors market is witnessing a boom as researchers and technology experts are making a great deal of additions to these applications.
Global Photoelectric Sensors Market to Expand at 17.8% CAGR between 2015 and 2024
According to a recently published study, the global photoelectric sensors market is expected to reach US$1,703.2 mn by 2024 from US$400 mn in 2015, expanding at a CAGR of 17.8% between 2015 and 2024. The primary growth driver for the global photoelectric sensors market is the rapid pace of industrial automation. The popularly seen technologies in this market are through beam, diffuse, and retro-reflective. The unwavering consistency of results and the ability to install retro-reflective photoelectric sensors is anticipated to drive this segment and also make it a leading facet of the whole market in the foreseeable future.
Technologically, photoelectric sensors designed with retro-reflective technology made their indelible mark on the market in 2015. This credit goes to the unique ability of these sensors to eliminate incorrect signals when the light is reflected from shiny or reflective targets. The use of retro-reflective photoelectric sensors is made in detecting objects, glass, and several other targets.
Europe to Dominate Overall Photoelectric Sensors Market
Geographically, the global photoelectric sensors market is segmented into Asia Pacific, North America, Europe, and Rest of the World. As of 2015, Europe held the largest share in the overall market. Analysts predict that the share of this region will expand in the forecast period as the need for automation in various industrial verticals across Europe rises.
High Precision Products will Create Stiff Competition
Companies such as Keyence Corporation, Rockwell Automation Inc., Panasonic Corporation, Avago Corporation, Omron Corporation, Schneider Electric SE, Balluff Inc., Baumer Group, Sick AG, Eaton Corporation PLC, IFM Electronic Ltd., and Autonics Corporation are working towards achieving the highest level of precision and reliability in their products to better the existing product standards. Manufacturers are now aiming at developing variants of fiber optic photoelectric sensors and proximity photoelectric sensors that record measurements with absolute accuracy, offer quick analysis, and negate the challenges of defective production. These developments are poised to make the overall market exceptionally competitive in the coming years.
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The foremost restraint faced by the overall market is the expensive nature of fiber optic photoelectric sensors. However, experiments with nano-technology, which will render the miniaturization of photoelectric sensors, areanticipated to open up newer growth avenues for the photoelectric sensors market in the near future.