The unfathomable pace of automation across the major industry verticals has been the driving force behind the global photoelectric sensors market. The overall world of manufacturing has been integrating automated solutions to achieve better efficiency, productivity, and safety, which has given the photoelectric sensors an unprecedented impetus. Photoelectric sensors are used in vehicles to improve parking facilities along with in elevators, building automation, semiconductor devices, packaging machines, and others.
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The basic principal of these sensors is to detect an object by using light. They emit light from a transmitter onto a target, which is then received by a sensor as a reflection with through a photoelectric receiver. It then generates an output alerting the user of the shape, distance, absence, or presence of an entity.
Automotive Industry Fuels Global Photoelectric Sensors Market
The unique ability of photoelectric sensors to sense objects over long distances has made them a popular component in the car manufacturing industry. The global photoelectric sensors market is expected to be fueled by the automotive industry as the majority of the car manufacturers are using these sensors for improving parking facilities. These sensors assist drivers by identifying positing of the car, alignment, and the availability of space. They are also beneficial for adjusting the levels in a multi-level car parking.
Global Photoelectric Sensors Market to Reach US$1,703.2 mn by 2024
According to a recently published research report, 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% from 2015 to 2024. The remarkably positive CAGR will be attributable to the increasing number of applications of photoelectric sensors. The different types of photoelectric sensors such as fiber optic photoelectric sensors and proximity photoelectric sensors are popularly being used due to the reliability they offer with the pre-programmed intelligence. These sensors are using technologies such as diffuse, retro-reflective, and through the beam.
As photoelectric sensors upgrade to smart sensors that denote exact adjustments, they come with the ability to interface with sensor networks and provide accurate self-diagnostics. The new-age sensors are embedded with microprocessor chips, which simplifies the display of output through LCD digital readouts when the light signal is received.
Retro-reflective Technology to Lead Overall Market
The retro-reflective technology led the global photoelectric sensors market as of 2015. When used with a polarized filter, these sensors eliminate the possibility of detecting reflective or shiny targets. The minimal effort required to install retro-reflective sensors is proving to be an integral factor to the growth of this product segment in the overall photoelectric sensors market.
Some of the important players driving the progress of the global photoelectric sensors market are Sick AG, Rockwell Automation Inc., Avago Corporation, Panasonic Corporation, Balluff Inc., Omron Corporation, IFM Electronic Ltd., Schneider Electric SE, Baumer Group, Eaton Corporation PLC, Autonics Corporation, and Keyence Corporation among others.
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Companies will have to tackle the exceptionally high cost of photoelectric sensors to overcome the restraint of a price-sensitive market. Analysts predict that introduction of nano-technology will open up new growth opportunities for the overall market, as this technology will enable development of sensors far smaller in size.