The photoelectric sensor market was valued at USD 1.5 billion in 2020 and is projected to reach USD 2.1 billion by 2025; it is expected to grow at a CAGR of 7.8% from 2020 to 2025. Major factors driving the growth of the photoelectric sensor market include extensive use of photoelectric sensors in different industries, increased adoption of retroreflective photoelectric sensors in various applications, and surged adoption of industrial robots across several regions.
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). Other key players in the market include Sensopart Industriesensorikis GmbH (Germany), HTM Sensors (Canada), Fargo controls Inc. (US), Eaton Corporation (Ireland), Leuze Electronics GmbH + Co. KG (Germany), Wenglor Sensoric (Germany), Autonics Corporation (South Korea), Bernstein AG (Germany), CNTD Electric Technology Co. Ltd. (China), Hans Turck GmbH & Co.KG. (Germany), and Carlo Gavazzi Holding AG (Switzerland) are the key players in the photoelectric sensor market. These players have adopted various growth strategies, such as product launches and developments, acquisitions, expansions, agreements, collaborations, partnerships, and joint ventures. Product launches and developments has been the most dominating strategy adopted by the key players from 2017 to 2020 to help them strengthen their product portfolio and broaden their customer base.
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Omron Corporation (Japan) held the first position in the photoelectric sensor market in 2019. The company is a global electronics company, which manufactures automation equipment and systems. It also develops computer, communication, and control technologies. It offers various photoelectric sensors, such as separate amplifier sensors, built-in amplifier sensors, built-in power supply sensors, and area sensors. Moreover, the company has a strong geographic reach and customer base. Omron Corporation also plans to expand its production capability, especially for photoelectric sensors, to leverage their increased demand from different industries.
Keyence Corporation (Japan) is a multinational company, which develops, manufactures, and sells industrial automation and inspection equipment. It offers automation sensors, vision systems, barcode readers, laser markers, measuring instruments, and digital microscopes. It offers various photoelectric sensors such as through-beam, retroreflective, diffuse-reflective, focused-beam reflective, small-spot definite reflective, fixed distance, and luster recognition sensors. The company expanded its network to 46 countries. It focuses on increasing its production efficiency and enhancing its research and development investments to remain competitive in the photoelectric sensor ecosystem.
Photoelectric Sensor Market with COVID-19 Impact Analysis by Type (Through Beam, Retroreflective, Reflective), Range, Structure, Beam Source, Output, Application (Industrial Manufacturing, Food and Beverages) and Geography - Global Forecast to 2025
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