Unsaturated Polyester Resins Market

Market Leadership - Photoelectric Sensors Market

The photoelectric sensors market is expected to grow from USD 1.4 billion in 2019 to USD 2.0 billion by 2024, at a CAGR of 7.0% during the forecast period.  Major factors driving the market growth include rising adoption of industrial automation, increasing government initiatives, and growing need for production efficiency.

Key players in the photoelectric sensors market include Omron Corporation (Japan), Keyence Corporation (Japan), Sick AG (Germany), Panasonic Corporation (Japan), Rockwell Automation, Inc. (US), Schneider Electric (France), IFM Electronic FZC (Germany), Balluff (Germany), Pepperl & Fuchs (Germany), and Banner Engineering (US).

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Top 2 Players in Photoelectric Sensor market are:

Omron Corporation (Japan)

Omron has been at the top position because of its extensive product offering for photoelectric sensors and strategically balanced financial growth. The company’s strong market position is characterized by its strong brand equity coupled with technical expertise and broad offerings in the photoelectric sensors market. The company’s strategy to grow in the photoelectric sensor market revolves around capturing newer markets across different industries and expanding the capabilities to address the demand from emerging markets. The company plans to expand its production capability especially for photoelectric sensors to leverage its demand. For instance, in June 2018, Omron (Japan) announced the construction of second factory of OMRON (Shanghai) Co., Ltd. in the city of Shanghai, China, to ramp up the capacity of various types of control equipment and thereby meet the voracious demands for automation on factory floors in that country.

Keyence (Japan)

Keyence ranked second in the market. The company is one of the leading providers of photoelectric sensors. Along with better photoelectric sensing technologies, the company has been consistently focusing on dedicated investments for improving sensing technologies. For instance, in November 2018, the company filed a patent for a photoelectric sensor of a reflection type that can be confirmed an operating state with a distal end portion of light propagation. The company plans to develop and enhance sales capabilities to sustain a long-term growth in the photoelectric sensors market considering the industrial growth in emerging economies.

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Report Code
CH 1348
RI Published ON
5/8/2019
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