Photoelectric Sensors Market Worth $ 3.4 Billion by 2031 | CAGR: 7.6% - TMR Study
WILMINGTON, Del., Oct. 3, 2022 /PRNewswire/ -- Abundant use of the sensors in numerous material handling applications has augmented the photoelectric sensor market size over the years. Enormous uptake of photoelectric sensors in various industrial applications has generated tremendous growth opportunities for photoelectric sensor manufacturers. The global photoelectric sensors market is forecast to expand at CAGR of 7.6 % from 2022 to 2031.
Growing demand for built-in amplifier photoelectric sensors in wafer detection applications underpins a vast revenue potential for firms in photoelectric sensors market, observed the TMR analysts. Rising demand from food & beverages industry has allowed sensor manufacturers to grow their photoelectric sensors market shares.
The choice of photoelectric sensor types varies depending on what tracking and tracing applications they are meant for. Of note, photoelectric sensors are widely utilized in wafer detection, conveyor system monitoring, and transparent bottle tracking in F&B industries, and identifying presence/absence of objects, owing to attractive optical properties. Stridently, R&D on these sensors have led to advanced capabilities in response time, sensing range, and reliability of detection in wide array of applications, thereby expanding the canvas for players in photoelectric sensors market.
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Key Findings of Photoelectric Sensors Market Study
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Photoelectric Sensors Market: Key Drivers
Photoelectric Sensors Market: Regional Growth Dynamics
Asia Pacific held a major share of the global photoelectric sensors market in 2021, and is anticipated to remain lucrative over the next ten years. Increasing trend of industrial automation and rising adoption of industrial robotics especially in end-use industries in China, South Korea, and Japan have created tremendous demand for photoelectric sensors. Rising adoption of IoT-based machines in smart factories will generate massive revenue streams in the regional market.
Photoelectric Sensors Market: Key Players
A TMR study scrutinizing the strategic dynamics of the photoelectric sensors market found that competition landscape is characterized by high degree of consolidation. Relatively few vendors control the value chain of the market.
Some of the key market players are Schneider Electric SE, Rockwell Automation Inc., Panasonic Industry Co., Ltd., Omron Corporation, Keyence Corporation, ifm electronic gmbh, Eaton Corporation, Baumer Group, and Autonics Corporation.
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Photoelectric Sensors Market Segmentation
Magnetometer Sensor Market- Magnetometer Sensor Market is expected to reach the value of US$ 6.24 Bn by the end of 2031
Temperature Sensor Market- Temperature Sensor Market is expected to reach value of US$ 10.6 Bn by the end of 2031
Transformer Market- Transformer Market is expected to reach US$ 48.18 Bn by the end of 2031
Thermoelectric Module Market- Thermoelectric Module Market is expected to cross value of US$ 1.2 Billion by the end of 2031
Gesture Recognition Market - The global gesture recognition market is expected to reach value of US$ 51.3 Bn by the end of 2031, grow at a CAGR of 20.3% from 2022 to 2031
Ultrasonic Sensors Market - The global ultrasonic sensors market is expected to exceed the value of US$ 7.9 Bn by the end of 2031, expand at a CAGR of 9.3% from 2022 to 2031
Smart/Intelligent Sensors Market - The global smart/intelligent sensors market is expected to cross the value of US$ 208.09 Bn by the end of 2031, expand at a CAGR of 18.2% from 2021 to 2031
Nano Radiation Sensors Market - The global nano radiation sensors market is expected to reach the value of US$ 292.09 Mn by the end of 2031, expand at a CAGR of 4.2% from 2021 to 2031
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