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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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