MarketsandMarkets’ report, "Photoelectric Sensors Market by Technology (Through-beam, Retro-reflective, Reflective), Range, Structure, Beam Source (Laser Beam, Standard Beam), Application (Consumer Electronics, Industrial Manufacturing) and Geography - Global Forecast to 2024", forecasts the photoelectric sensors market to grow from $1.4 billion in 2019 to $2 billion by 2024 at a CAGR of 7.0%. Major factors driving the market growth include rising adoption of industrial automation, increasing government initiatives, and the need for production efficiency.
- Retro-reflective segment to hold largest share during forecast period
- Digital output to have fastest growth during forecast period
- APAC is expected to hold the largest market size in the photoelectric sensors market during the forecast period
- Key players in the photoelectric sensors market include Omron Corporation (Japan), Keyence Corporation (Japan), Panasonic Corporation (Japan), Rockwell Automation, Inc. (US), Sick AG (Germany), Schneider Electric (France), IFM Electronic FZC (Germany), Balluff (Germany), Pepperl & Fuchs (Germany), and Banner Engineering (US).
For more details, request a PDF brochure of the “Photoelectric Sensors Market” report.