The global photoelectric sensors market has maintained a long-term market leadership; however, recently new groups of sensors such as ultrasonic sensors as well as low-end vision sensors are competing with photoelectric sensors by functioning in similar application areas. While these sensors not only maintain a competitive edge by being price competitive, they also add value for end-users with more functionality.
Major factors contributing to the photoelectric sensors market growth are increased automation in industries such as automotives, food & beverages, and process industries along with upsurge in adoption of sensors by defense and IT sectors. The advent of nanotechnology has generated new opportunities for market growth. Growing awareness and safety regards in industries and automobiles are key factors responsible for market growth. Photoelectric sensors help to ease the job of machine builders as they reduce the number of suppliers and parts and help in reducing engineering time, thereby reducing manufacturing costs. Increasing awareness among people pertaining to healthy lifestyle has augmented the demand for smart gadgets and regalia market that utilize sensor capabilities.
However, limited sensing capability is an incumbent restraint for the photoelectric sensors market. Even though industrial automation drives the market, the growth is directly linked to operating business cycles as it results in longer project lead times. As the photoelectric sensors market matures, only those manufacturers are expected to benefit who differentiate their sensors either on price, or product features. Research and development investment is expected to be profitable considering the immense growth potential in the market.
Growing adoption of digital network technology that enables sensors usage via single cable is expected to be a beneficial and profitable trend in the field of these sensors. Even though high sensors deployment reduces the amount of cable usage, innovations in sensors applications field are expected to increase future demand for photoelectric sensors.
The photoelectric sensors market can be segmented on the basis of end-use industries into industrial automation and process industries. Materials handling and packaging are expected to emerge as key application areas. Electronics & semiconductors, automotive, and food & beverage industries are also expected to generate considerable demand for these sensors.
Photoelectric sensors exist in numerous forms, such as fiber-optic, box type, and cylindrical type and, they can also be further segmented on the basis of variety of light sources, such as laser, infrared, and visible red.
The West European photoelectric sensors market is expected to grow at a stable rate. The market in Europe is foreseen to continue on a trajectory of high growth over the next seven years. Technological innovations make it increasingly beneficial in flexible production processes, which would serve as a driving factor for growth. However, the recession in the Euro Zone is expected to hamper growth, thereby maintaining the revenues at a basic level. Asia, on the other hand is expected to grow at a fast rate, although it might be challenged by local low cost rivals, where volume is a basic motive with lesser profit margins.
Key market players offering photoelectric sensors include First Sensors Inc., Avago Corporation, Rockwell Automation, B. E. G. Luxomat, and Capella Microsystems.
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