Grand View Research says the global photoelectric sensors market size is expected to reach $2.09 billion by 2025, registering a 6.1% CAGR during the forecast period. Photoelectric sensors are used in packaging and manufacturing industries as they offer numerous advantages such as cost effectiveness, long sensing distances, fast response time, and high resolution. These high-efficiency products are expected to witness an increase demand also owing to benefits such as low maintenance, long operating life, and low power consumption.
Rising penetration of Industrial Internet of Things (IIoT) is further expected to enhance market growth. This growth is attributed to numerous benefits, including maximizing asset utilization, improving productivity, and enhancing work safety. These devices help in connecting machines and devices to enhance efficiency, productivity, and operation of industrial facilities. The photoelectric sensors market is anticipated to witness a considerable demand over the forecast period, which stems from industries such as healthcare, oil and gas, and military and aerospace across developed and developing countries.
Increasing government regulations pertaining to fuel emissions, along with increasing use of photoelectric sensors in automotive applications such as failure diagnostics, throttle control, contactless positioning sensing, and precision position measurement for better control, are key factors spurring market growth.
The emergence of smart photoelectric sensors is expected to drive market growth over the forecast period. This may be ascribed to several benefits such as reduced down time, lower cost, adaptability for self-calibration and compensation, fewer interconnections between multiple sensors and control systems, lower weight, and higher reliability. If you need further insight, you can browse the full research report with TOC.
Grand View Research, Inc