LONDON--(BUSINESS WIRE)--The global reflective photoelectric sensor market is expected to grow at a CAGR of close to 8% from 2017-2021, according to a new market research report by Technavio.
Global reflective photoelectric sensor market segmentation by application and technology
Technavio’s report on the global reflective photoelectric sensor market analyses the business dimensions and presents a comprehensive breakdown in terms of market segmentation by application, including manufacturing, food and beverages, packaging and pharmaceutical. As projected in 2016, around 32% of the market share originated from manufacturing.
Based on technology, the global reflective photoelectric sensor market has been segmented into retro-reflective technology and diffuse-reflective technology. As of 2016, more than 66% of the market share came from retro-reflective technology.
“Reflective photoelectric sensors that use retro-reflective technology provide multiple advantages such as reliability in operation, flexibility in application, better polarization, and precision sensing. Retro-reflective photoelectric sensors are used to identify transparent plastic bottles in the industries. These sensors particularly offer the response times needed for a reliable identification of the bottling line. Retro-reflective photoelectric sensors have rugged sensor designs, are easy to align, offer reliable object detection, and have better communication capabilities and improved functionality. Therefore, these sensors are reliable for use in industrial environments,” says Rohan Joy Thomas, a lead analyst at Technavio for sensors research.
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Global reflective photoelectric sensor market: competitive vendor landscape
The global reflective photoelectric sensor market is fragmented. Rockwell Automation, Keyence, Broadcom, Panasonic, and OMRON are the leading vendors in the market. The competition is expected to intensify among vendors with the adoption of modern technologies. Vendors are also innovating additional features to gain a better competitive edge over other market players. The chances that many startups and large firms will enter the market are high. This is because of the strong market growth potential that is complemented by rapid technological advances.
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Other topics covered in the report:
Market drivers:
- Growing demand for industrial automation
- Growing markets for elevators and escalators
Market challenges:
- High expense of fiber optic photoelectric sensors
- Fluctuation in foreign currency
Market trends:
- Growing adoption of nanotechnology
- Growing use of metallic and lustrous paints in assembly lines
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