According to the research report titled ‘Photoelectric Sensor Market Size, By Product (Photoelectric Fork Sensor, Photoelectric Label Sensor, Photoelectric Distance Sensor, Photoelectric Color Sensor), By Type, By Source (Laser-beam, Infrared, LED), By Application, COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027’, available with Market Study Report, global photoelectric sensor market size is slated to expand at significant CAGR over 2021-2027.
 

Escalating product demand and adoption in various applications like automated assembly lines and building automation systems, coupled with technological innovations in the sensors, and improving product landscape are catalyzing the growth of global photoelectric sensor market.
 

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Moreover, developments in pharmaceutical vertical, incorporation of IIoT across emerging countries as well as governmental initiatives to modernize manufacturing facilities in food & beverage industry, and expanding logistics and packaging sectors are propelling the industry outlook.
 

On the contrary, low performance of diffused-type photoelectric sensors is likely to hamper the market scenario over 2021-2027.
 

By product gamut, photoelectric label sensor is estimated record a 5% CAGR through 2027, accredited to widespread product usage in logistics and packaging sectors.
 

Speaking of type, global photoelectric sensor market is fragmented into diffuse, through-beam, and retro reflective, whereas based on source, the industry space consists of LED, infrared, and laser-beam. 
 

In terms of range, the < 100 mm segment is anticipated to register a CAGR of over 4% over the analysis timeframe, owing to rising adoption of these sensors in compact installation spaces for proximity sensing.
 

Speaking of  application scope, building automation segment captured 8% industry revenue share in 2020 and is expected to register modest growth over the projected period, owing to sensor integration in HVAC controls, air quality monitors, smart security systems, smoke detectors, lighting controls, and other building automation systems.
 

Regionally, Latin America industry is anticipated to record a CAGR of 5% over 2021-2027, creditable to augmenting robotics and smart manufacturing facilities across countries like Mexico and Brazil.
 

Leading companies in global photoelectric sensor marketplace include Eaton Corporation plc, Panasonic Corporation, Schneider Electric SE, Balluff Inc., ifm electronic GmbH, Pepperl+Fuchs SE, BANNER ENGINEERING, Keyence Corporation, Rockwell Automation Inc., Leuze Electronic, Sick AG, and Omron Corporation.