Asia Pacific Photoelectric Sensor Market is expected to reach US$ 1034.51 Mn by 2028

PRESS RELEASE BY The Insight Partners 06 Aug 2021

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Packaging is expected to be the fastest growing segment during the forecast period 2021–2028

 According to The Insight Partners market research study on “Asia Pacific Photoelectric Sensor Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Technology and End-use,” is expected to reach US$ 1034.51 million by 2028 from US$ 585.10 million in 2021. The market is estimated to grow at a CAGR of 8.5% from 2021 to 2028. The report provides trends prevailing in the Asia Pacific photoelectric sensor market along with the drivers and restraints pertaining to the market growth. Up-lifting demand for photoelectric sensor in pharmaceuticals industry, amalgamation of pulse ranging technology, and elevated demand in manufacturing industries are the major factor driving the growth of the Asia Pacific photoelectric sensor market. However, exorbitant installation and maintenance costs hinder the growth of Asia Pacific photoelectric sensor market.

Asia Pacific is consisted with several developing countries, high industrial presence, and positive economic outlook. Increasing urbanization and industrialization in these countries is presenting ample growth opportunities to the photoelectric sensor market players. The increasing use of enhanced technologies; growing adoption of Industrial Internet of Things (IIoT) across various industrial facilities; rising safety mandates in developing countries such as India, Japan, and China are propelling the adoption of photoelectric sensor in the region. The COVID-19 outbreak has brought the entire manufacturing sector to a halt, causing major supply chain disruptions. As a result, the shortage of raw material required for photoelectric sensor manufacturing is expected to worsen further, as the key raw material suppliers are located in China and Taiwan. The trade war between the US and China has had a negative effect on trade of raw materials as well as on the demand for photoelectric sensor. Further, the scarcity of raw materials has led to increase in their prices, resulting in high photoelectric sensor manufacturing costs.

The photoelectric sensor market is segmented based on technology, end-use and country. Based on technology, the market is segmented into retro-reflective, thru-beam, and diffused. In 2020, the retro-reflective segment held the largest share in the market and the same segment is expected to be the fastest growing during the forecast period. Based on end-use the market is segmented into automotive, military and aerospace, electronics and semiconductor, packaging, and others. In 2020, the automotive segment held the largest market share and the packaging segment is expected to the fastest growing over the forecast period. Similarly, based on country the market is segmented into China, India, Japan, South Korea, Australia, and Rest of APAC. In 2020 China held the largest share in the market and it is also expected to be the fastest growing over the forecast period

Autonics Corporation; Balluff GmbH; Eaton Corporation plc.; ifm electronic GmbH; OMRON Corporation; Rockwell Automation, Inc.; Panasonic Corporation; SICK AG; Schneider Electric SE; and Keyence Corporation are among the leading companies in the Asia Pacific photoelectric sensor market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, ifm, a sensor and automation specialist, and CloudRail, an IIoT expert, have formed a strategic alliance. The companies will pool their skills to improve their positions on the strongly growing market for professional IIoT and cloud solutions.

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