Retro-Reflective Segment to dominate North America Photoelectric Sensor Market during 2020–2028
According to The Insight Partners market research study on “North America Photoelectric Sensor Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Technology and End-use,” is expected to reach US$ 688.08 million by 2028 from US$ 409.99 million in 2021. The market is estimated to grow at a CAGR of 7.7% from 2021 to 2028. The report provides trends prevailing in the North America photoelectric sensor market along with the drivers and restraints pertaining to the market growth. Higher demand in manufacturing industries, authenticity and reliability of photoelectric sensor, and elevating demand for photoelectric sensor in pharmaceuticals industry are the major factor driving the growth of the North America photoelectric sensor market. However, heavy installation and maintenance costs hinder the growth of North America photoelectric sensor market.
North America is one of the leading regions in terms of the development and adoption of new technologies; this is mainly attributed to favorable government policies that boost innovation and strengthen the infrastructure capabilities. Hence, any impact on the growth of industrial sector hampers the economic growth of the region. Presently, the US is the world’s worst-affected country due to COVID-19 outbreak. The industry's reliance on human labour has been highlighted by the recent pause in industrial automation and development. This is expected to showcase the benefits of robotics and automation in the post-lockdown phase, leading to increased adoption. The overall demand for industrial automation components and digitalization is likely to increase once the industries attain normal operational conditions; these technologies are a need of the hour amid high market competition worldwide. Hence, the photoelectric sensor industry is projected to growth at a steady pace in the post-pandemic period.
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 the US, Canada and Mexico. In 2020 US held the largest share in the market and it is also expected to be the fastest growing during 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 North America 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, Eaton Corporation plc. completed the acquisition of Power Distribution, Inc. The addition of Power Distribution, Inc. allow Eaton to better serve data center customers.
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