Report : Photoelectric Sensor Market Forecast to 2028 - Covid-19 Impact and Global Analysis - By Technology ( Diffused, Retro-Reflective, Thru-Beam ); End-Use (Automotive, Military & Aerospace, Electronics & Semiconductor, Packaging, and Others)
Rising Demand for Photoelectric Sensors in Pharmaceuticals Industry to Provide Growth Opportunities for Photoelectric Sensor Market during 2021–2028
According to our latest market study on “Photoelectric Sensor Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Technology and End-Use The photoelectric sensor market is expected to grow from US$ 1,536.10 million in 2021 to US$ 2,577.56 million by 2028; it is estimated to grow at a CAGR of 7.7% from 2021 to 2028.
Pharmaceutical companies focus on improving their overall manufacturing operations by avoiding discrepancies such as empty packaging, which can be caused due to the unavailability of medicine tablets on the production line. The industry is increasingly deploying photoelectric sensors for tablet counting, bottle filling, and count verification (in clinical trials). These sensors are also being used in automated prescription fulfillment machines at retail pharmacies and hospitals. Further, advancements in photoelectric sensors technology is increasing photoelectric devices sensing range and that is improving the counting accuracy of medicine tablets, along with maintaining a hygienic production environments by keeping human away during the packaging of medicines. Also, photoelectric sensor provides a cost-effective solution, which is attained through automatic production line in the pharmaceutical industry. Hence,
the surge in the adoption of photoelectric sensors in pharmaceutical companies is mainly attributed to their abilities to enhance efficiencies, reduce industry’s operational costs, and facilitate real-time production monitoring. These sensors automate the upper and lower levels of liquid measurement in jar or tank. The use of strong corrosive chemicals (acidic or basic) is commonplace in pharmaceutical companies, and thus, the detection of liquid levels in storage tanks is an important task in these plants. Thus, increasing use of photoelectric sensors in the pharmaceuticals industry would drive the photoelectric sensor market growth in the coming years.
The rising need for of sensors and technological developments to solve complex challenges is encouraging innovations in photoelectric sensors. The pulse ranging technology (PRT), which can calculate object’s distance by using the principal of direct light propagation time measurement method, can be valuable in commercial industrial applications. PRT sensors provide accurate and continuous distance data with digital or analog outputs. In addition, positioning PRT sensors on each side of the carton and measuring these distances would also provide dimensions of pallets or cartons, which can be used to calculate the volume of the pallet or carton. The technology is expected to further improve the efficiency and accuracy of line assembly by providing comprehensive details of materials in production or operational process. This technology would be highly useful in pharmaceuticals and food & beverages industries. Thus, the PRT-enabled photoelectric sensors are likely to emerge as a prominent trend in future
Impact of COVID-19 Pandemic on Photoelectric Sensor Market
In 2020, due to COVID-19 pandemic, the world economy suffered significant consequences, and the effects are expected to endure to some extent in coming years. The outbreak disrupted primary industries such as electronics, semiconductor, and manufacturing. A sharp decline in the growth of these industries is limiting the growth of the photoelectric sensor market. Factory shutdowns, travel and trade bans, and border lockdowns to combat and contain the infection have negatively impacted manufacturing, supply, and sales of various sensor products.
The report segments the global photoelectric sensor as follows: