Report : Europe Photoelectric Sensor Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Technology (Retro-Reflective, Thru-Beam, and Diffused) and End-use (Automotive, Military and Aerospace, Electronics and Semiconductor, Packaging, and Others)
Automotive Segment to dominate Europe Photoelectric Sensor Market during 2020–2028
According to a new market research study on “Europe Photoelectric Sensor Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Technology and End-use,” is expected to reach US$ 548.33 million by 2028 from US$ 337.74 million in 2021. The market is estimated to grow at a CAGR of 7.2% from 2021 to 2028. The report provides trends prevailing in the Europe photoelectric sensor market along with the drivers and restraints pertaining to the market growth. Correctness and reliability of photoelectric sensor, great demand in manufacturing industries, and consolidation of pulse ranging technology are the major factor driving the growth of the Europe photoelectric sensor market. However, higher installation and maintenance costs hinder the growth of Europe photoelectric sensor market.
Germany, Spain, Italy, the UK, and France are among the most affected European countries due to the COVID-19 outbreak. Businesses are suffering from financial crises as they had to either suspend their operations or reduce their activities substantially to abide by the social distancing norms and lockdown impositions. Europe is one of the major information technology (IT) hubs. Due to the presence of giant manufacturers, which are known for the high adoption of sensor and other automation technologies, the photoelectric sensor market in Europe is expected to gain back its growth pace during the forecast period. However, disrupted supply chains in several European countries and fall in demand have been limiting the performance of manufacturing sector, including the hardware manufacturing businesses. Business shutdowns and travel bans have been restricting the growth of various sectors in Europe, which led to an economic slump in many European countries in 2020; the effect of this slowdown is likely to persist in 2021 as well.
The photoelectric sensor market is segmented based on technology and end-use. 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 UK, France, German, Italy, Russia, and Rest of Europe. In 2020 Germany held the largest share in the market and the UK is 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 Europe 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 Corp plc. listed among World's Most Admired Company in 2020 by Fortune magazine.
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