The latest market research report by Technavio on the global industrial optoelectronic sensors market predicts a CAGR of almost 12% during the period 2018-2022.
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Technavio has published a new market research report on the global industrial optoelectronic sensors market 2018-2022 under their hardware and semiconductor library. (Graphic: Business Wire)
The report segments the global industrial optoelectronic sensors market by product (through-beam sensor, retro-reflective sensor, and diffuse sensor), by end-user (oil and gas industry, chemical and petrochemical industry, water and wastewater industry, and power industry), and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global industrial optoelectronic sensors market, according to Technavio hardware and semiconductor researchers:
- Increasing demand for smart sensors in smart factories: a major market driver
- In 2017, the oil and gas industry segment dominated the market by occupying around 27% share
- APAC dominated the global industrial optoelectronic sensors market with more than 55% share in 2017
- Automation24, ams, BERNSTEIN, BRAUN, and Baumer are some of the leading players in the market
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Increasing demand for smart sensors in smart factories: a major market driver
Increasing demand for smart sensors in smart factories is one of the major factors driving the global industrial optoelectronic sensors market. At present, most of the end-users are increasingly adopting automated and smart technologies to increase their rate of productivity with accurate quality. Alongside the trend of smart factories, robotic factories have also occupied a substantial share in the industrial sector. Manufacturing nations such as China, the US, and Brazil are automating their manufacturing units to improve their communication and coordination within industries and ensure flexibility in the undergoing processes.
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APAC: largest industrial optoelectronic sensors market
Presently, APAC is one of the fastest growing regions with respect to the rate of industrialization occurring in the countries. This will create considerable demand for industrial optoelectronic sensors as major end-users of this region are revolutionizing their industries into digital platforms where most of the processes can be monitored from one control room.
According to a senior analyst at Technavio for research onsensors, “One of the major factors that have contributed to the industrial development in the APAC region is the emerging oil and gas industry. Most of the players in the oil and gas industry are shifting their focus to developing countries due to the depleting layer of resources in the developed countries.”
Competitive vendor landscape
The global industrial optoelectronic sensors market is fragmented with local, regional, as well as international players. As these sensors are used for industry-specific purposes, vendors are trying to differentiate their products by introducing innovative products. Most of the vendors are targeting the oil and gas, chemical and petrochemical, and power industries as these sectors are highly prone to hazardous accidents and thereby offer immense scope for the use of optoelectronic sensors.
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