Lucintel's latest market report analyzed that photoelectric sensor provides attractive opportunities in the automotive, consumer electronic, industrial, food & beverage, and healthcare sectors. The photoelectric sensor market is expected to reach $1.8 billion by 2028 with a CAGR of 7.5%. In this market, laser beam is the largest segment by beam source, whereas food & beverage is largest by end use industry..
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Based on beam source, the photoelectric sensor market is segmented into laser beam and standard beam. The laser beam segment accounted for the largest share of the market in 2023 and is expected to register the highest CAGR during the forecast period, due to increasing usage of these sensors in various industries, such as manufacturing, plant management, and security and surveillance applications as it helps in identification of tiny objects.
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The Photoelectric Sensor Market is marked by the presence of several big and small players. Some of the prominent players offering photoelectric sensor include Autonics, Balluff, Eaton, IFM Electronic, Keyence.
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