Albany, New York, May 16, 2017: Market Research Reports Search Engine (MRRSE) has recently added a new research report to its online library. The research report, titled “Photoelectric Sensors Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024,” provides a thorough analysis of the overall market. Researchers have used a SWOT analysis to identify the strengths, weaknesses, opportunities, and threats impacting the segments of the global photoelectric sensors market. Furthermore, through primary and secondary research methodologies used for compiling this report, researchers have given readers a concrete framework for formulating business strategies.

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According to the report, the global photoelectric sensors market was worth US$400 mn in 2015 and is anticipated to reach US$1,703.2 mn by 2024, surging ahead at a CAGR of 17.8% between 2015 and 2024. The growing number of applications of photoelectric sensors is expected to drive the overall market. In terms of volume, this market is expected to peg at 67.0 mn units by 2024 from 30.5 mn units in 2015, progressing at a CAGR of 21.2% during the forecast period.

The global photoelectric sensors market is segmented on the basis of technology, type, applications, and geography. The technologies used in the global photoelectric sensors market are diffuse, retro-reflective, and through beam. The types of photoelectric sensors available in this market are fiber optic photoelectric sensors and proximity photoelectric sensors amongst others. The applications of these sensors are seen in elevators, parking facilities, building automation, packaging machines, semiconductor devices, and others. Geographically, this market is segmented into North America, Europe, Asia Pacific, and Rest of the World.

The parking facilities application segment held the largest share in the overall photoelectric sensors market in 2015. This segment was driven by the increasing need for safety in the parking of vehicles and the demand for proficiency in assisting drivers while parking. Furthermore, the advancements in photoelectric sensors such as improved sensing and precision have also fueled the growth of this segment in the recent past.

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Some of the key players in the global photoelectric sensors market are Panasonic Corporation, Sick AG, Omron Corporation, Rockwell Automation Inc., Keyence Corporation, Balluff Inc., Schneider Electric SE, Baumer Group, IFM Electronic Ltd., Eaton Corporation PLC, Avago Corporation, and Autonics Corporation among others. The research report profiles these players and provides a clear assessment of the global photoelectric sensors market. The report also includes a study of the financial overview, research and development activities, business and marketing strategies, and expansion plans of these companies for the near future.

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