Area Sensors Market From 2023 to 2033, it is Anticipated to grow at a CAGR of 12.5%

Area sensor sales are expected to reach US$ 7,033.4 million in 2023 and US$ 22,907.1 million by 2033. The area sensor market is projected to grow between 2023 and 2033 at a CAGR of 12.5%.

The presence of specimens inside the customizable height of the sensor arrays is detected by area sensors using multi-beam, through-beam arrays of photo-eyes. Area sensors work well for locating objects in a two-dimensional focused area that are different sizes and forms.

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Key Takeaways from Market Study

• The South Asia & Pacific region is expected to create lucrative growth opportunities for players in the market, due to rise in industrial automation and changing manufacturing landscape in the region.
• Growing trend of cost-effective area sensors along with technological advancements is creating new growth opportunities for manufacturers.
• Key players in the market are focusing on acquisitions to complement their product portfolio, to cater to the needs of a variety of customers. Market participants are also focusing on providing products directly to end users to improve direct customer relations.
• Application of area sensors is high in picking systems, object detection, and positioning & examination.
• Most of the demand for area sensors comes from the food & beverage packaging and electronics industry.
• The market in the U.S. is projected to expand at a CAGR of 5.5% through 2031, while that in Germany at around 6%.
• Market growth in China, Japan, and India is expected to be much higher, at around 8%, 9%, and 11%, respectively.

Why is Business Expansion Strategy Key to Market Consolidation?

Area sensor manufacturers continue to strive to build their global capabilities by establishing distribution centers in different locations across the world, and this is expected to help increase market value. For instance, in July 2019, SICK AG opened a new distribution center in China, which is a sensor producer hub for Asian logistics. The new distribution center helps provide sensor products and systems for customers even more rapidly, efficiently, and with greater need orientation.

Market participants are adopting the product diversification strategy to enhance their market presence. Moreover, emerging companies are significantly investing in new product development and launches to sustain their market presence. Also, market participants have been emphasizing research & development activities for innovative product and service development, and to improve the development process to decrease operational costs.

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Competitive Landscape

Introduction of new products and strategic partnerships are key strategies followed by top players in the area sensors landscape to increase their business revenue. Area sensor manufacturer and providers are focusing on innovation in products/services to improve their market shares.

For instance, in February 2020, Panasonic Corporation developed a time-of-flight (TOF) image sensor that uses avalanche photodiode (APD) pixels, and is capable of acquiring highly accurate 3D information in accordance with the position of objects from near to far places at distances up to 250 m. These sensors can be applied in a variety of fields, including automotive range imaging and wide-area surveillance.

Area sensors manufacturers are focusing on product recognition as well as various certifications to expand their product offerings to have a competitive edge in this space. Collaborative developments via partnerships between research institutes & industry players are expected to pave the way for the development of innovative & commercially viable products.

Some of the leading companies operating in the market are:

SICK AG
OMRON Corporation
Panasonic Corporation
Delta Electronics, Inc.
Keyence Corporation
Autonics Corporation
Riko Opto-electronics Co., Ltd.
Pepperl+Fuchs
Market Segmentation by Category

Type

General Purpose Area Sensors
Cross-beam Area Sensors
Sensing Range

Less than 1 Meter
1 Meter - 3 Meters
3 Meters - 5 Meters
More than 5 Meters
Application

Object Detection
Picking Systems
Positioning and Examination
Personnel Safety
Equipment Protection
Others
Industry

Pharmaceuticals
Food & Beverages Packaging
Electronics & Electricals
Automotive
Others
Region

North America
Latin America
Europe
East Asia
South Asia & Pacific
Middle East and Africa (MEA)

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This release was published on openPR.