- A photoswitch is a kind of sensor that detects the presence of light or changes in the intensity of light.
- Photoswitch is also known as photoelectric switch. It is a type of molecular machine in which molecules can be switched between two distinct thermodynamically stable forms.
- Photoswitches are used in various applications such as consumer electronics, packaging, and in industrial manufacturing.
- Smart photoswitches offer various advantages such as reduced maintenance cost, enhanced reliability, and reduced downtime.
- Three types of photoswitches are available in the market. These include single point float, double float, and three float; these are used in various end-use applications such as for street lights, neon lights, advertising lights, and others.
Rise in Demand for Photoswitches for Use in Street Lights
- The street light segment is likely to be the fastest growing segment of the global photoswitch market during the forecast period.
- Photoswitches are majorly used in automated street lights. Nowadays, many of the street lights operate on solar energy; these solar street lights use photoswitches for the storage of solar energy.
- Governments of many countries are initiating smart city projects, which use automated street lights that comprise photoswitches to detect the presence of light or changes in the intensity of light. This also propels the growth of the global photoswitch market.
- Moreover, an increase in penetration of Industrial Internet of Things (IoT), rise in military expenditure across developed and developing countries, and growing demand for smart photoswitches are expected to boost the photoswitch market during the forecast period.
- Some of the restraints of the photoswitch market are a decrease in demand from end-users, shortage of raw materials, and disruptions in the supply chain due to COVID-19.
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Asia Pacific to Lead the Photoswitch Market
- In terms of region, the global photoswitch market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
- Asia Pacific is expected to witness the fastest growth in the photoswitch market during the forecast period due to increasing demand from countries such as Japan, China, Taiwan, Indonesia, South Korea, and India.
- A rise in awareness about automation technology in the region, growing penetration of IoT, and technological advancements aimed at improving operational efficiency and increasing safety mandates are expected to contribute positively to market demand in Asia Pacific.
- Furthermore, smart city projects in developing Asian countries such as India propels the growth of the photoswitch market in the region.
- North America holds the second largest share of the photoswitch market since most companies are investing in photoswitches to improve facilities at residential, commercial, and industrial sites.
- The photoswitch market in Europe is expected to expand at a substantial rate during the forecast period due to the rise in stringent regulations for industrial automation. On the other hand, the market in Middle East & Africa and South America is estimated to expand at a moderate pace during the forecast period.
Key Players Operating in the Global Photoswitch Market
The global photoswitch market was highly fragmented in 2019. Major players operating in the global market are focusing on technological advancement and expansion to meet the rising demand for photoswitches. Moreover, manufacturers are undertaking mergers and acquisitions for the development of innovative products.
Key players operating in the global photoswitch market include:
- Sick AG
- Schneider Electric
- SUNX Co., Ltd.
- Fuji Electrics
- Agilent Technologies
- Balluff GmbH
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Global Photoswitch Market: Research Scope
Global Photoswitch Market, by Type
- Single Point Float
- Double Float
- Three Float
Global Photoswitch Market, by End-use
- Street Lights
- Neon Lights
- Advertising Lights
Global Photoswitch Market, by Application
- Consumer Electronics
- Industrial Manufacturing
Read TMR Research Methodology at: https://www.transparencymarketresearch.com/methodology.html
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