Optical Sensors Market is anticipated to hit $42.9 billion by 2023 at a CAGR of 8.99%
APAC held the largest market share in the Optical Sensors Market
Asia Pacific region holds the largest market share and growth in the Optical Sensors Market and is anticipated to reach $17.33 billion by 2023 at a CAGR of 10.46%. APAC Optical Sensors Market is mainly driven by the rising automation demands and foreign investments. The key applications include ambient light sensor, fiber optical chemical sensor, temperature sensors among others.
Selected Value Chain Analysis done in the full report
- The quality of optical sensors manufactured, depends on both the production process as well the raw materials. Once the design, product features, specifications and patent filing are finished, either through its own R&D activities or licensing agreements with research institutes or universities, the company starts the manufacturing process.
- This industry requires a range of components that are usually procured through various suppliers and raw material providers. The company manufactures the optical sensors either at their own factory or outsources the production process to a third-party manufacturer. Sometimes, these contract manufacturers only supply the manufactured parts, which can then be assembled at the company’s production facilities.
- The optical sensor products are then distributed to system integrators through wholesalers or global distributors. Once the products reach the system integrators, they bring together all component subsystems into a single optical system. These final end products are then distributed to end-user through global or regional distributors.
Excerpts on Market Growth Factors
- Increasing adoption of automation across diverse sectors such as manufacturing, aerospace & defense, oil & gas and automotive among others, is driving the growth of global optical sensors market. For example, rising demand for safety and better navigation system has increased the utilization of optical sensors in vehicles. This factor in turn has driven the growth of optical sensor market during the forecast period.
- Adding to that, optical sensors possess various benefits such as compactness, lightweight and flexibility, owing to which the adoption of these devices in the end user industries are growing at a faster pace.
- The requirement for the developed nations to explore the untapped potential of many African countries also acts as a growth catalyst for modernized industries which will in turn create a market for optical sensors.
- Hence, optical sensors will play a crucial role in sensing the environment to provide better control of devices, thus driving the market for them in the future.
- Asia Pacific region holds the largest share in global light sensors market and the growth is attributed to the huge demand for electronics, especially smart phones, tablets, notebooks, smart T.V.s and laptops, in which all these products and many more consumer electronics have the need for in-built light sensing systems within them, which drive the market.
- New constructions and budding industries manufacturing medium to high-end smart mobile phones incorporating ambient and RGB light sensors within their products also can be good market drivers for the same.
- In Mexico, the Image Sensors market is estimated to reach $602.9m in 2023growing with a CAGR of 6.66%.
Key players of Optical Sensors Market:
- The Optical Sensor Market has some key players who hold major stakes in the market. Omron, Sony Corporation, Samsung, Rohm Semiconductors, Keyence Corporation and so on are some of the leading manufacturers present in the market.
- The major companies considered for the analysis are SICK, Hans Turck, Pepperl+Fuchs, ifm and so on.
- Major launches were by companies such as Micro-Epsilon Messtechnik GmbH & Co. KG, Omnivision Technologies, Hamamatsu Photonics, OMRON and Irisys.
- The main features that were similar in all the recent launches were high quality sensing, low-cost and compactness.
- In 2017, Hamamatsu introduced one channel distance measurement photo IC S13021-01CT that detects the distance to the target objects by using time-of-flight.
- Significant products were launched in the market by the key players of the industry, including, OmniVision Technologies, HAMAMATSU PHOTONICS, Baumer Electric AG, APTINA IMAGING, B.E.G BRUCK ELECTRONICS GMBH and many more.
- Omnivision’s ultra-compact global shutter sensor for computer vision applications, Lutron Electronics’ new dual-technology sensor under its Advanced-Maestro Occupancy/Vacancy Sensing Switch family, Busch Jaeger’s ZigBee Light Link (ZLL) intelligent light control use dimmers and motion detectors.
- Some emerging startups that are using optical sensor technologies to produce innovative products are Optisense, an optics-based grid-sensor technology and Zedelef, a developer of optical sensors for oil and gas and electrical industries.
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