- Increasing fiber optical sensors demand worldwide stimulating growth in global optical sensor market
- Rising photoelectric sensors demand in different end-use industries propelling overall market
- North America expected to account for major share in global market during forecast period because of increasing product demand for material processing and medical imaging purposes in U.S. and Canada
WILMINGTON, Del., Nov. 14, 2022 /PRNewswire/ — The last few years have increase in demand for new, advanced modern in different end-use industries in a bid to achieve improved results. One of the products that has witnessed increased demand is optical sensors and some of the end-use industries where the product has witnessed increased demand include aerospace and defense, oil and gas, energy and power, consumer electronics, healthcare, and media and entertainment.
As per study conducted by TMR study, the global optical sensor market is anticipated to advance at compound annual growth rate of 8.3% during the forecast period, starting in 2022 and ending in 2031. The optical sensor market size was valued at $US 24.2 Bn before the start of the forecast period, in 2021.
New product launches are assisting leading optical sensor market players in gaining an edge over other players and in generating significant revenue.
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Key Findings of Optical Sensor Market Study
- Rising Fiber Optical Sensors Demand Augmenting Growth in Optical Sensor Market: The last few years have witnessed increase in demand for fiber optical sensors to detect and sense different parameters such as temperature, pressure, vibration, rotation, and displacement. Fiber optical sensing technology has gained preference over fiber optics technology owing to benefits such as improved safety for data transmission purposes, improved stability, ease of deployment, and improved reliability. Increasing demand for fiber optical sensors is triggering the growth in overall optical sensor market
- Increasing Photoelectric Sensors Demand in Different End-use Industries Propelling Overall Optical Sensor Market: The past few years have witnessed increase in demand for photoelectric sensors in various end-use industries such as food and beverages, pharmaceutical, life sciences, household, and personal care. Key reason behind the increased demand for photoelectric sensors in these end-use industries rising need for high image resolution sensors. Also, key reason behind increased preference for photoelectric sensors over other products is their superior identifying capabilities. Rising demand for photoelectric sensors is triggering the growth in global optical sensor market
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Optical Sensor Market-Key Drivers
- Increasing penetration of different advanced technologies such as Internet of Things and artificial intelligence is one of the key driving factors of global optical sensor market
- Rising optical sensor demand in access control and security and smart surface is expected to trigger the growth in global market and help in expansion of optical sensor market size
- Increasing penetration of different consumer electronic products such as smartphones and smart wearable devices boosting the demand of optical sensors market
Optical Sensor Market-Regional Market Insights
Globally, North America is anticipated to account for major share in overall optical sensor market during the forecast period. Different type of optical sensors have found demand from different application areas such as material processing, medical imaging, testing and lighting, and indoor and outdoor lighting in countries such as the U.S and Canada
Optical Sensor Market-Key Players
The global market has numerous top optical sensor manufacturers and as a result, competition landscape is fragmented. It is expected that entry of new players will intensify the competition in overall market, during the forecast period.
Top optical sensor manufacturers are making huge investments in research and development activities to manufacture improved products that would meet requirements in different end-use industries.
Some of the top optical sensor manufacturers globally include Opsens Solutions, Analog Devices Inc., Omron Corp., Panasonic Corporation, and Hamamatsu Photonics K.K.
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The global optical sensor market is segmented as follows:
- Measurement Range
- 2m – 10 m
- 11 m – 30 m
- 31 m – 60 m
- 61 m -90 m
- 91 m -120 m
- Above 120 m
- Sensor Type
- Fiber Optical Sensors
- Image Sensors
- Photoelectric Sensors
- Ambient Light Sensors
- Others (Infrared Sensors, Proximity Sensors, etc.)
- Application
- Medical Imaging
- Material Processing
- Indoor & Outdoor Lighting
- Dynamic & Static Signaling
- Testing & Measurement
- Authentication & Visualization
- Others (Temperature & Pressure Sensing, Geological Survey, etc.)
- End-use Industry
- Consumer Electronics
- Automotive & Transportation
- Aerospace & Defense
- Healthcare
- Oil & Gas
- Energy & Power
- Food & Beverage
- Media & Entertainment
- Chemicals
- Others (Industrial, Agriculture, etc.)
- Regions Covered
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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