Global Optical Sensor Market: Introduction
Transparency Market Research delivers key insights on the global optical sensor market. In terms of revenue, the global market is estimated to expand at a CAGR of ~11% during the forecast period, owing to numerous factors, regarding which, TMR offers thorough insights in its report on the global optical sensor market.
Optical sensors convert light into electric signals. They measure the physical quantity of light and convert light into a form that can be interpreted by an instrument. An optical sensor is connected to an electric trigger that can react as per changes in the signal. Optical sensors have the ability to measure changes in the wavelength of light. Optical sensors work by using either the single-point method or the distribution point method. In the single-point method, change in the single phase is required to activate the optical sensor. In the distribution point method, the sensor is reactive in series.
Optical sensors have evolved significantly since their introduction 40 years ago. Technological advancements over the last decade have resulted in the development of optical sensors that are suitable to function at a wide range of wavelengths, from ultraviolet (UV) to infrared (IR).
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The global optical sensor market is witnessing significant advancements and innovations. Due to this, the market is expected to expand at a significant rate during the forecast period. Significant increase in the demand for optical sensors for use in a wide range of applications is another factor boosting the global optical sensor market. Optical sensors are employed in various applications such as oil & gas, border security, and smart homes.
Global Optical Sensor Market: Prominent Regions
North America accounted for a key share of the global optical sensor market in 2018. The region is expected to dominate the global market between 2019 and 2027, owing to the increasing adoption of smartphones, tablets, and consumer electronic products in the region. The U.S. constituted a significant share of the market in North America in 2018. The country witnesses high investments in R&D activities aimed at innovating new technologies, and is also the most technologically-advanced region.
Europe has emerged as the second-largest market for optical sensors across the world. The region is anticipated to hold a considerable share of the global optical sensor market during the forecast period, owing to the increasing adoption of optical sensors in countries of Western Europe and Central Europe, and increased spending on semiconductor production. The rising use of optical sensors in biometric systems is also expected to augment the adoption of optical sensors in Europe in the next few years.
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Asia Pacific is anticipated to be a highly lucrative market for optical sensors throughout the forecast period, owing to the growing penetration of optical sensors in developing economies such as China, in the region. Lucrativeness of the market in Asia Pacific is anticipated to increase in the next few years, owing to extensive research and development activities being conducted in the field of pumped optical sensors in the region.
Key players operating in the global optical sensor market are displaying synergies through close cooperation and collaboration in the areas of sales, marketing, and production. Manufacturers are also expanding through organic methods, such as increasing production capacity, in order to meet the rising demand.
Global Optical Sensor Market: Key Players
Key players operating in the global optical sensor market are ROHM Co. Ltd, Rockwell Automation Inc., SICK AG, Vishay Intertechnology Inc., Honeywell International Inc., On Semiconductor Corporation, IFM Efector Inc., Keyence Corporation, Pepperl+Fuchs GmbH, STMicroelectronics NV, and Panasonic Corporation.
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Quest for Effective Communication to Catalyze Revenue from Numerous End-use Industries
The optical sensor market is a technology-intensive market, meaning, market players need to invest towards the development of highly-efficient optical sensors to cater to the demand of sensitive end-use applications such as medical, biometrics, and automotive. As industry 4.0 began gaining prominence, the relevance of optical sensors increased in manufacturing applications across industries, while the demand from early optical sensor adopters has fortified.
Among the early adopters of optical sensors, gains from consumer electronics are likely to remain lucrative, owing to the massive uptake in the demand for smartphones, smart watches, tablets, and voice assistant devices, among others. However, the penetration of biometrics technology to underpin security and tracking features is gaining exponential momentum, which can unlock market consolidation opportunities for market players. The future of the optical sensor market will gain a new dimension, as autonomy will propel the growth of the automotive industry, and optical sensors will make effective communication media to abate road-mishap instances.
Extrinsic Optical Sensor – The Optical Sensor for Modern Applications
Traditional requirements ascending from end-use industries were limited to the use of sensors for gauging variables such as vibration, acoustic pressure, strain, acceleration, and rotation, which deemed intrinsic optical sensors as ideal components. However, since contemporary and futuristic electronic components shoulder the responsibility of operating numerous systems with procured intelligence, without human intervention, market players extend the capacities of optical sensors by improving their potency to measure temperature, flow, liquid level, pressure, etc., and transmit data to the designated module.
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