Estimates claim that optical sensors market is expected to be worth USD 36 billion by the year 2026. Prominent device manufacturers are integrating optical sensors in their respective products to meet the consumer demands of technologically advanced products. For instance, ams AG delivered a new light and infrared proximity sensor to Apple for the production of upcoming smartphones having the feature of 3D facial recognition.
Elaborating further on product type, the fibre optic sensors segment is expected to see substantial growth across the market in the upcoming years. These sensors offer high resistance in conditions of intense EMI, chemical corrosion, high temperature, high voltage, and high-pressure environments making them suitable for application across defence & aerospace sector. Hence, growing aerospace sector is fuelling the demand for fibre optics sensors. Additionally, photoelectric sensors offer high detection feature with small size which enables its usage across industrial manufacturing application, hence favouring the photoelectric optical sensors market outlook.
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On the other hand, surging demand of smartphones in India has led to increasing manufacturing of mobile phones which will drive the optical sensors market. The Indian Ministry of Electronic and IT stated that the country will witness the production of approximately 500 million smartphones in 2019, estimating to USD 46 billion. These factors across India, coupled with strict ADAS policies in Europe are boosting the growth of optical sensors market across the globe.
Wide-ranging application scope of optical sensors and rapid adoption of automation in various sectors is likely to drive global optical sensors market outlook. The wave of the fourth industrial revolution (Industry 4.0) has prompted industries such as manufacturing, oil & gas, automotive, aerospace & defense to incorporating automation in their operations, which has considerably raised optical sensors industry demand. The manufacturing sector, in particular, is generating massive demand for optical sensors and expanding manufacturing industries across the globe will also favor business growth. Rising mobile phone manufacturing has also induced substantial product demand. For instance, the Indian Ministry of Electronic and IT estimated that around 500 million mobile phones were manufactured in India in 2019, accounting for USD 46 billion.
Optical sensors industry is witnessing a number of innovative product launches, which is likely to bolster growth prospects in the coming years. For instance, in February 2019, Rockwell Automation, Inc., introduced its new photoelectric sensor, which is suitable for application across material handling, food& beverage, and packaging industries. Increasing utilization of photoelectric sensors for industrial manufacturing application and impressive features such as compact size and high detection is likely to fuel product adoption over the coming years.
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Prominent companies operating in the optical sensors market are ROHM Semiconductor, Magna International, Rockwell Automation, Inc., Vishay Intertechnology, Inc., Honeywell International, Inc. and SICK AG. These companies are defining various strategies to enhance their capabilities by undertaking acquisitions and collaborations with other players and focussing on developing innovative products. Speaking of Rockwell Automation, Inc. for instance, the company launched a highly reliable and long ranged photoelectric sensor suitable for packaging, material handling, and for food & beverage applications.
Table of Contents (ToC) of the report:
Chapter 5. Optical Sensors Market, By Application
5.1. Key trends, by application
5.2. Consumer electronics
5.2.1. Market estimates and forecast, 2015 – 2026
5.3. Industrial
5.3.1. Market estimates and forecast, 2015 – 2026
5.4. Automotive & transportation
5.4.1. Market estimates and forecast, 2015 – 2026
5.5. Food & beverages
5.5.1. Market estimates and forecast, 2015 – 2026
5.6. Medical
5.6.1. Market estimates and forecast, 2015 – 2026
5.7. Others (aerospace & defense)
5.7.1. Market estimates and forecast, 2015 – 2026
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