Optical Sensors Market size worth over $30bn by 2026

Optical Sensors Market size is set to exceed USD 30 billion by 2026, according to a new research report by Global Market Insights Inc.
 

The optical sensors market growth is due to the proliferation of robotics and automation in manufacturing and processing industries. These industries are equipped with advanced automated equipment, such as industrial robots, automated guided vehicles (AGVs) robotic grippers, and collaborative robots, accelerating the demand for optical sensors. The optical sensors offer several intuitive features, such as high-performance, smaller footprint, high-speed sensing, and object detection, increasing their demand in factory automation equipment.
 

The proliferation of IoT technologies in medical and healthcare devices will boost the adoption of optical sensors in the coming years. The IoT-based medical devices, such as smart glucose monitors, remote patient monitors, sleep monitors, pulse oximeters, and optical heart-rate monitors, etc., are integrated with optical sensors. The sensors offer high accuracy and are resistant to the electromagnetic field, making them ideally used in medical instruments. Adding to this, the rising usage of wearable medical devices, such as fit bits, smartwatches, etc., will further contribute to the market expansion.
 

The difference in the image quality and high cost of optical sensors are the major factors restraining the market value. Automotive and consumer electronics OEMs are highly concerned regarding the prices of optical sensors owing to optimal pricing by major players. The advanced capabilities of substitute technologies, such as ultrasonic sensors, will limit the market revenue. Ultrasonic sensors are highly accurate and measure large errors at high speeds, whereas the accuracy of optical sensor decreases at high speeds. The upgrading of these sensors and implementation in various industries are likely to hinder the industry growth over the forecast period.
 

Rising demand of high-resolution image sensors will spur the market demand

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The image sensor segment dominated around 75% of the optical sensors market share in 2019 and will showcase growth rate of over 11% till 2026 led by the increasing uptake of image sensors in automobiles, smartphones, and medical imaging applications. The image sensors offer several features such as low power consumption, compact size, and provide high-quality image resolutions. Growing development in CMOS-based image sensor technology will further propel the industry value.
 

The growing trend of devices miniaturization will create high growth opportunities for image sensors in the medical application sector. Furthermore, advancements and developments in 3D optical sensing technology are likely to create a positive outlook for the image sensor industry expansion. 
 

Browse key industry insights spread across 350 pages with 497 market data tables and 27 figures & charts from the report, “Optical Sensors Market Size, By Product (Photoelectric Sensors {Through Beam, Retro-Reflective, Diffuse}, Ambient & Proximity Light Sensors, Image Sensors{Complementary Metal–Oxide–Semiconductor (CMOS), Charge-Coupled Device (CCD)}, Fibre Optic Sensors {Extrinsic, Intrinsic}), By Application (Consumer Electronics, Industrial, Automotive & Transportation, Food & Beverage, Medical), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 - 2026” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/optical-sensor-market
 

Burgeoning sales of consumer electronics devices in developed economies will accelerate market opportunities of optical sensors

The consumer electronics segment in the optical sensors market accounted for 45% of revenue share in 2019 and is estimated to attain a CAGR of 10% through 2026 impelled by the rising acceptance of optical sensors in consumer electronics devices such as cameras, display panels, televisions, tablets, laptops, among others. The optical sensor offers several features, such as biometric authentication, facial recognition, and other security features in smart consumer devices. In addition, the increasing sales volume of consumer electronics devices in developed economies, such as the U.S., Germany, the UK, and France, will further influence the market growth.
 

Favorable government policies will significantly impact the APAC market revenue

The Asia Pacific optical sensors market is poised to expand at more than 12% CAGR during 2020 to 2026 on account of supportive government initiatives for the development of electronics and semiconductor sectors in the region. For instance, in October 2019, the Government of China introduced a ‘National Semiconductor Fund’, which will provide USD 28.9 billion funding to nurture its domestic semiconductor manufacturing industry. Through this funding, the government will help manufacturers in setting new manufacturing bases and R&D activities to showcase less dependency on U.S. tech giants.
 

Key companies operating in the optical sensors market include ams AG, Keyence Corporation, ON Semiconductors, Omron Corporation, ROHM Co., Ltd., Sick AG, Texas Instruments Incorporated, Vishay Intertechnology, Panasonic Corporation, TE Connectivity, among others. These leaders focus on continuous research and development activities to provide technically advanced products than their competitors. For instance, in July 2020, ams AG developed the industry’s smallest proximity/light sensor, which has 40% smaller footprint in area than other sensors in the market. The new sensor will help smartphone OEMs serving the mid-range-device segment to develop mobile devices with virtually bezel-less displays.