Optical Sensors Market Segmentation by Sensor Type (Fiber Optic Sensor, Image Sensor, Photoelectric Sensor, Ambient Light and Proximity Sensor, and Others); and by End-User Industry (Aerospace & Defence, Utilities, Oil & Gas, Medical, Construction, Consumer Electronics, and Others) – Global Demand Analysis and Opportunity Outlook 2030
Buy Now Report ID: 3253 | Published Date: Feb 09, 2023
Our in-depth analysis of the global optical sensors market includes the following segments:
By Sensor Type
By End-User Industry
Growth Drivers
Challenges
The market is segmented into five regions that are North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa region. The market in the European region is predicted to grow at the highest CAGR over the forecast period. This can be attributed to the growth of the automotive and transportation industry in Europe, especially in countries such as Germany and U.K. The optical sensor is used in several camera-enabled systems, such as, autonomous driving, advanced safety systems, and in-vehicle infotainment (IVI) systems in the automotive industry. Furthermore, the market in North America is evaluated to occupy the largest share in terms of revenue in 2021, owing to the growing medical and consumer electronic industries in the region. Additionally, the smartphone household penetration stands at 74% in the United States, which indicates a high potential for the market growth in the country. The latest product innovations of optical sensors embedded in smartphones, smart wearable, and smartwatches for ambient light and other purposes, are another factor estimated to boost the market growth.
The global optical sensors market is further classified on the basis of region as follows:
June 2021: STMicroelectronics and Metalenz Company, a meta-surface design specializing company, have signed a co-development and licensing agreement that will see ST develop manufacturing processes for Metalenz's meta-optics technology.
June 2021: Micatu's Gridview Optical sensors to provide power quality data for the Rochester Institute of Technology (RIT) Campus Microgrid for the students and the faculty to monitor renewable integration and manage the addition of distributed energy resources over a five-year timeframe.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Abhishek Verma, Hetal Singh
Ans: Increasing market penetration of smartphones and increasing market penetration of automation techniques across various industries are the key factors driving market growth.
Ans: The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2022-2030.
Ans: High costing associated with optical sensors is estimated to hamper market growth.
Ans: The market in Europe region will provide ample growth opportunities during the forecast period owing to the increased investments in the automobile industry and growing research and development regarding optical sensors in the area.
Ans: The major players dominating the optical sensors market are Rockwell Automation Inc., SICK AG, Vishay Intertechnology Inc., Honeywell International Inc., and On Semiconductor Components Industries, LLC, among others.
Ans: The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by sensor type, end-user industry, and by region.
Ans: With respect to end-user, the medical segment is anticipated to hold the largest market share owing to increasing R&D, the need for optical sensor integrated medical devices, and growing awareness among patients and healthcare providers.
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