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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

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Extensive insights into the Growth of Optical Sensors Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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IN THE NEWS

  • 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.

Global Optical Sensors Market Highlights 2022-2030

The global optical sensors market is estimated to grow with a moderate CAGR during the forecast period, i.e., 2022-2030. The rising demand for advanced security features in smartphones has led to implementation of various elements such as on-screen fingerprint scans and password protection in mobile phones. The need for the optical sensor that detects and verifies fingerprints are growing, which is estimated to drive the optic sensor market growth. Moreover, optical sensors provide ambient brightness by measuring the light in the room and adjusting the screen’s brightness accordingly. Such advantages are also expected to drive the demand for optical sensors. Currently, over 3 billion individuals are using smartphones across the globe. In 2020, more than 1.2 billion mobile phones were sold, which is estimated to cross the mark of 1.5 billion units by the end of 2021. The growing demand for smartphones is expected to further drive the demand for these sensors. The current trend of 4G and 5G feature phones is also expected to aid the smartphone demand, driving the need for optical sensors. The multiple uses of optical sensing devices in the medical industry, such as, optical coherence tomography, biochemical sensing, pressure, and temperature sensing, are estimated to boost the market growth. However, the medical industry has a strict regulatory framework for overseeing the deployment of new devices. Several companies produce optical sensing devices especially for the medical industry. Owing to increased R&D in medical field and growing healthcare awareness among people, the medical optical sensing market is expected to experience significant growth in the coming years. However, the imbalance between price and image quality hinders the market growth.

Global-Optical-Sensors-Market-Overview

The market is segmented based on sensor type, and it is divided into fibre optic sensor, image sensor, photoelectric sensor, ambient light and proximity sensor, and others.  The fibre optic segment is anticipated to grab a significant share by the end of 2021, on account of greater bandwidth, faster speeds, long-distance coverage, and better reliability than other sensor types. Based on application, the medical sector segment in the optical sensors market is projected to grow with a significant CAGR over the forecast period. Various applications of optical sensors such as, optical coherence tomography, biochemical sensing, pressure, and temperature sensing are estimated to drive the segment growth. The rising need for wearable healthcare devices, such as smartwatches with health trackers, fit bits, pulse oximeters, smartwatches, etc., is increasing. These devices are integrated with optical sensors to provide various advantages, such as, compact size, high accuracy, real-time data, and no response to electromagnetic radiation. This is expected to boost the growth of the segment. CLICK TO DOWNLOAD SAMPLE REPORT

Global Optical Sensors Market Regional Synopsis

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.

Global-Optical-Sensors-Market-Share

The global optical sensors market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis

Market Segmentation

Our in-depth analysis of the global optical sensors market includes the following segments:

By Sensor Type 

  • Fiber Optic Sensor
  • Image Sensor
  • Photoelectric Sensor
  • Ambient Light and Proximity Sensor
  • Others

By End-User Industry

  • Aerospace & Defense
  • Utilities
  • Oil & Gas
  • Medical
  • Construction
  • Consumer Electronics
  • Others

Growth Drivers

  • Increasing Market Penetration of Smartphones
  • Increasing Market Penetration of Automation Techniques Across Various Industries

Challenges

  • High Costing Associated with Optical Sensors

Key Players Dominating the Market

  •  ROHM Co. Ltd.
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Rockwell Automation Inc.
  • SICK AG
  • Vishay Intertechnology Inc.
  • Honeywell International Inc.
  • On Semiconductor Components Industries, LLC
  • IFM Efector Inc.
  • Keyence Corporation
  • Pepperl +Fuchs SE
  • STMicroelectronics NV

 

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