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.
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
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:
Our in-depth analysis of the global optical sensors market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Increasing market penetration of smartphones and increasing market penetration of automation techniques across various industries are the key factors driving market growth.
The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2022-2030.
High costing associated with optical sensors is estimated to hamper market growth.
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.
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.
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.
The market is segmented by sensor type, end-user industry, and by region.
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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