Selbyville, Delaware, Jan. 12, 2021 (GLOBE NEWSWIRE) -- According to latest report “Optical Sensors Market by Product (Photoelectric Sensors, Ambient & Proximity Light Sensors, Image Sensors, Fibre Optic Sensors), Application (Consumer Electronics, Industrial, Automotive & Transportation, Food & Beverage, Medical), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2026”, by Global Market Insights, Inc., the market valuation of optical sensors will cross $30 billion by 2026. The market growth is attributed to the increasing adoption of optical sensors for device authentication, biometric recognition, high-speed detection, and other security applications in consumer electronic devices such as smartphones, televisions, laptops, and wearable electronics, among others.
Proliferation in the consumer electronics industry in developing economies will create positive growth opportunities for the market. According to the Indian Brand Equity Foundation December 2020 report, the appliance and consumer electronics industry in India accounted for USD 10.9 billion in 2019, which is projected to double up to USD 21.1 billion by 2025. The rapid penetration of AI and IoT technologies in the consumer electronics sector will further boost the market value.
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Photoelectric sensor segment in the optical sensors market will showcase growth rate of 7% through 2026 led by several features including compact size and high precision for long-range object detection. This has increased its acceptance in food & beverage processing industries for applications in conveyor mechanism, counting, monitoring, and non-contact detection. Market leaders are launching new products with advanced features to gain a competitive edge in the market.
The industrial application accounted for a optical sensors market share of around 15% in 2019 and is predicted to expand at a CAGR of more than 10% till 2026 driven by the demand for optical sensors in robotics and automation equipment in the industrial sector. Industrial plants are equipped with various automated equipment, such as collaborative robots, industrial robots, automated lifters, turn-over machinery, accelerating the usage of optical sensors. Optical sensors offer several features, such as high-performance, smaller footprint, high-speed detection, and fully operational in harsh environments, adding opportunities for the market revenue. Rising penetration of smart factories in developed economies, such as the U.S., Germany, France, and the UK, will further contribute to the market expansion over the forecast period.
The Europe optical sensors market demand across the automotive sector is anticipated to register significant growth rate of 11% during 2020 to 2026. The major automotive OEMs present in the region including Daimler, Audi AG, Volkswagen, and BMW Group, among others are extensively focusing on the development of ADAS and self-driving cars. Additionally, supportive government initiatives to enhance the adoption of automotive safety systems in vehicles will further spur the acceptance of optical sensors in the region. For instance, in April 2019, the European Union passed a regulation to mandate ADAS systems including Automatic Emergency Braking (AEB) system and Intelligent Speed Assistance (ISA) system in all upcoming vehicles from May 2022. In-line with the recent outbreak of the COVID-19 pandemic, major automotive OEMs have halted their manufacturing operations, resulting in a decline in automotive sales. The post-COVID scenario will increase the production of automotive in the region, further adding new opportunities for the market growth.
Some of the key players 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, Inc., Panasonic Corporation, and TE Connectivity, among others. The companies are extensively focusing on research & development activities to introduce technically advanced products than their competitors.
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Some major findings of the optical sensors market report include:
- The rising adoption of CMOS-based image sensors in IoT-enabled smart wearable devices including fit bits, smart glasses, & smartwatches will create opportunities for the market.
- The rising usage of Industry 4.0 technology and proliferation of smart factories in North America are amplifying the acceptance of optical sensors in robotic and automation equipment in the optical sensors market.
- Surging demand for fiber optic sensors for remote monitoring applications in the oil & gas, petrochemical, and mining industries is fueling the industry growth.
- Technological advancements in vehicle safety systems and In-Vehicle Infotainment (IVI) systems will foster optical sensor demand in the automotive sector.
- Favorable government policies for the development of the electronics and semiconductor manufacturing industries in the Asia Pacific countries, such as China, India, South Korea, and Taiwan, will support optical sensor manufacturers in the region.
Table of Contents (ToC) of the report:
Chapter 3 Optical Sensors Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2015-2026
3.2.1 Global semiconductor landscape, 2015 - 2026
3.2.2 Global sensors landscape, 2015 – 2026
3.3 Impact analysis of corona virus (COVID-19) pandemic on optical sensors market
3.3.1 Global outlook
3.3.2 Impact by region
3.3.3 Industry value chain
3.3.4 Competitive landscape
3.4 Industry ecosystem analysis
3.4.1 Component suppliers
3.4.2 Manufacturers
3.4.3 Distribution channel analysis
3.4.4 Vendor matrix
3.5 Technology & innovation landscape
3.5.1 Increasing investments in advanced 3D optical sensing
3.5.2 Introduction of optical nano sensors
3.6 Regulatory landscape
3.7 Industry impact forces
3.7.1 Growth drivers
3.7.2 Industry pitfalls and challenges
3.8 Growth potential analysis
3.9 Porter’s analysis
3.10 PESTEL analysis
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About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.