Wilmington, Delaware, United States, March 17, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – The Optical Position Sensors Market was valued at US$ 2.1 Bn in 2022 and is estimated to expand at a CAGR of 8.9% during the forecast period from 2023 to 2031. Increase in adoption of smart manufacturing technologies and rise in focus on safe and reliable industrial operations are driving the Optical Position Sensors Market. Furthermore, rise in practice of industrial automation, especially in emerging economies, is fueling market development.
Optical position sensors offer functional advantages of safety, reliability, and durability, which make them suitable for usage in various applications. Robotics and industrial automation are high-value applications of optical position sensors that are creating immense opportunities in the global market.
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Optical Position Sensors Market – Key Findings of Report
- Functional Advantages Suitable for Critical-safety Applications in Automotive Industry – Functional advantages of accuracy, reliability, and durability of Optical Position Sensors Market is leading to their uptick in demand in automotive applications. Optical position sensors provide accurate measurements, and are therefore used in safety-critical applications in the automotive industry. Furthermore, ability of optical position sensors to withstand harsh environmental conditions, including moisture, high temperature, and vibration, make them suitable for applications in the automotive industry.
- Demand for Lightweight Vehicles Creates Opportunities – Compact size and lightweight attributes of optical position sensors are augmenting their demand in modern, lightweight vehicles. Faster response time and real-time feedback, which can improve vehicle performance and safety, are some other key attributes of optical position sensors that are boosting market expansion.
- Rise in Focus on Safety and Reliability Bolsters Demand – Significant demand for optical position sensors in various applications, such as industrial automation, automotive, robotics, and medical devices, to enhance safety and reliability of industrial processes is poised to bolster market demand
- Two-dimensional Optical Position Sensors witnessing Demand – Based on type, the two-dimensional segment is anticipated to hold the leading share during the forecast period. This can be ascribed to their characteristic to determine the position of an object in 2D using optical techniques. Computer mice, trackpads, and robotics are some applications of two-dimensional sensors that require precise positioning.
- Surge in Usage in Medical Equipment Underscores Demand – Rise in popularity of two-dimensional sensors in the healthcare sector is creating lucrative prospects for industry growth. Two-dimensional sensors are used in various medical devices, with the primary function to assist surgeons in navigation and manipulation of instruments with greater precision. Furthermore, optical position sensors are used in surgical robots to enable precise movements during surgeries. Tracking the movement of patients during rehabilitation is another key application of optical position sensors. These sensors assist therapists in monitoring patient progress and adjusting the course of the treatment as required.
Optical Position Sensors Market – Growth Drivers
- Surge in adoption of smart manufacturing technologies in industrial processes is boosting the Optical Position Sensors Market
- Rise in focus on safety and reliability of industrial processes is boosting demand.
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Optical Position Sensors Market – Regional Insights
- Asia Pacific is anticipated to account for the leading market share during the forecast period. Rapid adoption of automation robotics in industrial processes are fueling the growth of Optical Position Sensors Market in the region. Furthermore, rapid rise in demand for consumer electronics is anticipated to fuel market growth in the next few years.
- Modernization of industrial processes, which includes integration of Industry 4.0 and smart manufacturing technologies, makes China, Japan, and South Korea key Optical Position Sensors Markets in the region.
- North America held more than 20.0% market share in 2022. Significant demand for advanced devices in manufacturing and healthcare industries and surge in usage of smart home devices are expected to open up lucrative business opportunities in the region.
Optical Position Sensors Market – Competition Landscape
Competition landscape of the Optical Position Sensors Market is fragmented with strong foothold of a few well-entrenched players. Key players are engaged in product innovation to offer unique features, designs, and functionalities in order to differentiate their products from competitors.
Prominent players in the Optical Position Sensors Market include
- AK Industries,
- Automation Sensorik Messtechnik GmbH,
- Hamamatsu Photonics K.K.,
- Ognibene Power,
- Sensata Technologies Inc.,
- Siemens AG,
- Zygo Corporation,
- Althen Sensors & Controls,
- Exxela Group,
- Micro-Epsilon,
- Panasonic Corporation, and TT Electronics
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The global Optical Position Sensors Market is segmented as follows;
Global Optical Position Sensors Market, by Type
- One-dimensional
- Two-dimensional
- Multi-axial
Global Optical Position Sensors Market, by Application
- Machine Tools
- Robotic Systems
- Hydraulic Cylinders
- Range Finders
- Autofocus Cameras
- Medical Equipment
- Others (Laser Beam Alignments, Displacement Meters, etc.)
Global Optical Position Sensors Market, by End-use
- Aerospace & Defense
- Automotive & Transportation
- Consumer Electronics
- Healthcare
- Industrial
- Energy & Utility
- Others (Oil & Gas, Agriculture, etc.)
Global Optical Position Sensors Market, by Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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