Optical Sensor Market is Likely to Garner Revenue of US$ 53.2 Bn at a Steady CAGR of 8.3% by the Year 2031-end: Transparency Market Research, Inc.

Wilmington, Delaware, United States, Sept. 20, 2023 (GLOBE NEWSWIRE) -- The global optical sensor market is projected to flourish at a CAGR of 8.3% from 2022 to 2031. As per the report published by TMR, a valuation of US$ 53.2 billion is anticipated for the market in 2031. As of 2023, the market for optical sensors is expected to close at US$ 28.3 billion.

Increasing application of optical sensors across industries such as consumer electronics, aerospace & defense, automotive, healthcare, oil & gas, food & beverage, and media & entertainment due to its prominent features such as contactless installation, high spatial resolution, and relatively easier detection, drives the market growth.

The widespread use of optical sensors in smartphones, tablets, cameras, and wearables has driven demand for high-quality sensors to enable features such as facial recognition, gesture control, and augmented reality.

The automotive industry relies on optical sensors for applications like advanced driver-assistance systems (ADAS), lane departure warning, collision avoidance, and autonomous driving technology.

Increasing application of optical sensors in medical devices, diagnostics, and imaging equipment for applications like pulse oximetry, blood glucose monitoring, and endoscopy, supporting advancements in healthcare driving the market growth.

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Market Snapshot:        

Key Takeaways from the Market Study

• As of 2022, the optical sensor market was valued at US$ 26.2 billion
• By sensor type, image sensor segment to enjoy high demand, accumulating a high revenue share during the forecast period.
• Based on application, the medical imaging segment is anticipated to dominate the industry during the forecast period
• Based on the end-use industry, the consumer electronics segment is expected to generate high revenue during the forecast period, due to the increased application in various consumer electronics products.

Optical Sensor Market: Key Trends and Opportunistic Frontiers

• The Internet of Things (IoT) relies on optical sensors for various applications, from smart lighting and building automation to waste management, contributing to the development of smart cities.
• Increase in demand for optical sensors in medical imaging, material processing, indoor and outdoor lighting, dynamic & static signaling, testing and measurement, and authentication & visualization applications in the region

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Optical Sensor Market – Regional Analysis

• Europe is a significant market for optical sensors, with key players in the automotive, industrial, and aerospace sectors. Germany, France, and the United Kingdom lead in optical sensor adoption. The region focuses on LiDAR systems for autonomous vehicles, optical sensors for environmental monitoring, and industrial automation.
• North America has a well-developed optical sensor market, driven by the presence of leading technology companies, research institutions, and a strong focus on innovation. Applications include automotive, aerospace, healthcare, and consumer electronics. The region emphasizes advancements in LiDAR technology, environmental monitoring, and optical sensors for medical devices.

Competitive Landscape

The global optical sensor is fragmented, with the presence of large numbers of players. Market players are adopting various organic and inorganic strategies such as collaborations, partnerships, product launches, and mergers and acquisitions to enhance their market share.

• ams-OSRAM AG
• Analog Devices, Inc.
• Hamamatsu Photonics K.K.
• Honeywell
• KEYENCE CORPORATION
• OMRON Corporation
• Opsens Solutions
• Panasonic Corporation
• Renesas Electronics Corporation.
• ROHM CO., LTD.
• STMicroelectronics N.V.
• TE Connectivity
• Texas Instruments Incorporated. A
• TOSHIBA ELECTRONIC DEVICES & STORAGE CORPORATION
• Vishay Intertechnology, Inc.
  

Key Developments in the Optical Sensor Market

• Omron has been focusing on the development of advanced optical sensor technologies for industrial automation and robotics applications. They have introduced sensors with improved precision and reliability.
• Sony is known for its image sensors, and they have continued to innovate in this space. They have worked on higher-resolution image sensors for applications such as smartphones and digital cameras.
• Hamamatsu Photonics specializes in optical sensors for scientific, industrial, and medical applications. They have expanded their product portfolio with sensors for emerging technologies like LiDAR (Light Detection and Ranging).
• STMicroelectronics has been involved in the development of optical sensors for various applications, including automotive, industrial, and consumer electronics. They have worked on sensors for gesture recognition and environmental sensing.
• ams AG focuses on optical sensor solutions for consumer electronics, industrial, and automotive markets. They have introduced sensors with improved low-light sensitivity and power efficiency.
  

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Optical Sensor Market – Key Segments

Measurement Range

• 2m - 10 m
• 11 m - 30 m
• 31 m - 60 m
• 61 m -90 m
• 91 m -120 m
• Above 120 m

Sensor Type

• Fiber Optical Sensors
• Image Sensors
• Photoelectric Sensors
• Ambient Light Sensors
• Others (Infrared Sensors, Proximity Sensors, etc.)
  

Application

• Medical Imaging
• Material Processing
• Indoor & Outdoor Lighting
• Dynamic & Static Signaling
• Testing & Measurement
• Authentication & Visualization
• Others (Temperature & Pressure Sensing, Geological Survey, etc.)
  

End-use Industry

• Consumer Electronics
• Automotive & Transportation
• Aerospace & Defense
• Healthcare
• Oil & Gas
• Energy & Power
• Food & Beverage
• Media & Entertainment
• Chemicals
• Others (Industrial, Agriculture, etc.)

Region

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America
  

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About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

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