Optical Sensors Market Revenue to Surpass USD $36 Billion by 2026, Registering Around 9% Growth: Global Market Insights, Inc.
The optical sensor market demand during the forecast period will be propelled by rising initiatives by the government for innovative lightening technology, along with the rising adoption of smartphones worldwide.
SELBYVILLE, Del., Dec. 5, 2019 According to latest report "Optical Sensors Market by Product (Photoelectric Sensors {Through Beam, Retro-Reflective, Diffuse}, Ambient & Proximity Light Sensors, Image Sensors {Complementary Metal–Oxide–Semiconductor (CMOS), Charge-Coupled Device (CCD)}, Fibre Optic Sensors {Extrinsic, Intrinsic}), Application (Consumer Electronics, Industrial, Automotive & Transportation, Food & Beverage, Medical), Regional Outlook, Competitive Market Share & Forecast 2026", by Global Market Insights, Inc., the market valuation of optical sensors will cross $36 billion by 2026. The growing demand for industrial automation is anticipated to drive the market in the coming years.
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Some of the major findings in the optical sensor market report include:
- Growing prominence for Industry 4.0 aids to increase the opportunity for the optical sensor market
- Stringent regulatory framework for ADAS in Europe is projected to drive the market for optical sensors
- Increasing demand for photoelectric sensors in an industrial manufacturing application, owing to their compact size and high detection feature
- Rising mobile phone manufacturing in India is likely to enhance the industry. According to the Indian Ministry of Electronic and IT, 500 million mobile phones are expected to be produced in India by 2019, valued to USD $46 billion.
- Prominent companies present in the optical sensors market include Magna International, ROHM Semiconductor, Vishay Intertechnology, Inc., Rockwell Automation, Inc, SICK AG, and Honeywell International Inc.
The rising adoption of smartphones worldwide is creating lucrative growth opportunities for the optical sensor market. These sensors offer several features in smartphones including high camera resolution, security features, etc. Major OEMs are implementing optical sensors in their products to cater to the market demand. For instance, in February 2018, AMS supplied its newly developed light and infrared proximity sensor for Apple smartphones. These sensors were designed by Apple for 3D facial recognition for use in its upcoming handsets.
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Fiber optics sensors account for high growth opportunities in aerospace and defense applications, owing to their high resistance in harsh environments such as high pressure, high temperature, chemical corrosion, intense EMI, and high-voltage environment. Therefore, growth in the aerospace industry is likely to boost the demand for the fiber optical sensors market. For instance, in October 2019, the Indian Air Force took the delivery of fighter aircraft 'Dassault Rafale' in the Dassault Aviation site. Thirty-six fighter aircraft are expected to be assembled in France and shipped in a few years.
Rising initiatives by the government for innovative lightening technology are projected to drive the demand in the optical sensor market. For instance, the city of Chicago is scheduling to replace 270,000 city lights with intelligent control and LED lights in the next four years from 2019 to 2022. Through this initiative, it is expected to save energy cost up to USD 10 million per year. This will accelerate the demand for optical sensors in the intelligent lighting system in the region.
Companies in the optical sensors market are adopting various developmental strategies that include product innovations, acquisitions, mergers, and collaborations to obtain strong capabilities from other players. For instance, in February 2019, Rockwell Automation, Inc. launched a new photoelectric sensor for material handling, packaging, and food & beverage application. The sensor is highly reliable and offers long-distance detection for a wide range of applications.
Browse key industry insights spread across 260 pages with 507 market data tables and 22 figures and charts from the report, "Optical Sensors Market Size 2019–2026," in detail, along with the table of contents at:
https://www.gminsights.com/industry-analysis/optical-sensor-market
Table of Contents (ToC) of the report:
Chapter 3. Optical Sensor Market Insights
3.1. Industry segmentation
3.2. Industry landscape, 2015-2026
3.2.1. Global semiconductor landscape, 2015 - 2026
3.2.1.1. North America
3.2.1.2. Europe
3.2.1.3. Asia Pacific
3.2.1.4. Latin America
3.2.1.5. MEA
3.2.2. Global sensors landscape, 2015 – 2026
3.2.2.1. North America
3.2.2.2. Europe
3.2.2.3. Asia Pacific
3.2.2.4. Latin America
3.2.2.5. MEA
3.3. Industry ecosystem analysis
3.3.1. Component suppliers
3.3.2. Manufacturers
3.3.3. Distribution channel analysis
3.3.4. Vendor matrix
3.4. Technology & innovation landscape
3.4.1. Increasing investments in advanced 3D optical Sensing
3.4.2. Introduction of optical nanosensors
3.5. Regulatory landscape
3.5.1. North America
3.5.2. Europe
3.5.3. Asia Pacific
3.5.4. Latin America
3.5.5. MEA
3.6. Industry impact forces
3.6.1. Growth drivers
3.6.1.1. Industry 4.0 to drive demand for image and photoelectric sensor
3.6.1.2. Rising demand for ADAS system in vehicles
3.6.1.3. Flourishing consumer electronics industry in Asia Pacific
3.6.1.4. Increasing use of optical sensors in medical applications
3.6.1.5. Deployment of fiber optics sensors in aerospace and defense applications
3.6.2. Industry pitfalls and challenges
3.6.2.1. Rising substitutes for optical sensors
3.7. Growth potential analysis
3.8. Porter's analysis
3.8.1. Industry rivalry
3.8.2. Threat of new entrants
3.8.3. Buyer power
3.8.4. Supplier power
3.8.5. Threat of substitutes
3.9. Competitive landscape, 2018
3.9.1. Company market share, 2018
3.9.1.1. Strategy dashboard
3.10. PESTEL analysis
Browse Complete Table of Contents (ToC) at
https://www.gminsights.com/toc/detail/optical-sensor-market
About Global Market Insights
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.
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Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
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By 2026, Global Optical Sensor Market to Surpass US $36 Billion: GMI
Stringent regulatory framework for ADAS in Europe, coupled with growing prominence for Industry 4.0, is projected to drive the market for optical sensors.
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