Portland, OR -- (SBWire) -- 06/08/2018 --Optical Position Sensor Market Report, published by Allied Market Research, was valued at $1,376 million in 2015, and is expected to reach $2,589 million by 2022, growing at a CAGR of 9.3% from 2016 to 2022. The multiaxial segment held over 40% of the total market share in 2015.
Optical position sensors offer numerous benefits such as high efficiency and reduced system maintenance. Multiaxial sensor represents almost 44% of the total market, owing to their low power consumption and high efficiency. In addition, substantial demand for electronics applications and customer shift toward compact size to achieve better efficiency are expected to fuel its adoption in the consumer electronics, automotive, and other applications.
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The global optical position sensor market is expected to witness significant growth in the near future, owing to rise in sales of consumer electronics and automobiles. Optical position sensors are designed to detect the position of the desired object without physical contact using light. The reflection of the light measures the distance of the target object. These sensors are primarily incorporated in smart applications, such as televisions, smartphones, medical devices, wearable devices, and others. However, other industries such as healthcare, aerospace & defense, and automotive have adopted sensors owing to their efficiency, reliability, and increase in awareness about their benefits.
Optical position sensors possess multiple advantages such as lightweight nature, simple structuring, cost-saving, and design freedom that drive the market growth. However, low accuracy in extreme conditions and light dispersion hamper the market growth. Nevertheless, adoption of optical position sensor in semiconductor devices for automation and increase in demand for electronic gadgets provide various growth opportunities to market players. Prominent players have developed low-cost, compact, affordable, and energy-efficient sensors to increase the efficiency of the applications. Asia-Pacific is the major revenue contributor to the global market, followed by North America.
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Asia-Pacific was the major revenue contributor in 2015, and is expected to maintain its dominance in the future, owing to increase in number of electronic applications.
KEY FINDINGS OF THE OPTICAL POSITION SENSOR MARKET STUDY
- In 2015, multiaxial sensor dominated the global optical position sensor market, in terms of revenue, and is projected to grow at a CAGR of 9.2% from 2016 - 2022.
- Consumer electronics led the market, accounting for about 50% revenue share in 2015.
- China was the major shareholder in the Asia-Pacific optical position sensor market, constituting about 27% of the optical position sensor revenue in 2014.
Key players operating in the optical position sensor market have adopted product launch as their preferred strategy to expand their market foothold. The major players profiled in this report include First Sensors AG, Siemens AG, Panasonic Corporation, Opto Diode Corporation, Sharp Corporation, Micro-Epsilon, Balluff GmbH, Sensata Technologies, Hamamastu Photonics K.K., and Melexis N.V.
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Optical Position Sensor Market Expected to Reach $2,589 Million, Globally, by 2022
It presents information about key drivers, restraints, and opportunities along with their impact analyses.