Optical Position Sensors Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2012 - 2023
Albany, NY -- (SBWIRE) -- 03/09/2017 -- Due to the presence of large number of manufacturers and suppliers in the global optical position sensors market, the competitive rivalry in the market is noticeably high, reports Transparency Market Research in a new study. To maintain their position, the companies operating in the global optical position sensors market are focusing on providing technologically advanced sensors with competitive pricing. The top four players in the global optical position sensors market accounted for 24.62% of the overall global revenue in 2012. The global optical position sensors market is dominated by First Sensors AG followed by Sharp Corporation, Micro-Epsilon, and Hamamatsu Photonics K.K.
The companies venturing into the global optical position sensors market are adopting various business strategies that will enable them expand their reach in the market. To retain industry standards and attract consumers, the leading companies are investing in research and development projects aimed at developing innovative and quality products. Besides the development of new products, the key players are also directing efforts toward increasing their manufacturing capabilities by setting up more production units.
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Rise in Smart Device Usage to Lift Sales of Optical Position Sensors
According to a TMR analyst, "With the surge in the demand for smart devices such as smart phones, tablets, and watches, the sales of optical position sensors used in their manufacturing is also expected to rise in the upcoming years." Due to the high competitive scenario prevailing in the smart phone device market, it has become necessary for companies in the market to launch affordable and technologically advanced devices at regular intervals.
Moreover, the varied uses of smart mobiles such as in the field of agriculture are also expected to stimulate the demand for optical position sensors. For instance, the location and climate detection feature of optical position sensors enables farmers to gain knowledge about the weather and other details about their location. Thus, with the rise in the usage of smart devices, the sales of optical position sensors is also anticipated to grow.
Lack of Performance Determination Standards for Optical Position Sensors to Hamper Growth
It is difficult to ensure the accuracy and quality of optical position sensors due to the lack of clear international standards to determine the sensor's performance. Optical position sensors are incorporated with various features that enable detecting a person's position down to atomic scales for accuracy according to a specific bandwidth. The thermal signature produced during the detection process is likely to decrease the accuracy of the result obtained from optical position sensors.These factors could potentially impede the growth of the global optical position sensors market.
Need for Virtual Reality Tools to Emerge as Potential Opportunity for Manufacturers of Optical Position Sensors
The rising research and development activities and experiments being held in the field of virtual reality tools are expected to fuel growth prospects for manufacturers and dealers of optical position sensors. Due to the requirement of touch sensor, perception, and manipulation features in virtual reality, the need for quality optical position is increasing rapidly. The emergence of virtual reality classrooms and training programs build with sensors such as joint sensors and multi-axial position sensors is also expected to boost the sales of optical position sensors in the upcoming years.
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The global optical position sensors market is projected to expand at a CAGR of 6.6% between 2012 and 2023 with a market worth US$2,254.1 mn by 2023. The market was valued at US$1,005.4 mn in 2012.
The dominant region in the global position sensors market is Asia Pacific and is expected to maintain its position with a revenue of US$886.4 mn by the end of 2023. By type, the multi-axial optical position sensors segment is projected to maintain a lead in the global optical position sensors market with a global revenue of US$1,024.9 mn by 2023.