Albany, NY -- (SBWIRE) -- 10/20/2016 -- Optical position sensors measure the position of a light spot in one or two dimensions or in multiple axes, depending on the user's requirement. These sensors are highly efficient in their function and do not involve physical contact. Also referred to as photodetectors, these sensors are integrated into everyday items such as barcode readers, cameras, laser printers, and others. Optical position sensors are also a mainstay in scientific instruments used to measure color or light intensity.

As the demand for smart gadgets in the consumer electronics segment grows, it is anticipated to subsequently boost the market for optical position sensors. According to the report, the global market for optical position sensors, which in 2012 stood at US$1 bn, is expected to reach US$2.2 bn by the end of 2023. If the figures hold true, the market will exhibit a CAGR of 6.6% between 2013 and 2023.

The emergence of wearable medical devices enabling remote monitoring of patients will substantially boost the market for optical position sensors in the near future. Additionally, with governments across major countries in North America and Europe enforcing regulations to ensure better safety in automobiles, the demand for optical position sensors in these regions is likely to increase at a robust pace.

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Globally, the demand for smart devices such as smartphones and tablets is increasing rapidly, further intensifying the prevalent cutthroat competition in the mobile devices market. Hence, the most prominent manufacturers are now focusing on the latest technologies to offer more advanced devices at an affordable price. Since optical position sensors are used to improve the power management of smart devices, their demand is expected to rise significantly in the near future.

To provide a comprehensive overview, the report analyzes the optical position sensors market in terms of various parameters. Based on type, the multi-axial positions held the largest share in the market, accounting for over 45% in 2014. The segment benefits from the growing demand for commercial aircraft in the defense and aerospace industry.

Regionally, Asia Pacific held the largest share in the market in 2014. The impressive growth of the optical position sensors market in Asia Pacific is attributed to the rising demand for their use in chips and semiconductor modules in China and India.

Key players operating in the global market for optical position sensors are also profiled in the report to provide a holistic overview of the market's prevailing competitive landscape. Some of the companies profiled in the report are Sharp Corporation (Japan), Hamamatsu Photonics K.K. (Japan), Sensata Technologies (U.S.), First Sensor AG. (Germany), Melexis N.V. (Belgium), Opto Diode Corporation (U.S.), Micro-Epsilon (Germany), Siemens AG (Germany), Panasonic Corporation (Japan), and Balluff GmbH (Germany).

In its latest report, Transparency Market Research provides a comprehensive overview of the prevalent market dynamics and future outlook of the global optical position sensors market. The report is titled "Optical Position Sensors in Semiconductor Modules and Chips Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2012 - 2023" and is available on the company website for sale.

Browse the full Optical Position Sensors in Semiconductor Modules and Chips Market By Types (One Dimensional, Two Dimensional and Multi-axial), By Application (Aerospace & Defense, Automotive, Consumer Electronics, Healthcare, Others) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2012 - 2023 report at http://www.transparencymarketresearch.com/optical-position-sensors-market.html

Optical Position Sensors in Semiconductor Modules and Chips Market: By Types

One dimensional optical position sensors
Two dimensional optical position sensors
Multi-axial optical position sensors

Optical Position Sensors in Semiconductor Modules and Chips Market: By Application

Aerospace & Defense
Automotive
Consumer Electronics
Healthcare
Others