Albany, NY -- (SBWIRE) -- 01/26/2018 -- Optical Position Sensors Market Drivers

The emergence of virtual reality and smart devices has led to a substantial increase in the demand for optical position sensors globally. The market is driven by the increasing popularity of smart devices and the surge in their global demand. The increasing application of optical position sensors in automotive systems is another key driver leading to the growth of the global optical position sensors industry.

Browse the Report @

https://www.transparencymarketresearch.com/optical-position-sensors-market.html

With all these factors prevailing, the global optical position sensors market is projected to rise at a 6.6% CAGR and is projected to touch a valuation of US$2.25 bn by the end of 2023.

Request Sample @

https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=285

Growing Shipments of Electronic Devices to Ensure Steady Sales of Optical Position Sensors in Asia-Pacific

The demand for optical position sensors is likely to stay high in Asia Pacific owing to the increasing demand for smart electronic devices in the region. Consumers in the Asia Pacific region have shifted their focus towards the possession of smart electronic devices due to their increasing disposable income. This has in turn led to a rise in the sales of optical position sensors.

North America is anticipated to emerge as the second largest region in the consumption optical position sensors followed by Europe. North America accounted for 27.8% of the overall global revenue from optical position sensors in 2023 owing to the ongoing technological innovations in the semiconductor industry.

Consumer Electronics to Emerge as Largest Application Segment Owing to High Demand for Smart Devices

Consumer electronics is likely to emerge as the largest application segment for optical position sensors with a global revenue share of 51.2% in 2023. The low price of optical position sensors has led to their increased use in household appliances. Due to the changing lifestyles of consumers, the need for smart devices is increasing. This in turn is giving rise to the demand for optical position sensors as they form an important component of smart electronic devices.

The leading companies in the global optical position sensors market are Sharp Corporation, First Sensors AG, Hamamatsu Photonics K.K., Micro-Epsilon, Sensata Technologies, Panasonic Corporation, Opto Diode Corporation, Siemens AG, Balluff GmbH, and Melexis N.V.