Optical position sensors market was valued at USD 1,005.4 million in 2014, growing at a CAGR of 6.6% from 2012 to 2023 to account for USD 2,254.1 million in 2023
Albany, NY -- (SBWIRE) -- 05/17/2018 -- Competition in the global optical position sensors market is red hot. In order to outshine competitors in such an environment, savvy companies are leveraging multi-pronged strategies. For instance, they are focusing on offering technologically superior products by investing heavily in research and development. Another strategy deployed by them to increase sales and revenues is competitive pricing. Optical position sensors manufacturers are also increasing their production capacities either by expanding existing units or building new ones in order to cater to the surging demand in the market.
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Some of the prominent players in the global market for optical position sensors are Sharp Corporation, First Sensors AG, Hamamatsu Photonics K.K., and Micro-Epsilon.
A report prepared by Transparency Market Research, after thorough primary and secondary research, predicts the market to attain a value of US$2.25 bn by 2023-end.
Application-wise, consumer electronics leads the global market for optical position sensors. The segment is expected to rake in a revenue of 51.2% in 2023. One of the reasons behind it is the spike in the use of smart electronic devices in which optical position sensors form a crucial component. Other key application segments in the market are defense, aerospace and automobiles
Geographically, some of the prominent regions in the global market for optical position sensors are North America, Asia Pacific, Europe, and the Rest of the World. Asia Pacific, of them, holds a dominant position in the market at present and in the near future too would likely retain its place due to the ever-increasing demand for smart electronic devices in the region on the back of a burgeoning middle-class having increased capacity splurge. By 2023-end, the market is expected to attain a valuation of US$886.3 mn.
Surging Sales of Smart Devices Stokes Growth in Market
Smart phones, smart watches, and tablets are some of the smart devices that are seeing their sales soar by the day. Manufacturers are rolling out more sophisticated varieties of such products, which is supporting the continued upswing in sales. To up sales they are also resorting to competitive pricing. This has been the single most important driver of sales in the market for optical position sensors, which form a pivotal part of such devices.
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Apart from that, the use of smart mobiles in the domain of agriculture is also predicted to spur demand for optical position sensors. Elaborates the analyst of the report, "Smartphones these days have features which enable detection of location and climate, thereby allowing farmers to carry out precision farming. This has been made possible by smartphones outfitted with optical position sensors – another reason why their market has been growing."
Difficulty in Assessing Quality and Accuracy of Information Hampers Uptake
One drawback of optical position sensors is the difficulty in ensuring the quality and accuracy of the information they provide mainly because of the absence of proper international standards to determine the performance of the sensors. "Optical position sensors have different features that enable detection of the position of a person down to atomic scales for accuracy as per a particular bandwidth. The thermal signature resulting during the detection process sometimes serves to make the results less accurate. Such factors can thwart growth in the market for optical position sensors," explains the analyst who prepared the report.
Overall, increasing research and development in the field of virtual reality is expected to open up new avenues of growth in the market.