Optical Sensors Market Is Anticipated to Hit $42.9 Billion by 2023 at a CAGR of 8.99%
Hyderabad, India -- (SBWire) -- 08/09/2018 --According to the new market research report by IndustryARC titled "Optical Sensors Market: By Types (Position, Light, Image, Photoelectric, Photo detectors, Motion, Others); By Verticals (Material Handling, Building Automation, Manufacturing, Packaging, Security & Surveillance, Others); By Application (Ambient Light sensor, Pressure sensor, Temperature, Displacement, Water level indication); By Geography – Forecast (2018-2023)", the market is driven by the rising demand from automation industry and rising penetration of smartphones in the global market.
The Global Optical sensor market is estimated to grow at a CAGR of 8.99% to reach $42.9 billion by 2023 from $25.6 billion in 2017. In this market, among all the end user segments manufacturing segment is domination with $1.11 billion in 2017 and is expected to grow at 8.99% CAGR to reach $1.86 billion by 2023.
APAC held the largest market share in the Optical Sensors Market
Asia Pacific region holds the largest market share and growth in the Optical Sensors Market and is anticipated to reach $17.33 billion by 2023 at a CAGR of 10.46%. APAC Optical Sensors Market is mainly driven by the rising automation demands and foreign investments. The key applications include ambient light sensor, fiber optical chemical sensor, temperature sensors among others.
Selected Value Chain Analysis done in the full report
The quality of optical sensors manufactured, depends on both the production process as well the raw materials. Once the design, product features, specifications and patent filing are finished, either through its own R&D activities or licensing agreements with research institutes or universities, the company starts the manufacturing process.
This industry requires a range of components that are usually procured through various suppliers and raw material providers. The company manufactures the optical sensors either at their own factory or outsources the production process to a third-party manufacturer. Sometimes, these contract manufacturers only supply the manufactured parts, which can then be assembled at the company's production facilities.
The optical sensor products are then distributed to system integrators through wholesalers or global distributors. Once the products reach the system integrators, they bring together all component subsystems into a single optical system. These final end products are then distributed to end-user through global or regional distributors.
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Excerpts on Market Growth Factors
1. Increasing adoption of automation across diverse sectors such as manufacturing, aerospace & defense, oil & gas and automotive among others, is driving the growth of global optical sensors market. For example, rising demand for safety and better navigation system has increased the utilization of optical sensors in vehicles. This factor in turn has driven the growth of optical sensor market during the forecast period.
2. Adding to that, optical sensors possess various benefits such as compactness, lightweight and flexibility, owing to which the adoption of these devices in the end user industries are growing at a faster pace.
3. The requirement for the developed nations to explore the untapped potential of many African countries also acts as a growth catalyst for modernized industries which will in turn create a market for optical sensors.
4. Hence, optical sensors will play a crucial role in sensing the environment to provide better control of devices, thus driving the market for them in the future.
5. Asia Pacific region holds the largest share in global light sensors market and the growth is attributed to the huge demand for electronics, especially smart phones, tablets, notebooks, smart T.V.s and laptops, in which all these products and many more consumer electronics have the need for in-built light sensing systems within them, which drive the market.
6. New constructions and budding industries manufacturing medium to high-end smart mobile phones incorporating ambient and RGB light sensors within their products also can be good market drivers for the same.
7. In Mexico, the Image Sensors market is estimated to reach $602.9m in 2023growing with a CAGR of 6.66%.
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Key players of Optical Sensors Market:
The Optical Sensor Market has some key players who hold major stakes in the market. Omron, Sony Corporation, Samsung, Rohm Semiconductors, Keyence Corporation and so on are some of the leading manufacturers present in the market.
The major companies considered for the analysis are SICK, Hans Turck, Pepperl+Fuchs, ifm and so on.
Major launches were by companies such as Micro-Epsilon Messtechnik GmbH & Co. KG, Omnivision Technologies, Hamamatsu Photonics, OMRON and Irisys.
The main features that were similar in all the recent launches were high quality sensing, low-cost and compactness.
In 2017, Hamamatsu introduced one channel distance measurement photo IC S13021-01CT that detects the distance to the target objects by using time-of-flight.
Significant products were launched in the market by the key players of the industry, including, OmniVision Technologies, HAMAMATSU PHOTONICS, Baumer Electric AG, APTINA IMAGING, B.E.G BRUCK ELECTRONICS GMBH and many more.
Omnivision's ultra-compact global shutter sensor for computer vision applications, Lutron Electronics' new dual-technology sensor under its Advanced-Maestro Occupancy/Vacancy Sensing Switch family, Busch Jaeger's ZigBee Light Link (ZLL) intelligent light control use dimmers and motion detectors.
Some emerging startups that are using optical sensor technologies to produce innovative products are Optisense, an optics-based grid-sensor technology and Zedelef, a developer of optical sensors for oil and gas and electrical industries.
Optical Sensors Market Report is segmented as indicated below
Optical Sensors Market By Light Source:
1. Light Emitting Diode (LED)
2. Light Amplification by Simulated Emission Radiation (LASER)
1. Optical Sensors Market By Product Type
1. Position Sensors
2. Light Sensors
3. Image Sensors
4. Photoelectric Sensors
5. Photo Detectors
6. Safety Sensor
7. Motion Sensors
8. Infrared Sensors
9. Thorough-Beam Sensors
10. Retro-Reflective Sensors
11. Diffuse Reflection Sensors
1. Optical Sensors Market By Application
1 Ambient Light Sensor
2 Fiber Optical Chemical Sensor
3 Liquid Level Indicator
4 Temperature Sensor
5 Radiation Sensor
6 Magnetic Fields
7 Acoustic Field
16 pH Level Indicator
Optical Sensors Market by End User
1. Aerospace and Defense
3. Building Automation
5. Consumer Electronics
6. Food & Beverages
8. Material Handling
9. Medical & Scientific Devices
10. Office Equipment
12. Paper & Print
13. Security & Surveillance
14. Wireless Communications
Optical Sensors Market By Geography (Covers 12 + Countries)
Optical Sensors Market By Entropy
Carlo Gavazzi Automation Spa
Vigo System S.A.
Sofraider EC, Inc;
Irisys (Infrared Integrated Systems Limited)
Leuze Electronic GMBH + Co. KG
A. Infrared Sensor Market
B. Image Sensor Market
What can you expect from the report?
The Optical Sensors Market is Prepared with the Main Agenda to Cover the following 20 points:
1. Market Size by Product Categories
2. Market trends
3. Manufacturer Landscape
4. Distributor Landscape
5. Pricing Analysis
6. Top 10 End user Analysis
7. Product Benchmarking
8. Product Developments
9. Mergers & Acquisition Analysis
10. Patent Analysis
11. Demand Analysis (By Revenue & Volume)
12. Country level Analysis (15+)
13. Competitor Analysis
14. Market Shares Analysis
15. Value Chain Analysis
16. Supply Chain Analysis
17. Strategic Analysis
18. Current & Future Market Landscape Analysis
19. Opportunity Analysis
20. Revenue and Volume Analysis
Frequently Asked Questions:
Q. Does IndustryARC publish country, geography or application based reports in Optical Sensors Market?
Yes, we do have separate reports as mentioned below: 1. Americas Market for Optical Sensors (2018-2023)
1. Europe Market for Optical Sensors (2018-2023)
2. APAC Market for Optical Sensors (2018-2023)
3. RoW Market for Optical Sensors (2018-2023)
4. Position Sensors Market for Optical Sensors (2018-2023)
5. Light Sensors Market for Optical Sensors (2018-2023)
6. Image Sensors Market for Optical Sensors (2018-2023)
7. Photoelectric Market for Optical Sensors (2018-2023)
8. Photo Detectors Market for Optical Sensors (2018-2023)
9. Safety Sensor Market for Optical Sensors (2018-2023)
10. Motion Sensors Market for Optical Sensors (2018-2023)
11. Infrared Detectors Market for Optical Sensors (2018-2023)
12. Thorough-Beam Sensors Market for Optical Sensors (2018-2023)
13. Retro-Reflective Sensors Market for Optical Sensors (2018-2023)
14. Diffuse Reflection Sensors Market for Optical Sensors (2018-2023)
Q. Does IndustryARC customize these reports and charge additionally for limited customization?
Yes, we can customize the report by extracting data from our database of reports and annual subscription databases. We can provide the following free customization:
1. Increase the level of data in application or end user industry.
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3. Find out market shares for other smaller companies or companies which are of interest to you.
4. Company profiles can be requested based on your interest.
5. Patent analysis, pricing, product analysis, product benchmarking, value and supply chain analysis can be requested for a country or end use segment.
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