Ocean View, DE -- (SBWire) -- 05/11/2020 --The steady increase in the demand for industrial automation will be fueling optical sensor market share in the coming years. There has been a continuous rise in the implementation of Industry 4.0 technologies which are operated with the help of sensors. Regulatory bodies have laid down strict framework for features like ADAS in Europe, that shall be a major influence over the optical sensors adoption in automobiles.

India is witnessing a surge in mobile phone manufacturing operations within which will prove to be a notable contribution towards optical sensors industry forecast. As per reports by the Indian Ministry of Electronics and IT, India is expected to produce about 500 million phones by the year 2019. Global optical sensor market size hit more than USD 36 billion in valuation by 2026.

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Optical Sensor Market is expected to exceed USD 36 billion by 2026. The growing demand for industrial automation is anticipated to drive the market in the coming years.
Some of the major findings in the optical sensors market report include:

- Growing prominence for Industry 4.0 aids to increase the opportunity for the optical sensor market

- Stringent regulatory framework for ADAS in Europe is projected to drive the market for optical sensors

- Increasing demand for photoelectric sensors in industrial manufacturing application owing to their compact size and high detection feature

Prominent companies present in the optical sensor market include Magna International, ROHM Semiconductor, Vishay Intertechnology, Inc., Rockwell Automation, Inc, SICK AG, and Honeywell International Inc.

The rising adoption of smartphones worldwide is creating lucrative growth opportunities for the optical sensor market. These sensors offer several features in smartphones including high camera resolution, security features, etc. Major OEMs are implementing optical sensors in their products to cater to the market demand. For instance, in February 2018, ams supplied its newly developed light and infrared proximity sensor for Apple smartphones. These sensors were designed by Apple for 3D facial recognition for use in its upcoming handsets.

The fibre optics sensors account for high growth opportunities in aerospace and defense applications owing to their high resistance in harsh environments such as high pressure, high temperature, chemical corrosion, intense EMI, and high voltage environment. Therefore, growth in the aerospace industry is likely to boost the demand for the fibre optical sensor market. For instance, in October 2019, the Indian Air Force took the delivery of fighter aircraft 'Dassault Rafale' in the Dassault Aviation site. 36 fighter aircraft are expected to be assembled in France and shipped in a few years.

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Rising initiatives by the government for innovative lightening technology are projected to drive the demand in the optical sensor market. For instance, the city of Chicago is scheduling to replace 270,000 city lights with intelligent control and LED lights in the next four years from 2019 to 2022. Through this initiative, it is expected to save energy cost up to USD 10 million per year. This will accelerate the demand for optical sensors in the intelligent lighting system in the region.

Companies in the optical sensor market are adopting various developmental strategies that include product innovations, acquisitions, mergers, and collaborations to obtain strong capabilities from other players. For instance, in February 2019, Rockwell Automation, Inc launched a new photoelectric sensor for material handling, packaging, and food & beverage application. The sensor is highly reliable and offers long-distance detection for a wide range of applications.

Table of Contents (ToC) of the report:

Chapter 5. Optical Sensor Market, By Application
5.1. Key trends, by application
5.2. Consumer electronics
5.2.1. Market estimates and forecast, 2015 - 2026
5.3. Industrial
5.3.1. Market estimates and forecast, 2015 - 2026
5.4. Automotive & transportation
5.4.1. Market estimates and forecast, 2015 – 2026
5.5. Food & beverages
5.5.1. Market estimates and forecast, 2015 - 2026
5.6. Medical
5.6.1. Market estimates and forecast, 2015 - 2026
5.7. Others (aerospace & defense)
5.7.1. Market estimates and forecast, 2015 - 2026

Browse complete Table of Contents (ToC) of this research report @ https://www.gminsights.com/toc/detail/optical-sensor-market

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