Market Statsville Group (MSG) Releases New Report on Optical sensors market by type (extrinsic optical sensor and intrinsic optical sensor), by type of sensor (fiber optic sensor, image sensor, photoelectric sensor, ambient and proximity light sensor and other sensor), by application ( Industrial, Medical, Biometric Applications, Automotive, Consumer Electronics and Others) and by Region – Global Trends, Market Share and Forecast to 2027 ″. The global optical sensors market was valued at $ 2,029.4 million in 2020 to $ 5,735.53 million by 2027, at a CAGR of 16.0% from 2021 to 2027. Industries have now realized the reliability and long term benefits that can be obtained by using automated systems. Optical sensors have applications in handling, packaging and food processing, among various automation applications. Moreover, the growing automation market penetration in the packaging industry is expected to drive the market. In addition to this, mobile robots use optical sensors for position estimation. The growing demand for mobile robots in major industries, such as medical sciences and healthcare, food and beverage, automotive, oil and gas, has created autonomous mobile robots. Energy consumption can also be reduced by using automated systems. Automation is expected to reduce energy costs by up to 70%. Studies indicate that 20-25% of total energy could be conserved using automation. Industries are now turning to automated systems to increase production capacity and efficiency.
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Global segmentation of the optical sensors market
The optical sensors market has been segmented into type, sensor type, application, and regions.
- By type (extrinsic optical sensor and intrinsic optical sensor)
- By sensor type (fiber optic sensor, image sensor, photoelectric sensor, ambient and proximity light sensor and other sensor)
- By application (industrial, medical, biometric, automotive, consumer electronics and other applications)
- By region (United States, Canada, Mexico, United Kingdom, Germany, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, United Arab Emirates, South Africa South, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)
Image Sensor by Sensor Type is expected to hold the largest market share during the forecast period
Based on the type of sensor, the global optical sensor market has been segmented into fiber optic sensor, image sensor, photoelectric sensor, ambient and proximity light sensor, and other sensors. In 2020, the image sensor accounted for the largest market share of 32.8% in the global optical sensor market and had a CAGR of 16.1% during the forecast period.
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Optical image sensors have paved the way for market growth by dramatically revolutionizing their biomedical and safety applications. The increase in the number of smartphones and the increasing introduction of fingerprint authentication for smartphone devices have supported the image sensor market in this sector. However, the higher efficiency of capacitive optical sensors for fingerprint detection is expected to hamper the market growth during the forecast period. In addition, biometrics has become the basic requirement for the security of any organization, from business organizations to schools and manufacturing plants striving to reduce identity theft. This doubling of the growth of the biometric market has been instrumental in the adoption of optical image sensors in various end user verticals.
Asia-Pacific accounts for the largest market share during the forecast period in the Optical Sensors Market
On the basis of regions, the global optical sensors market has been segmented into North America, Asia-Pacific, Europe, South America, Middle East and Africa. In 2020, Asia-Pacific held the highest market share of 38.1% in the global optical sensors market and is expected to maintain its dominance throughout the forecast period, followed by Europe and Europe. ‘North America. In the Asia-Pacific region, China held the largest market revenue share with 41.2% in 2020.
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In Asia-Pacific, China is estimated to experience maximum growth due to the country’s developing urbanization and increased spending on deploying improved sensing technologies to monitor infrastructure in sectors such as automation, utilities, oil and gas. China is one of the world’s largest smartphone markets. China is also a powerhouse of electronic product manufacturing service and original equipment manufacturer service (OEM service), also known as private label service, in electronic products. The growing adoption of industrial automation in China is boosting the optical sensor market in the country. Manufacturing production in China rose 7.40% in April 2018, compared to the same month a year earlier.
Some of the major companies that operate in the global optical sensor market are On Semiconductor Corporation, IFM Efector Inc., Keyence Corporation, Honeywell International Inc., ROHM Co. Ltd, Pepperl + Fuchs GmbH, Sick AG, Rockwell Automation Inc., On Semiconductor Corporation, Vishay Intertechnology Inc., STMicroelectronics NV and Texas Instruments Inc.
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