According to a GMI, Inc., report, global optical sensor market size is estimated to exceed US$30 billion by 2026. Optical sensors are broadly utilized in consumer electronic devices for the detection of events, changes, or input signals and pass the information to other components. Increasing adoption of optical sensor for biometric recognition, high-speed detection, device authentication, and other security application in consumer electronic systems such as laptops, televisions, wearable electronics, smartphones, and others will augment industry expansion.

On the other hand, technological advancements in automobiles have drastically uplifted the demand for optical sensors for their advanced detection technique, widely utilized in integrated parking systems. Increasing automobile production will trigger substantial demand for the product in the upcoming years.

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A substantial demand for automobiles post-coronavirus crisis is expected to foster vehicle sales and uplift optical sensor market growth in the coming years.

The flourishing consumer electronics industry in developing countries is expected to boost the optical sensor demand in the forthcoming years. As per the Indian Brand Equity Foundation report, the appliance and consumer electronics industry in India was valued at US$10.9 billion in 2019 and is estimated to reach nearly US$21.1 billion valuations by 2025. The growing adoption of IoT and AI in the consumer electronics sector would escalate product demand for the integration of sophisticated technologies and devices.

High demand for optical sensor technology in automation and robotics equipment in the industrial sector will drive segment growth. Optical sensors find a high adoption rate in industrial plants due to the presence of various automation equipment such as industrial robots, collaborative robots, turn-over machinery, automated lifters, and others. Notably, the industrial application segment in terms of market share valued at nearly 15% in 2019 and is expected to grow at 10% CAGR in the upcoming years.

Equipped with several features such as smaller footprint, high-performance, high-speed detection, and high efficiency in a rugged environment, the incorporation of the product helps in enhancing industrial workflow. Also, the introduction of smart factory settings in developed countries like the UK, France, Germany, and the U.S. would further uplift industry expansion in the forthcoming years.

The photoelectric sensor segment is estimated to experience over 7% CAGR up to 2026. High precision in long-range object detection and compact size are some prime features of the product that will boost its demand for various applications. The product is widely applicable in the food and beverage industry for counting, non-contact detection, monitoring, and conveyor mechanism.

The European optical sensor market is projected to grow significantly at 11% between 2020 and 2026 due to increasing product demand from the automotive sector in the region. The presence of prominent OEMs in the region including BMW group, Volkswagen, Audi AG, Daimler, and others are substantially emphasizing on developing ADAS and self-driving cars, which is expected to trigger product demand in the coming years. Also, the existence of several government norms to encourage the adoption of automotive safety systems in automobiles will further boost optical sensor demand in the region.

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Notable manufacturers are focusing on launching new products and incorporating the latest optical sensor market to have an upper hand in market competition. For example, SICK AG had introduced ultra-thin photoelectric sensor products in November 2019, which is used to implement easy integration of robotic arms and conveyor systems for processing and end-of-line packaging applications.

Leading companies functional in the global optical sensor market are extensively emphasizing on R&D activities to advent technologically sophisticated products to gain competitive advantage. For example, Panasonic Corporation introduced the Time-Of-Flight (TOF) image sensor in February 2020, which is equipped with a high range accuracy of up to 250m. The new sensor is capable of capturing highly accurate 3D imaging information and is widely applicable in automotive imaging and wide-area surveillance.

Table of Contents (ToC) of the report:

Chapter 1   Methodology and Scope

1.1    Scope & definition

1.2    Methodology & forecast

1.3    Data Sources

1.3.1    Primary

1.3.2    Secondary

Chapter 2   Executive Summary

2.1    Optical sensor market 360⁰ synopsis, 2015-2026

2.1.1    Business trends

2.1.2    Regional trends

2.1.3    Product trends

2.1.4    Application trends

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