Optical Sensor Market with Significant Growth, Comprehensive Analysis and Forecast 2026
Optical sensor market is mostly used in consumer electronic devices for detecting events, changes, or input signals and transmitting the information to other components. The escalating adoption of the product for high-speed detection, biometric recognition, device authentication, and other security applications in consumer electronics such as televisions, laptops, smartphones, wearable electronics, and others will augment optical sensor industry expansion.
On the other hand, recent advances in automotive technology have significantly enhanced the demand for the sensors which are widely utilized in integrated parking systems for their advanced detection capabilities. Increasing automobile production will further fuel the product demand in the upcoming years.
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Reportedly, the production of cars in the U.S. grew to 2.25 million units in November 2020 from 2.22 million units in October within the same year. Growing demand for vehicles post-coronavirus crisis is further expected to boost vehicle sales.
According to a GMI, Inc., report, global optical sensor market size is estimated to exceed US$30 billion by 2026. Described below are some key factors boosting the adoption of optical sensors.
High demand in consumer electronics
The evolving consumer electronics industry in emerging nations is likely to propel the demand for optical sensors. As per the Indian Brand Equity Foundation report, the appliance and consumer electronics industry size in India was valued at US$10.9 billion in 2019 and is projected to reach US$21.1 billion by 2025. The incorporation of IoT and AI in consumer electronics would boost the technology adoption significantly.
Growing application in industrial plants
Optical sensors are preferable in industrial plants owing to the presence of various automation equipment such as collaborative robots, industrial robots, automated lifters, turn-over machinery, and others. The escalating demand for optical sensor technology in automation and robotic solutions in the industrial sector will drive segment growth. Reportedly, industrial applications accounted for nearly 15% share of the optical sensor market in terms of revenue in 2019 and will grow at 10% CAGR up to 2026.
Emergence of advanced photoelectronic sensors
The photoelectric sensor segment is projected to witness a 7% CAGR through 2026. Accurate precision in long-range object detection and compact size are some key characteristics of these sensors making it suitable for a wide range of applications. The product finds use in the food and beverage industry for non-contact detection, counting, conveyor mechanism, and monitoring.
Thriving optical sensor industry in Europe
The European optical sensor market share is estimated to grow significantly at an 11% CAGR between 2020 and 2026 owing to surging product demand from the regional automotive sector. Prominent OEMs in the region including Volkswagen, BMW Group, Daimler, Audi AG, and others are emphasizing on introducing ADAS and self-driving cars. Also, several government norms to encourage the installation of automotive safety systems in vehicles will further augment optical sensor adoption in the regional auto industry.
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Notable manufacturers are focusing on incorporating the latest optical sensor market technology to gain a competitive advantage. For example, SICK AG in November 2019 had launched ultra-thin photoelectric sensor products which will be used to implement easy integration of robotic arms and conveyor systems for processing and end-of-line packaging applications.
In February 2020, Panasonic Corporation launched the Time-Of-Flight (TOF) image sensor which is equipped with a long-range accuracy of up to 250m. The new sensor is able to capture highly accurate 3D imaging data and is widely used 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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