USD 1.7 billion
Report ID: SQSG45J2011 | Region: Global | Published Date: December, 2022 | Pages: 157
Global Optical Sensors Market was valued at USD 1.7 billion in 2021, and it is expected to reach a value of USD 3.4 billion by 2028, at a CAGR of more than 15.6% over the forecast period (2022- 2028).
Growth of the optical sensors market around the world is driven by technological advancements and the development of new, creative optical sensors to measure a variety of parameters, including strain, temperature, pressure, current, voltage, gas, chemical, biomolecules, and others. The market for optical sensors is expanding as a result of increasing fiber optic cable installation for higher bandwidth and improvements in hyper spectral imaging. Additionally, optical sensors are employed to intelligently control the brightness of the environment, save energy, and improve the usability of the mobile device, so the growing market for smartphones is likely to drive up demand for optical sensors. A further factor driving the expansion of the optical sensors market is the growing adoption of smart automation techniques across a variety of industries.
An important market growth driver could be the expanding use of optical sensing technology in lighting systems for residential and commercial applications. Over 270,000 city lights will be replaced in Chicago over the next few years using intelligent controls and LEDs. Cities are saving enormous amounts of money on energy costs thanks to these kinds of initiatives. Many other areas are following suit, which can only result in an increase in optical sensor demand for intelligent lighting systems in the near future and better market growth.
Global Market Size
USD 1.7 billion
more than 15.6% CAGR
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Global Optical Sensors Market is segmented based on Type, Product, Application, and region. Based on the Type, the Global Optical Sensors Market is segmented as extrinsic, and intrinsic. Based on the Product, the Global Optical Sensors Market is segmented as photoelectric sensors, image sensors, fiber optic sensors, ambient light & proximity sensors, and infrared detectors. Based on Application, the Global Optical Sensors Market is segmented as industrial, automotive & transportation, medical, consumer electronics, and food & beverage. Based on Region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Analysis by Type
Based on the Type, the Optical Sensors market is bifurcated into extrinsic, and intrinsic. The market share that belongs to extrinsic is the largest with a market share of more than 65.4%. Extrinsic Sensors have dominated the optical sensor market over Intrinsic Sensors. Compared to intrinsic sensors, extrinsic sensors are more frequently used in various end-use industries because they are simpler to use, less expensive, and easier to multiplex in applications like temperature, pressure, liquid level, flow, and other measurements. The adoption of new technologies such as fiber Braggs grating and Fabry perot interferometers will also drive market expansion. Extrinsic sensors, however, are less sensitive and more prone to connection issues at entry and exit points, which tend to impede the market's expansion.
Analysis by Product
Based on the Product, the Optical Sensors market is differentiated into photoelectric sensors, image sensors, fiber optic sensors, ambient light & proximity sensors, and infrared detectors. The spread of Industry 4.0, which fuels demand for photoelectric sensors, is largely responsible for the market expansion. These sensors are used in the industrial sector for remote monitoring, industrial automation, and predictive maintenance techniques to help reduce unplanned interruptions in the production cycle. The market for photoelectric sensors is being fuelled by major players in the industry continually focusing on developing new products. Omron Corporation, for example, launched a CMOS-based photoelectric sensor for optical sensing applications. This new sensor incorporates image array technology, which enables industrial automation equipment to detect changes in object parameters.
Analysis by Application
Based on Application the Optical Sensors market is segmented into industrial, automotive & transportation, medical, consumer electronics, and food & beverage. The automotive & transportation category held the most market share, and throughout the projection period. Fiber optic sensors are employed in lighting applications in the automotive industry. Cold light is transmitted by the fiber, making it a secure substitute for halogen or sealed beam lighting. In addition to offering greater design flexibility, the light source has safety benefits. The use of fiber optics also makes it possible to separate the location of the light source from that of the output, resulting in high-performance lighting options with less physical space requirements, making them suitable for locations with difficult or limited access. Additionally, the sensors are utilized in automobiles' onboard safety systems, which include airbags, traction control, and safety systems. Consumer electronics companies are rapidly developing consumer electronics gadgets as a result of a surge in global demand, which is supporting the growth of the optical sensor market.
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Europe is expected to control the Optical Sensors market share. This is a result of the development of the automotive and transportation sectors across Europe, particularly in Germany and the United Kingdom. The optical sensor is used in a variety of camera-enabled systems in the automotive industry, including autonomous driving, advanced safety systems, and in-vehicle infotainment (IVI) systems. One major factor influencing the Europe market growth has been the demand for high bandwidth fiber optic cables for communication and data services. The demand for applications with high data rates and bandwidth requirements is one of the main drivers of technology adoption. North America is also contributing to a larger share in the market as smartphone household penetration in the United States is more than 72%, indicating a high potential for household penetration in the area.
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Global optical sensors market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.
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According to our Global Optical Sensors Market Analysis, in terms of type, the polyester segment held the largest share and is estimated to maintain a similar trend over the forecast period as in contrast to intrinsic sensors, extrinsic sensors have dominated the market for optical sensors. Extrinsic sensors are more commonly used in various end-use industries because they are easier to use, less expensive, and easier to multiplex in applications such as temperature, pressure, liquid level, flow, and other measurements. In terms of application, consumer electronics accounted for a maximum market share followed by automotive & transportation.
|Market size value in 2021||USD 1.7 billion|
|Market size value in 2028||USD 3.4 billion|
|Growth Rate||more than 15.6%|
|Forecast period||2022- 2028|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Optical Sensors Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Optical Sensors Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Product ID: SQSG45J2011