Global Optical Position Sensor Market

Optical Position Sensor Market Size, Share, Growth Analysis, By Output(Digital Output and Analog Output), By Application(Mahine Tools, Robotics), By End User(Manufacturing, Automotive Aerospace) - Industry Forecast 2024-2031

Report ID: SQMIG45O2045 | Region: Global | Published Date: April, 2024
Pages: 197 | Tables: 94 | Figures: 71

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Optical Position Sensor Market size was valued at USD 1.8 billion in 2022 and is poised to grow from USD 1.9 billion in 2023 to USD 4.17 billion by 2031, growing at a CAGR of 11.08% in the forecast period (2024-2031).

Considering position sensors have a higher security quotient than other sensors, they are being used for more and more applications. An increasing number of end users, both small and medium sized, are realizing the value of position sensors. Some of the major companies in this market are Goodix (China), Infineon Technologies AG (Germany), SICK AG (Germany), ams AG (Austria), TE Connectivity (Switzerland), MTS Systems (US), Vishay Technologies Inc. (US), STMicroelectronics (Switzerland), and SAMSUNG (South Korea). 'STMicroelectronics (Switzerland)', 'TE Connectivity (Switzerland)', 'Egis Technology (Taiwan)', 'Lomotive (US)', 'Novatek Microelectronics (Taiwan)', 'Honeywell International Inc. (US)', 'Crucialtec (South Korea)', 'Sony Corporation (Japan)', 'Infineon Technologies AG (Germany)', 'ams AG (Austria)', 'OminiVision (US)', 'Q Technology (China)', 'MTS Systems (US)', 'Elliptic Labs (Norway)', 'SICK AG (Germany)'

The augmentation of funds earmarked for the advancement and development of sophisticated and automated technology and machinery can be attributed to the growing number of key market alliances. Furthermore, increases in the amount of money allocated to R&D capabilities will pave the path for technological advancements in manufacturing.

Advancement in Optical Sensor: Optical sensors convert various wavelengths into electrical impulses for enhanced sensing applications. Ambient, infrared (IR), and ultraviolet (UV) light are among the wave kinds that optical sensors assess. These wave types are utilized to develop applications like safe facial recognition, in-display fingerprint scanners, and self-driving automobiles, among many others.

Asia Pacific takes the lead in the market for optical position sensors due to the existence of important manufacturing centers, especially in China and Japan. The need for optical position sensors for motion control and positioning applications is fueled by the region's fast industrialization and the growing adoption of automation in a variety of industries, including consumer products, electronics, and automobiles. North America and Europe continue to have a substantial lead in the worldwide optical position sensor market because of their sophisticated technological infrastructure and abundance of prominent industry players. These areas have a high demand for optical position sensors from a variety of sectors, including manufacturing, automotive, aerospace, and healthcare, with an emphasis on improving both operational safety and efficiency.

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