Asia Pacific accounts for 30% of the optical sensors market share. Increase for demand for handheld instruments and many electronic devices has seen a major rise in this region. U.S. has seen a rapid growth due to increase in factory automation. The major players include Sony, Samsung, ABB, Broadcom, Finisar, Robert Bosch, Canon, etc.
Optical Sensors Market is expected to grow at around 7.5% CAGR with increase in the usage of sophisticated gadgets and devices. Optical sensors are the need of the hour and have a wide-ranging demand. They have a variety of applications and are high precision sensors that are available in component or a module form. They can be customized and arranged according to the needs and requirements of the end users.
With a wide range of applications, the scope for sustainable growth increases. The sensors can be controlled using remote or stationary devices, and act as a perfect aid for security and surveillance systems. Other additional features like LED color detection, sound detection, background lighting help increase the user experience. They use minimal power and have very low carbon emissions. The global smartphone market rise is directly proportional to the demand for the global optical sensors market.
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The high cost of raw materials and issues related to inconsistency and accuracy have largely affected the global optical sensor market. It is also possible that the usage of these products can hinder the functioning of operating devices and hence can act as a primary restraint for revenue growth.
Technological advancements have resulted in revenue growth over the past few years. The introduction of hi tech cameras, smartphones, voice recognition, 3D mapping, eye tracking, etc. have contributed to the growth.
Hyperspectral imaging collects information from set of images which represents narrow wavelength range of a wide electromagnetic spectrum or spectral band. It identifies the objects on the basis of spectral properties. Increasing application of this technique in satellite based or airborne remote sensing, military target detection, industrial quality control and lab applications in medicine as well as biophysics is forecast to propel optical sensors market demand.
Rising need for object identification, process detection and material identification is likely to drive demand. Features such as low power consumption, small and light weight enables sensor deployment in challenging scenarios such as limited payload and constrained settings. Personal electronics that includes headphones and portable devices is a major contributor to optical sensors market. The healthcare sector includes use cases such as medical instrumentation for diagnosing patients.
Chapter 4 Optical Sensors Market Insights, By Product
4.1 Global optical sensors market share by product, 2015 & 2024
4.2 Ambient Light & Proximity Sensors
4.2.1 Market estimates and forecast, 2013 – 2024
4.2.2 Market estimates and forecast, by region, 2013 – 2024
4.2.3 Cadmium Sulfide (CdS)
126.96.36.199 Market estimates and forecast, 2013 – 2024
4.2.4 Silicon (Si)
188.8.131.52 Market estimates and forecast, 2013 – 2024
4.2.5 InGaAs Sensors
184.108.40.206 Market estimates and forecast, 2013 – 2024
4.2.6 Extended InGaAs Sensors
220.127.116.11 Market estimates and forecast, 2013 – 2024
4.3 Fiber Optic Sensors
4.3.1 Market estimates and forecast, 2013 – 2024
4.3.2 Market estimates and forecast, by region, 2013 – 2024
4.4 Image Sensors
4.4.1 Market estimates and forecast, 2013 – 2024
4.4.2 Market estimates and forecast, by region, 2013 – 2024
4.5 Position Sensors
4.5.1 Market estimates and forecast, 2013 – 2024
4.5.2 Market estimates and forecast, by region, 2013 – 2024