Overview and Scope
An optical sensor is a device that converts light or changes into electronic signals, serving various purposes, such as detecting light intensity and providing analyte information remotely. These sensors detect objects’ presence, absence, or position on assembly lines, resulting in more efficient and accurate manufacturing operations.
Sizing and Forecast
The optical sensor market size has grown rapidly in recent years. It will grow from $26.26 billion in 2023 to $29.19 billion in 2024 at a compound annual growth rate (CAGR) of 11.2%. The growth in the historic period can be attributed to growing electronics sector, increased adoption of minimally invasive procedures, focus on sustainability, healthcare expenditure growth, demand for advanced sensing technologies.
The optical sensor market size is expected to see rapid growth in the next few years. It will grow to $43.83 billion in 2028 at a compound annual growth rate (CAGR) of 10.7%. The growth in the forecast period can be attributed to rapid growth of consumer electronics industry, focus on healthcare technology advancements, expansion of industrial automation, growth of aerospace and defense sector, increasing demand for environmental monitoring. Major trends in the forecast period include shift towards extrinsic optical sensors, increased adoption of fiber optic sensors, expansion into biometric applications, growing application in medical sector.
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Segmentation & Regional Insights
The optical sensor market covered in this report is segmented –
1) By Type: Fiber Optics, Position Sensors, Image Sensors, Ambient Light Sensors, Proximity Sensors, Infrared Sensors
2) By Application: Pressure And Strain Sensing, Temperature Sensing, Geological Survey, Biometric
3) By Vertical: Consumer Electronics, Industrial, Aerospace And Defense, Oil And Gas, Automotive, Healthcare
Top 5 Major Players:
- Sony Corporation
- Panasonic Holdings Corporation
- Honeywell International Inc
- Broadcom Inc
- ABB Ltd.
Asia-Pacific was the largest region in the optical sensor market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the optical sensor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
The growth of robotics and automation is expected to propel the growth of the optical sensor market going forward. Robotics and automation refer to using robotic devices or artificial intelligence to automate tasks without human intervention. The demand for robotics and automation is driven by efficiency and safety, increased productivity, flexibility, and customization. Optical sensors help robotics and automation by providing crucial information for object detection, distance sensing, positioning, quality control, and safety applications, enhancing the capabilities and efficiency of automated systems. For instance, according to the World Robotics Report published by the International Federation of Robotics (IFR), a Germany-based non-profit organization, in 2021, the installation of robots reached 517,385 in factories worldwide, representing a growth rate of 31% year-on-year. Therefore, the growth of robotics and automation will drive the growth of the optical sensor market.
Key Industry Players
Major companies operating in the optical sensor market are Sony Corporation, Panasonic Holdings Corporation, Honeywell International Inc., Broadcom Inc., ABB Ltd., Texas Instruments, T.E. Connectivity Ltd., STMicroelectronics, Infineon Technologies AG, NXP Semiconductor Inc., Analog Devices Inc., ON Semiconductor Corporation, Keyence Corporation, OMRON Corporation, Teledyne Technologies Inc., ams AG, ROHM Semiconductor, Sick AG, Hamamatsu Photonics, ifm electronic gmbh, Vishay Intertechnology, Balluff Webshop UK, First Sensor AG, AlphaSense, Oxsensis Ltd., Rockwell Automation
The optical sensor market report table of contents includes:
1. Executive Summary
2. Optical Sensor Market Characteristics
3. Optical Sensor Market Trends And Strategies
4. Optical Sensor Market – Macro Economic Scenario
5. Global Optical Sensor Market Size and Growth
….
32. Global Optical Sensor Market Competitive Benchmarking
33. Global Optical Sensor Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Optical Sensor Market
35. Optical Sensor Market Future Outlook and Potential Analysis
36. Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Optical Sensor Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Optical Sensor Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Optical Sensor Market, Segmentation By Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
….
Table 74: Sony Corporation Financial Performance
Table 75: Panasonic Holdings Corporation Financial Performance
Table 76: Honeywell International Inc. Financial Performance
Table 77: Broadcom Inc. Financial Performance
Table 78: ABB Ltd. Financial Performance
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