Geographically, the global market is majorly driven by Asia Pacific optical sensors market, with prominent revenue contributions being from countries such as China, India, and South Korea. Accelerating demand for consumer electronics along with untapped potential is boosting the regional growth.
Optimum and real-time information in service sector integrity, the ultimate goal for every manufacturer, is pushing optical sensors market globally. Continuous evolution of technology is playing a pivotal role in the growth of optical sensors industry. These sensors are gaining popularity over conventional ones in smart homes owing to their integrated advanced features such as occupancy sensing, smart lighting, perimeter security, touchless control, etc. As per a report by Global Market Insights Inc., “Optical Sensors Market is projected to cross a revenue of USD 30 billion by 2024, with a CAGR estimation of 7.5% over the period 2016 -2024.”
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The increasing proliferation of consumer electronics especially smartphones and tablets featured with restore recognition, eye tracking, and 3D mapping, is acting as a key propellant thriving the overall optical sensors market. Image sensors are mostly integrated into today’s high-end use cell phones. As these sensors are highly compact, passive, and light weight, they can be easily multiplexed to offer extensive sensor arrays, thereby offering superior and a dynamic sensing range.
Optical sensors market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2013 to 2024, for the following segments:
- Image sensor
- Fiber optic sensor
- Position sensor
- Ambient light sensor
- Cadmium Sulfide (CdS)
- Silicon (Si)
- InGaAs Sensors
- Extended InGaAs Sensors
- Aerospace & Defense
- Consumer electronics
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Optical sensors market from aerospace & defense sector applications will also exhibit an upward growth trajectory, with a projected annual rate of 8.2% over 2016 -2024. These upgraded sensor systems are expected to bring about a revolution in the military sector, as optoelectronics technology provides better communications, sensing, and even weaponry.
Based on the product trends, image optical sensors market accounted for a considerably larger share (more than half of the total revenue) in 2015 and is poised to grow lucratively with a CAGR estimation of more than 7.3% over the period 2016-2024. Image sensors or photo detectors are widely used in various wearable electronics equipment both in the commercial as well as the personal front.
The upsurge in consumer demand for electronic devices that will be able to provide proximity detection, ambient light sensing, and gesture recognition is fueling the ambient light sensors demand. It is estimated that ambient light optical sensors market will grow massively in the years ahead with an annual growth rate of 7.9% over 2016-2024.
The industry expects major vendors to focus on technological innovation in order to consolidate share and gain a robust customer base. Major players are Sony, Samsung, Canon, and Omnivision. Mergers and acquisitions coupled with new product development are the main strategies adopted by these participants to gain competitive edge.