Optical Sensor Market
The Optical Sensor Market is estimated to reach $55.1 billion by 2030 at a robust CAGR of 13.4% during the forecast period 2024-2030. A device that transforms light or infrared rays into electronic impulses is referred to as an optical sensor. Optical sensors are frequently utilized in a wide range of cutting-edge applications, including smart heating and lighting, gesture recognition, occupancy sensing and gesture capture. To process electronic signals, optical sensors are frequently used as sensing components. Light sensors, photoelectric sensors, image sensors, infrared detectors, motion sensors, position sensors and many more are examples of the various types of optical sensors. The market's expansion is entirely attributable to the growing emphasis on building automation and the rising demand from the automotive, industrial, consumer electronics and defense sectors, where the government's safety laws have increased the use of these sensors. The global market for optical sensors is expanding quickly due to the rising adoption of automation across a variety of industries, including manufacturing, aerospace and military, oil and gas and others. Additionally, optical sensors have several advantages, including flexibility, compactness and lightweight due to the utilization of these technologies in end-user sectors.
Market Snapchat
Report Coverage
The report: “Optical Sensor Market – Forecast (2024-2030)” by IndustryARC, covers an in-depth analysis of the following segments in the Optical Sensor market.?
By Light Source: LED and Laser.
By Product Type: Position sensors, Light Sensors, Image Sensors, Photoelectric Sensors, Photo Detectors, Safety Sensors, Motion Sensors, Infrared Sensors, Through Beam Sensors, Retro -Reflective Sensors and Diffuse Reflective Sensors.
By Application: Ambient Light Sensor, Fiber Optical Chemical sensor, Liquid Level Indicator, Temperature Sensor, Radiation Sensor, Magnetic fields, Acoustic field, Humidity, Velocity, Strain, Force, Pressure, Vibration, Rotation, Displacement and pH Level Indicator.
By End-use Industry: Aerospace and Defense, Automotive, Building Automation, Chemical, Consumer Electronics, Food & Beverages, Manufacturing, Material Handling, Medical & Scientific Devices, Office Equipment, Packaging, Paper & Print, Security & Surveillance and Wireless Communications.
By Geography: North America (the US, Canada and Mexico); South America (Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica and the Rest of South America); Europe (the UK, Germany, Italy, France, Netherlands, Belgium, Spain, Denmark and the Rest of Europe); Asia-Pacific (China, Australia, Japan, South Korea, India, Taiwan and Malaysia) and RoW (the Middle East and Africa).
Key Takeaways
? The Asia-Pacific region accounts for the dominant market share during the forecast period, since Asia-Pacific markets have been enormous and it is a massive market for any company that manufactures smartphones.
? The image sensor market is predicted to have the largest share in 2023 because camera makers use them extensively to meet the demands of demanding industrial and automotive applications as well as wearable devices and consumer electronics.
? The Fiber Optical Chemical sensor accounts for the dominant market share during the forecast period owing to the wide usage to measure volatile petroleum constituents including benzene, toluene, ethylbenzene and Volatile Organic Compounds (VOCs) including TCE, PCE and carbon tetrachloride in water, air, soil or gas.
? Increased use of optical sensors in various end-use industries such as the chemical industry, automotive sector and others are expected to boost the demand for the Optical Sensors Market during the forecast period.
Optical Sensor Market Segmentation Analysis – by Product Type
The Image Sensor segment is analyzed to hold the highest share in 2023, owing to its wide usage by camera manufacturers to satisfy the requirements of end applications from wearables and consumer electronics to demanding industrial and automotive applications. It enables flexibility in configuration and combines optimal performance characteristics, such as high speed, high sensitivity and high image quality to match specific application requirements. The Saudi Vision 2030 is a prestigious project currently under construction. This is set to enhance AI and automation in the country. The demand for image sensors for machine vision is rapidly increasing in this country. However, the motion sensors segment is also analyzed to grow at a high rate, owing to its wide usage in safety applications such as security cameras or burglar alarms, turning on when they detect nearby motion. Passive Infrared (PIR), Microwave and Dual Tech/Hybrid motion sensors can be broadly grouped into these three categories. These are also utilized in robotics, therefore the market growth rate is increased by analyzing the escalating investments in the sector. Micropsi announced $30M in investment in February 2022. The business offers pre-built artificial intelligence (AI) systems for industrial robot control, enabling the automation of hitherto non-automatable production processes.
Optical Sensor Market Segmentation Analysis - by Application
The Fiber Optical Chemical sensor accounts for the dominant market share during the forecast period. This is due to the wide usage to measure volatile petroleum constituents including benzene, toluene, ethylbenzene and Volatile Organic Compounds (VOCs) like TCE, PCE and carbon tetrachloride in water, air, soil or gas. These sensors mainly operate by emitting light by wavelength or intensity to provide information about analytes in the sensor’s surroundings. The extrinsic sensors are used to detect the presence of fluorescing hydrocarbons in the subsurface. These systems are small and portable, and can also be used for a wide range of applications, including the detection and identification of groundwater and surface soil contamination among others. In May 2021, Halliburton Company and TSG-NOPEC Geophysical ASA announced their partnership which is aimed to bring advanced seismic imaging to fiber optic sensing. Developments like these are set to boost segment growth. However, the radiation sensor segment is also analyzed to grow at a higher rate during the forecast period. Optical sensors are highly durable and also possess the ability to work under strong electromagnetic fields. Optical fibers whose cores are made with phosphorus or aluminum are very sensitive to ionizing and non-ionizing radiations. The solutions incorporate radio-sensitive fiber with an optical reflectometer to measure the radiation dose along a fiber with a sub-metric resolution. The diameter of commonly used optical fibers is s 125 μm and the diameters of advanced multi-material multi-functional fibers are a few hundred microns, making the whole fiber-based sensors occupy diameters less than 1 mm. Additionally, the optical radiation sensors are flexible and bendable, making them ideal for attaching to curved surfaces. Frequent product launches and increasing investments by key players in this vertical are set to boost the demand for the market segment.
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Optical Sensor Market Segmentation Analysis - by Geography
In terms of geography, the Asia-Pacific region accounts for the dominant market share during the forecast period, since Asia-Pacific markets have been enormous and it is a massive market for any company that manufactures smartphones. This industry is rapidly expanding in countries such as India and China, with fierce competition from companies such as Apple, Samsung, HTC, Xiaomi, Oppo, Vivo and Karbonn, among others. The region's sensor market is growing due to high demand. The presence of companies such as SRI Electronics & Embedded Solutions which is a leading manufacturer, trader, wholesaler, retailer and supplier of a wide range of electronic and electrical products is driving the optical sensors market in this region. Furthermore, they manufacture and supply an exceptional quality range of optical sensors, owing to their robust infrastructure market in this region. However, North America is analyzed to grow at a higher rate owing to the constant product innovation and development, which has kept demand for optical sensors high in the US market. In June 2021, Mouser Electronics announced a distribution agreement with Marktech Optoelectronics to provide customers with a wide range of emitters and photodiodes for applications such as night vision, safety equipment, fiber optics and currency validation. The near-IR emitters provide excellent optical/mechanical axis alignment, making them an excellent choice for high-precision applications such as bar code readers, fiber optics, optical switches and optical sensors.
Optical Sensor Market Drivers
? A rise in demand from end-use industry:
During the forecast period, there is likely to be an increase in the use of optical sensors across a range of end-use sectors, including the chemical industry, the automotive sector and others. The most recent innovation in the sector is the use of optical sensors in autonomous vehicles to monitor the environment. One of the important technologies for sophisticated driver assistance systems to gradually lighten the load on the driver is optical sensors based on LEDs and infrared lasers. These sensors are mostly utilized in driver assistance systems such as parking assistants, lane keepers, stop-and-go assistants and emergency brake assistants. Due to technological advancements, the use of optical sensors in the automotive sector is significantly expanding, particularly with the use of image sensors. Common uses for these sensors include adaptive cruise control, ADAS, 360-degree views and blind spot detection. Due to the wide range of image applications in the automobile industry, the market for image sensors is anticipated to expand quickly. On a variety of vehicles, optical sensors are quickly assuming the status of standard equipment. Self-driving cars and driver assistance safety features rely heavily on outside sensors like LIDAR. Inside the car, optical sensors are utilized to track the driver's attention and recognize gestures.
? Government support for advanced technology to replace existing sensors is growing:
Initiation from the government is crucial to the growth of any sector. Government investment aids in increasing demand and market share. To support local manufacturing companies and lessen reliance on East Asian nations, the governments have even raised their budget and put new restrictions into place. The UK government is putting plans in place to encourage the expansion of its manufacturing industry. The UK government announced an aid of about $24 million in July 2020 to help the nation's medium- and large-scale enterprises grow their businesses. With the help of this initiative, between $1.2 and $6 million would be raised for the integration of cutting-edge equipment and technology into various business processes. The market's potential would grow as a result of these features. Regional governments in North America have started putting new plans into action to boost market trends for optical sensors in the area. These programs are meant to bring modern lighting technology to the area. The demand for these devices in the area would rise as a result of the Chicago government's proposal to replace approximately 270,000 city lights with LEDs and implement intelligent lighting systems with smart sensors by 2022.
Optical Sensor Market Challenges?
? The Expensive Cost of Optical Sensors:
There has recently been an increase in the prices of raw materials used in the manufacturing of Optical Sensors and the high cost of the optical detector may act as a limiting factor for market growth. The cost of raw materials is continuously increasing or fluctuating because of factors such as transportation & logistics, supply chain and more, which are affecting the price of Optical Sensors as well. The disparity between image quality, high cost and product acceptability due to a lack of awareness tend to limit the growth of the optical sensor market. The cost of designing optical sensors is a critical requirement. Many factors influence the overall cost of optical sensor design, including hardware/software purchases, testing and R&D. Thus, the volatility and increase in prices of optical sensors are expected to be significant challenges for the Optical Sensors Market manufacturers, which would hinder the market growth during the forecast period.
Optical Sensor Market Competitive Landscape
Product launches, acquisitions, market penetration and R&D activities are key strategies adopted by players in the Optical Sensor market. The top 10 companies in the Optical Sensor market are:
Recent Developments
? In December 2021, ams OSRAM launched the world's smallest multi-zone dToF modules. The new direct Time-of-Flight (dToF) modules from ams OSRAM combine a light source, detector and optics into a single component. Laser Detect Autofocus (LDAF) in smartphones, user presence detection in PCs and Light Detection and Ranging (LiDAR) sensing in Industrial and Home/Business Automation systems are among the target applications.
? In October 2021, ams OSRAM launched an ultra-small ambient light sensor named TSL2585 with UVA detection for wearable and mobile devices, a first in the industry.? In addition, the TSL2585 ambient light sensor (ALS) is the first of its kind to detect UV-A radiation. TSL2585's short integration time and high sensitivity allow for accurate detection of ambient light even when placed beneath low transmissivity materials and OLED displays.
? In February 2021, ams partnered with computer vision-based imaging software developer company ArcSoft to demonstrate a complete solution for world-facing 3D dToF sensing in mobile devices. Integrating ams' 3D optical sensing solutions with ArcSoft's advanced middleware and software for simultaneous localization and mapping (SLAM) and 3D image processing allows manufacturers to quickly and easily implement augmented reality (AR) functions on mobile devices.