Optical sensor market projected to reach $30bn by 2026
According to a recent study from market research firm Global Market Insights, optical sensors are broadly utilised in consumer electronic devices for the detection of events, changes, or input signals and pass the information to other components.
Increasing adoption of optical sensor for biometric recognition, high-speed detection, device authentication, and other security application in consumer electronic systems such as laptops, televisions, wearable electronics, smartphones, and others will augment industry expansion.
On the other hand, technological advancements in automobiles have drastically uplifted the demand for optical sensors for their advanced detection technique, widely utilised in integrated parking systems. Increasing automobile production will trigger substantial demand for the product in the upcoming years.
A substantial demand for automobiles post-coronavirus crisis is expected to foster vehicle sales and uplift market growth in the coming years. According to a Global Market Insights, Inc., report, global optical sensor market is estimated to exceed $30bn by 2026.
The flourishing consumer electronics industry in developing countries is expected to boost the optical sensor demand in the forthcoming years. As per the Indian Brand Equity Foundation report, the appliance and consumer electronics industry in India was valued at $10.9bn in 2019 and is estimated to reach nearly $21.1bn valuations by 2025. The growing adoption of IoT and AI in the consumer electronics sector would escalate product demand for the integration of sophisticated technologies and devices.
Described below are some key factors boosting the adoption of optical sensors.
High demand in consumer electronics
The evolving consumer electronics industry in emerging nations is likely to propel the demand for optical sensors. As per the Indian Brand Equity Foundation report, the appliance and consumer electronics industry size in India was valued at $10.9bn in 2019 and is projected to reach $21.1bn by 2025. The incorporation of IoT and AI in consumer electronics would boost the technology adoption significantly.
Growing application in industrial plants
Optical sensors are preferable in industrial plants owing to the presence of various automation equipment such as collaborative robots, industrial robots, automated lifters, turn-over machinery, and others.
The escalating demand for optical sensor technology in automation and robotic solutions in the industrial sector will drive segment growth. Reportedly, industrial applications accounted for nearly 15% share of the optical sensor market in terms of revenue in 2019 and will grow at ten percent CAGR up to 2026.
Emergence of advanced photoelectronic sensors
The photoelectric sensor segment is projected to witness a seven percent CAGR through 2026. Accurate precision in long-range object detection and compact size are some key characteristics of these sensors making it suitable for a wide range of applications. The product finds use in the food and beverage industry for non-contact detection, counting, conveyor mechanism, and monitoring.
Thriving optical sensor industry in Europe
The European optical sensor market share is estimated to grow significantly at an 11% CAGR between 2020 and 2026 owing to surging product demand from the regional automotive sector. Prominent OEMs in the region including Volkswagen, BMW Group, Daimler, Audi AG, and others are emphasising on introducing ADAS and self-driving cars. Also, several government norms to encourage the installation of automotive safety systems in vehicles will further augment optical sensor adoption in the regional auto industry.
Notable manufacturers are focusing on incorporating the latest optical sensor technology to gain a competitive advantage. For example, SICK AG in November 2019 had launched ultra-thin photoelectric sensor products which will be used to implement easy integration of robotic arms and conveyor systems for processing and end-of-line packaging applications.
Find the report page here.