Optical Position Sensors Market
Optical Position Sensors Market (Types - One Dimensional Optical Position Sensors, Two Dimensional Optical Position Sensors, and Multi-axial Optical Position Sensors; Application - Aerospace & Defense, Automotive, Consumer Electronics, Healthcare, and Others) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2019 - 2027
Press Release :
Global Optical Position Sensors Market: Key Trends
The emergence of virtual reality and smart devices has led to a substantial increase in the demand for optical position sensors globally. The market is driven by the increasing popularity of smart devices and the surge in their global demand. The increasing application of optical position sensors in automotive systems is another key driver leading to the growth of the global optical position sensors industry. The research and development projects in the virtual reality tools segment are likely to provide manufacturers of optical position sensors with future growth prospects. However, the lack of international standards in determining the performance of optical position sensors are likely to impede its sales due to the uncertain results produced by optical position sensors.
With all these factors prevailing, the global optical position sensors market is projected to rise at a 9.0% CAGR between 2018 and 2027. The market was worth US$ 1.6 Bn in 2018 and is projected to touch a valuation of US$ 3.3 Bn by the end of 2027.
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Growing Shipments of Electronic Devices to Ensure Steady Sales of Optical Position Sensors in Asia-Pacific
The demand for optical position sensors is likely to stay high in Asia Pacific owing to the increasing demand for smart electronic devices in the region. Consumers in the Asia Pacific region have shifted their focus towards the possession of smart electronic devices due to their increasing disposable income. This has in turn led to a rise in the sales of optical position sensors as they are used as a component in smart devices. The Asia Pacific market for optical position sensors is projected to reach a valuation of US$886.3 mn by the end of 2027.
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North America is anticipated to emerge as the second largest region in the consumption optical position sensors followed by Europe. North America accounted for 27.8% of the overall global revenue from optical position sensors in 2027 owing to the ongoing technological innovations in the semiconductor industry. The rising concerns of drivers regarding vehicle safety are expected to drive the market for optical position sensors in the automotive industry in Europe.
Consumer Electronics to Emerge as Largest Application Segment Owing to High Demand for Smart Devices
Consumer electronics is likely to emerge as the largest application segment for optical position sensors with a global revenue share of 51.2% in 2027. The low price of optical position sensors has led to their increased use in household appliances. Due to the changing lifestyles of consumers, the need for smart devices is increasing. This in turn is giving rise to the demand for optical position sensors as they form an important component of smart electronic devices.
Consumer electronics is expected to be followed by aerospace and defense and automobiles applications segments in the second and third place. The aerospace and defense applications segment is projected to hold 18.5% of the global revenue, followed by automobiles applications with a revenue share of 12.2% by the end of 2027. The growing concerns over flight safety and increasing demand for air travel are likely to boost the sales of optical position sensors in the aerospace and defense segment. The rising need for automation is also likely to drive the growth of the global optical position sensor market in the upcoming years. Furthermore, in June 2019, Hamamatsu Photonics K.K. had developed the longest wavelength detectable InGaAs area image sensor for hyperspectral cameras capable of detecting short-wavelength-infrared light up to 2.55 μm.
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The leading companies in the global optical position sensors market are
- Sharp Corporation
- First Sensors AGHamamatsu Photonics K.K.
- Sensata Technologies
- Panasonic Corporation
- Opto Diode Corporation
- Siemens AG
- Balluff GmbH,
- Melexis N.V.
Optical position sensors are used to measure the position of a light or an object in one dimension, two dimensions or multiple axes as per the user’s requirement. Furthermore, the market is expected to grow due to ongoing technological innovation which is leading to the development of smaller and efficient chipsets and modules with added functions.
The market for optical position sensors in semiconductor modules and chips is growing rapidly during the forecast period. The changing government laws in Europe and North America is ensuring the need for enhanced safety in automobiles. The optical position sensors are being actively used to detect the vehicle position and act as a parking assistance. In addition, these sensors are also being used to detect the position of the driver in case of an accident and release the air bags accordingly. Hence the rise in vehicle safety is driving the market for optical position sensors in semiconductor chips and modules market. Furthermore, the global demand for smart mobile devices such as smart phones and tablet is increasing rapidly. The highly competitive environment in the smart mobile devices market is ensuring the launch of technological advanced devices at affordable prices. The optical position sensors are being used to improve the power management of these devices by detecting the external brightness and adjusting the backlight of the devices accordingly. In addition, the optical position sensors are also used for gesture detection of the smart phone by integrating features such as pinch to zoom and also other features which enables the users to control the smart devices without touching the screen physically.
However, there are no standard sets of rules to determine the performance of position sensors at present. The sensors need to be compact, high-speed and immune to environmental variation. In addition, the optical position sensors need to detect position down to atomic scales for its accuracy. Moreover, the optical position sensors are built to detect positions in a specific bandwidth.
In future, the emerging concept of virtual reality is expected to be applied for training. Experiments are being conducted to for creating a virtual reality tool for training humans. In order to create the tool, optical position sensors will be used for sensing and actuating touch. Perception and manipulation of synthetic materials are important in order to be used for medical training and molecular modeling among others.
The optical position sensors market in semiconductor modules and chips has been analyzed in terms of revenue in USD million and volume in thousand units. In addition, the drivers and the restraints have also been provided in order to understand the factors that are affecting the market over the forecast period. Moreover, the opportunities that will push the market in future have also been included in the report. Furthermore, the shipment volume and revenue of the optical position sensors in semiconductor modules and chips have been provided for the key players in the industry.
The optical position sensors in semiconductor modules and chips industry has been divided into three categories: by types, by application and by geography. By types, the optical position sensors have been divided in to one dimensional, two dimensional and multi-axial optical position sensors. Furthermore, the application segment has been segregated in aerospace & defense, automotive, consumer electronic, healthcare and other application segments. Regionally, the market has been segmented into North America, Europe, Asia Pacific and rest of the world. All the segments have been analyzed in terms of revenue and volume.
In order to get a better understanding of the Optical Position Sensors in Semiconductor Modules and Chips market, a key trends analysis has been included for all the segments. In addition, for a better understanding the market, the market attractiveness for the application segment has been provided. Furthermore, the market share of the major players in the optical position sensors in semiconductor modules and chips market has also been discussed in terms of market share revenue held globally.
Towards the end of the company profiles of the key players have also been included. The company profiles cover, the overview, recent developments, financial overview and business strategy of the players focusing on the optical position sensors in semiconductor modules and chips market. In addition, the historical roadmap and the business segments have also been provided. The key players profiled in the optical position sensors in semiconductor modules and chips market include, Sharp Corporation (Japan), First Sensor AG. (Germany), Micro-Epsilon (Germany), Hamamatsu Photonics K.K. (Japan), Opto Diode Corporation (U.S.), Sensata Technologies (U.S.), Panasonic Corporation (Japan), Melexis N.V. (Belgium), Siemens AG (Germany), Balluff GmbH (Germany).