Optical position sensor market was evaluated at US$788.595 million for the year 2020, growing at a CAGR of 9.48%, reaching the market size of US$1,486.613 million by the year 2027.
Optical position sensors are used to measure the location of a light or an object in one, two, or several axes, depending on the user's needs. The market is predicted to expand as a result of continuous technical innovation, which is resulting in the creation of smaller, more efficient chipsets and modules with additional functionality. Increasing demand for automobile safety is one of the significant factors giving potential to the market growth of the global optical position sensor market. Optical position sensors are actively employed to determine car location and provide parking assistance. Furthermore, these sensors are utilized to determine the driver's position in the event of a collision and release the airbags accordingly. The rising applications of optical sensors in the medical and industrial automation field are also some prominent factors driving the market for optical position sensors. The efficiency showcased by optical position sensors in maintaining accuracy and providing more automation support is raising the applications of optical position sensors in large industries and manufacturing centres. The government support and enormous investment of major market players in the research and development of optical position sensors are expected to bring technological development in optical position sensors. The technological developments in optical position sensors are expected to increase the applications of optical position sensors in the future. Due to the surge in research and development initiatives in the virtual reality segment, the manufacturing of optical position sensors is projected to have a high growth potential in the forecasting years. The rising market for gadgets and smart devices is also expected to fuel the market growth of optical position sensors in the upcoming years.
The recent outbreak of the COVID-19 pandemic has adversely affected the market growth of the global optical position sensor market. The negative impact of the pandemic on the global automobile industry resulted in the market decline of the optical position sensor market. The lockdowns and isolations imposed by global governments resulted in the shutdown of production plants and industries engaged in the production of optical position sensors, resulting in the downfall of the optical position sensor market. The shutdown of automation and automobile industries in the COVID period decreased the demand for optical position sensors in the market. The trade and travel restrictions restricted the supply chain and manufacturing operations, consequently leading to a decline in the market amid the pandemic.
The rise in Demand for Automobile Safety
The increasing demand for optical position sensors in the automobile industry is driving the market of optical position sensors in the global market. Optical position sensors are used to ensure more safety and protection in automobiles. The efficiency showcased by optical position sensors in preventing accidents and determining automobile position is increasing the application of optical position sensors in the automobile industry. The spreading safety concern and consciousness of people about the automobile safety is expected to surge the demand for optical position sensors in the upcoming years. Several countries in North America and Europe are passing legislation to improve automotive safety, leading to a surge in demand for optical position sensors in the automotive industry. According to the reports of the U.S Department of Transportation, about 33,244 fatal automobile accidents took place in the U.S in 2019, which resulted in the death of about 36,096 people. The actions and policies of IRU (International Road Transportation Union) for more road safety also increased the need for proper safety measures in automobiles, which will have a positive impact on the market demand for optical position sensors in the automobile sector.
Rising Penetration of Automation in Industrial Field
The rising penetration of automation in various industrial applications is highly contributing to the market growth of the optical position sensors market. The International Federation of Robotics (IFR) estimates that about 374 thousand industrial robots were shipped globally in 2017. In addition, the global investments in the high-revenue automobile industry have also been surging greatly over the years. As a result, businesses from diverse locations and industries are focusing their efforts on enhancing their production infrastructure by implementing fully automated machine tools, resulting in a surge in demand for optical position sensors.
Asia Pacific region dominated the market
Geographically, the Asia Pacific region is expected to show drastic market growth and is estimated to hold a significant market share. In the Asia-Pacific region, the rising population increased R&D spending, and growing manufacturing and electronics sectors are likely to boost demand for optical position sensors during the forecast period.
|Market size value in 2020||US$788.595 million|
|Market size value in 2027||US$1,486.613 million|
|Growth Rate||CAGR of 9.48% from 2020 to 2027|
|Forecast Unit (Value)||USD Million|
|Segments covered||Type, Application, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||First Sensor AG, Hamamatsu Photonics K.K., Micro-Epsilon, Sensata Technologies, Panasonic Corporation, Opto Diode Corporation, Siemens AG, Balluff GmbH,, Melexis N.V., Sharp Corporation|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the optical position sensor market size by 2027?
A1. The optical position sensor market is projected to reach a market size of US$1,486.613 million by 2027.
Q2. What are the growth prospects for the optical position sensor market?
A2. The global optical position sensor market is projected to grow at a CAGR of 9.48% during the forecast period.
Q3. What is the size of the global optical position sensor market?
A3. Optical Position Sensor Market was valued at US$788.595 million in 2020.
Q4. What factors are anticipated to drive the optical position sensor market growth?
A4. The increasing demand for optical position sensors in the automobile industry is driving the global optical position sensor market growth.
Q5. Which region holds the maximum market share in the optical position sensor market?
A5. Geographically, the Asia Pacific region is estimated to hold a significant share in the optical position sensor market.
First Sensor AG
Hamamatsu Photonics K.K.
Opto Diode Corporation
All our studies come with 2 months of analyst support.
We are in compliance with the global privacy laws.