The optical position sensor market was worth US$788.595 million in 2020 and is projected to expand at a 9.48% CAGR over the predicted period to reach US$1,486.613 million by 2027. Optical position sensor is detected by an optical position sensor. Home appliances, Automobile, Healthcare gadgets, aircraft, and other industries use these sensors in transistor modules and chips. The market is expected to rise further as the use of wearable medical devices increases, as well as the demand for high-performance sensors. However, the market's growth is hampered by sensor accuracy and customization. Regardless of these obstacles, the rising demand for and manufacture of consumer electronic gadgets, such as cell phones, presents attractive potential for market expansion.
Usage in Different Industries
Over the projection period, this rising tendency in fields as diverse from packaging (the rise of warehouses) to pharmaceuticals, manufacturing, and food and beverages is expected to boost market growth. The excellent precision in detecting things, these sensor have been acknowledged for their long-term use in the factory automation sector. These sensors are increasingly being integrated into a variety of automated machinery, mostly for non–contact detection and measurements such as count, monitoring, machine tools, conveyor mechanisms, transport systems, and assembly lines. Additionally, as these lighting systems become more widely used in industrial and residential settings, consumption for optical sensors is projected to rise.
Manufacturing companies are putting more emphasis on precise measurements and thorough inspections
To meet industry requirements, the manufacturing business requires a high level of precision which anticipate the growth of the manufacturing companies. Manufacturers focus on two main parameters for creating high-quality products: measurement precision and comprehensive examination. A position sensor monitors a number of important properties, including height, step, gap, profiling, width, V-gap, bend, groove, edge, angle, and surface. transportation systems, HVAC systems, industrial equipment, mobile hydraulics, heavy-duty gear, smart buildings, and construction equipment can all benefit from these sensors, which detect, measure, or assess the profiles on various object surfaces. Many measurement tasks become easier because when market is linked to the analytics program.
Industrial automation is becoming more popular
Manufacturers are leaning toward automation of industrial processes as sophisticated technologies, including such Industry 4.0, gain traction. Despite the global epidemic, sales of new robots increased by 0.5 percent in 2020, per the International Federation of Robotics (IFR), with 384,000 units sold globally. As a result, businesses from diverse locations and industries are focusing their efforts on enhancing their production infrastructure by implementing entirely automated machine tools, resulting in a strong growth for position sensors.
The demand for multiaxial type solution
The solutions are being implemented at a large scale by the multiaxial firms who participate in the market functions. Optical position sensors are on its approach to adopting these market services on a wide scale, ensuring improved asset implementation and usage, as well as providing unmatched assistance in minimising errors and preserve the quality of end-products supplied to the intended audience.
The high demand for smart devices, consumer electronics will emerge as the largest application segment
With a global sales, consumer electronics is anticipated to create as the leading application segment for optical position sensors. Optical position sensors have become more common in household appliances due to their inexpensive cost. The popularity of smart gadgets is increasing as consumers' lives change. As a result, desire demand optical position sensors is increasing, as they are a critical element of smart electronic gadgets.
Consumer electronics is predicted to come in second and third, respectively, to aerospace and defence and automotive applications. Growing concerns about flight safety and growing adoption for air travel are expected to enhance optical position sensor sales in the aerospace & defence sector. The growing demand for automation is expected to propel the worldwide optical position sensor market forward in the approaching years.
The Asia Pacific is projected to propel the Optical Position Sensor Market forward
During the projected period, the position sensor market in APAC is expected to grow at a faster rate. The position sensor market in APAC is likely to increase in the future years due to continued demands for expense and extremely efficient position sensors from the electronics, manufacturing, automotive, and packaging industries and medical and healthcare. The market for position sensors in APAC is predicted to rise as the region's population grows, R&D investments increase, and the industrial and electronics sectors expand.
High Product Innovation Propelling the Market In U.S.
For ambient light and other uses, optical sensors are commonly found in smartphones, smart wearables, and smartwatches. The Internet of Things (IoT), health and fitness and wearable technology, technologies have all had a significant impact on the US market, driving up demand for optical sensors. Because of their multi-functionality, smart TVs are predicted to rise rapidly in the United States. Samsung remained the dominant smart TV brand among US homes in 2020, according to Comscore, with a consistent share of 32 percent, led followed Alcatel/TCL and Vizio with 14 percent and 13 percent market share, respectively. Smart TVs are predicted to become a part of every household in the U. S., a trend that is expected to continue, fuelling the growth of the industry.
The optical position sensor market has declined as a result of the pandemic's detrimental influence on the global business. Shutdowns and deprivations enforced by global governments led to the closure of o manufacturing plants and industries, resulting in the market's demise. During the COVID period, demand for optical position sensors was reduced due to the shutdown of the automation and automobile industries. End-user industries that use position sensors have seen a decline in growth in several regions to a pause in operations. This resulted in a major drop in revenue for companies in these industries, as well as a fall in prices for positioning sensors manufacturers affecting the market.