Optical Sensor Market Projected to Garner Significant Revenues by 2025
Optical sensors have been evolved significantly since its introduction during the last four decades. Technological advancement in last decade have resulted in development of optical sensors that have been developed to be suitable to work with a wide range of wavelength from ultraviolet (UV) to infrared (IR).
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Global Optical Sensor Market Segmentation
Globally, the optical sensor market is segmented on the basis of sensor type, applications and region. Optical sensor has various application in Consumer electronics, automation, industrial process control, energy & utility, Military & Defense, transportation & navigation and others. The consumer electronics application holds biggest market share in optical sensor market. On the basis of type, global optical sensor market is segmented into – Fiber Optics, Image sensors, Position sensors, Ambient Light sensors, Proximity sensors, Infrared sensors and others.
Global Optical Sensor Market: Region-Wise Outlook
By region the global solid-state drive market can be segmented into seven region such as North America, Latin America, Western Europe, Asia-Pacific (excluding Japan), Japan as a separate Region, Eastern Europe, Middle East and Africa region. The global optical sensor market is characterised by high competition and presence of few big players and several small regional players. The global Optical sensor market is expected to reflect a double digit CAGR over the forecast period. At present, share contribution of North America is highest in global Optical sensor market. Asia Pacific region followed by Western Europe and Japan is expected to reflect highest CAGR over the forecast period. Latin America and Middle East & Africa are expected to experience slow growth as compared to other geographic regions. Increase in shipment of optical sensor in Asia-Pacific region is attributed to increase in demand of handheld and mobile devices in developing region such as China and India.
Global Optical Sensor Market: Drivers
The optical sensors market has gained a significant market in the last couple of years. Significant developments and innovations are taking place in global optical sensor market. Due to this, market is expected to reflect exponential growth over the forecast period. The factor that drive the growth of global optical sensor market is significant increase in demand of optical sensors for wide range of applications. Use of optical sensors in various applications such as oil & gas, border security and smart homes applications has boosted the growth of optical sensor market.
On other hand, lack of standardization and high cost hinders the growth of optical sensor market. Furthermore, lack of awareness and less acceptability of optical sensors is responsible for hampering the growth of optical sensor market. Tremendous opportunities lies in developing optical sensors for emerging applications.
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Global Optical Sensor Market: Key Players
Some of the top companies present in global optical sensor market are Waloong Electric Instruments Co. Ltd., Solution Galore Electronics, Shanghai Lanbao Sensing Technology Co. Ltd, Profelmnet, I-Linear Automation Sdn Bhd, ZeeAnn, Shenzhen Leini-Lile Technology Ltd and Medel Elektronik. These players focus on strategic collaborations with big players in semiconductor and automation industry in order to enhance their footprints in wide range of applications. Efforts are needed to develop low cost fabrication process for optical sensors.
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