Optical Position Sensor Market 2019-2023 Global Key Country Analysis by First Sensors AG, Siemens AG, Panasonic, Opto Diode, Sharp, Honeywell International, Balluff GmbH, Sensata, Hamamastu

Market Synopsis

The global optical position sensor market was valued at USD 1,462.3 million in 2017 and is expected to reach USD 2,648.4 million by the end of forecast period with a CAGR of 11.08%.

The rapid growth of industrial automation is expected to create huge demand for optical position sensor. Optical Position Sensor Market is used for monitoring linear, angular and rotary movement on the factory floor. The need for optical position sensor for controlling application is rising due to continuous development in industrial automation. Optical position sensor is used in optical encoders to provide position feedback for actuators. It consists of a plastic disc or glass which rotates between a light source and light receiver which is a photodetector. Optical position sensor provides fast response as it is a non-contact type and does not need to encounter friction. Furthermore, it is light-weighted and provides a large number of counts which provides more accurate results. Optical position sensor is extensively being used in consumer electronics, especially wearables. Therefore, the rapid growth of wearables market is expected to positively impact the growth of this market. However, one of the challenges related to optical position sensor is its failure to perform in robust environment, where there is a high probability of lens or grating system being covered by foreign particles such as water, dirt, or swarf.

The optical position sensor also finds application in automotive sector where it is used in vehicles to improve the safety and aid while driving. Optical position sensor is used in vehicle headlamp dipswitch to change the beam focus in case of approaching car in the field of view. With the growth of autonomous vehicles, tremendous demand for optical position sensors is expected during the forecast period.

Get Free Sample Copy Report @ https://www.marketresearchfuture.com/sample_request/7457

Key players

The key players in the optical position sensor market are identified across all the major regions based on their country of origin, presence across different regions, recent key developments, product diversification, and industry expertise. Some of them are – First Sensors AG (Germany), Siemens AG (Germany), Panasonic Corporation (Japan), Opto Diode Corporation (US), Sharp Corporation (Japan), Honeywell International, Inc. (US), Balluff GmbH (Germany), Sensata Technologies (US), Hamamastu Photonics K.K. (Japan), and Bourns Inc. (US). These players contribute a major share in the growth of optical position sensor market.

Apart from the top key players, there are other players that contribute to the market growth. These include Melexis N.V (Belgium), Micro-Epsilon (US), Renishaw plc. (UK), Vishay Intertechnology, Inc. (US), and others.

Segmentation

By type, the market is segmented into one-dimensional, two-dimensional, and multiaxial. Multiaxial optical position sensor is expected to dominate the market during the forecast period.

By end-user, the market is segmented into consumer electronics, automotive, aerospace & defense, healthcare, and others. Consumer electronics segment dominated the optical position sensor market in 2017 and is expected to continue its dominance throughout the forecast period. The automotive segment is expected to grow at significant CAGR during the forecast period.

Regional analysis

The global market for optical position sensor is estimated to grow at a significant rate during the forecast period from 2018 to 2023. The geographical analysis of optical position sensor market is studied for North America, Europe, Asia-Pacific, and the rest of the world (including the Middle East, Africa, and Latin America). Among the regions mentioned, Asia-Pacific is expected to dominate the optical position sensor market. Increasing applications in consumer electronics automotive segments is expected to boost up the demand for optical position sensor market in this region. Furthermore, rapid adoption of industrial automation in countries such as China, Japan, and South Korea is creating demand for optical position sensor market.

North America is expected to generate significant revenue in the optical position sensor market. Rapid developments in Industry 4.0 and robotics will create opportunities for the optical position sensors market in this region. Europe continues to grow at a high CAGR owing to high demand of these sensors in automotive segment. Moreover, stringent government regulations regarding vehicle safety is expected to create demand for optical position sensor market.

Get Complete Report @ https://www.marketresearchfuture.com/reports/optical-position-sensor-market-7457

The global optical position sensor market was valued at USD 1,462.3 million in 2017 and is expected to reach USD 2,648.4 million by the end of forecast period with a CAGR of 11.08%.

Intended Audience

• Position sensor manufacturers
• Position sensor traders/suppliers
• Raw chemical suppliers and distributors
• Application industry manufacturers
• Government bodies such as regulating authorities and policy makers
• Research institutes and organizations
• Market research and consulting firms

About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

Contact Us:
Market Research Future
Office No. 528, Amanora Chambers
Pune – 411028
Maharashtra, India
Phone: +91 841 198 5042
Mail: sales@marketresearchfuture.com

This release was published on openPR.