What’s Driving the Growth of Optical Sensors Market? |Analog Devices, Broadcom Inc., Canon, Inc., Eaton, Hitachi, OmniVision Technologies, Inc., STMicroelectronics, TE Connectivity, Teledyne DALSA, Texas Instruments, Toshiba
Optimum and real-time information in service sector integrity, the ultimate goal for every manufacturer, is pushing optical sensors market globally. Continuous evolution of technology is playing a pivotal role in the growth of optical sensors industry. These sensors are gaining popularity over conventional ones in smart homes owing to their integrated advanced features such as occupancy sensing, smart lighting, perimeter security, touchless control, etc. As per a report by Global Market Insights Inc., “Optical Sensors Market is projected to cross a revenue of USD 30 billion by 2024, with a CAGR estimation of 7.5% over the period 2016 -2024.”
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Technological advancements have resulted in revenue growth over the past few years. The introduction of hi-tech cameras, smartphones, voice recognition, 3D mapping, eye tracking, etc. have contributed to the growth.
The Major Key Players in the Market are as follows:
• Analog Devices
• Broadcom Inc.
• Canon, Inc.
• Coherent Inc.
• Finisar Corporation (NASDAQ: FNSR)
• OmniVision Technologies, Inc.
• Samsung Electronics
• TE Connectivity
• Texas Instruments
• Vishay Intertechnology, Inc.
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Based on the product trends, image optical sensors market accounted for a considerably larger share (more than half of the total revenue) in 2015 and is poised to grow lucratively with a CAGR estimation of more than 7.3% over the period 2016-2024. Image sensors or photo detectors are widely used in various wearable electronics equipment both in the commercial as well as the personal front. The upsurge in consumer demand for electronic devices that will be able to provide proximity detection, ambient light sensing, and gesture recognition is fueling the ambient light sensors demand. It is estimated that ambient light optical sensors market will grow massively in the years ahead with an annual growth rate of 7.9% over 2016-2024.
Personal electronics that includes headphones and portable devices is a major contributor to optical sensors market. The healthcare sector includes use cases such as medical instrumentation for diagnosing patients.
Geographically, the global market is majorly driven by Asia Pacific optical sensors market, with prominent revenue contributions being from countries such as China, India, and South Korea. Accelerating demand for consumer electronics along with untapped potential is boosting the regional growth.
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Extensive research is being continuously done by key players to enhance the product portfolio which would offer better connectivity even in harsh environmental conditions. Some of the optical sensors market participants are also involved in mergers to attain a competitive edge. For instance, Broadcom Incorporation is taken over by Avago Technologies to provide a diversified communication platform in semiconductors industry.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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