Optical Sensors Market to Significant Growth Foreseen by 2025
The global optical sensors market is driven by the growing penetration of smartphones and tablets and the rollout of 4G in countries such as India, Singapore, Germany, China, Japan, the U.S., and the U.K. resulting in the deployment of LTE technology. With growing number of devices integrated with features such as fingerprint scanners, gesture control, image scanners, and GPS, the demand for optical sensors will see an upward trend. The trend of using wearable technology among consumers is also a factor aiding the growth of the optical sensors market globally. Smart watches, heart rate monitors, and smart fabrics are some of the wearable technology devices that are integrated with optical sensors so as to monitor physical activities of the wearer, on a daily basis. As wearable technology gains momentum, the growth prospects of optical sensors will rise.
Players within the global optical sensors market are competing on the basis of technical advancements. The market is extremely competitive on account of the fragment nature of the global optical sensors market, and thus characterized by the presence of very well-diversified vendors, offering different types of optical sensors. Innovation is the key strategy by leading players to stay ahead of all competition and capture the market of a particular customer segment. The stiff competition among players is actually helping with the growth and progress of the optical sensors market by boosting technological changes. Top vendors are also investing extensively in research and development so as to differentiate between their products.
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Global Optical Sensors Market: Overview
Optical sensors convert light rays into electronic signals, which are readable by an instrument. For their proper functioning, they are often connected to an electrical trigger. They can sense and measure the changes in one or several light beams. When a change occurs, these sensors operate as a photoelectric trigger and thus, regulate the electrical output. Optical sensors are gaining popularity due to their benefits over traditional sensors.
Global Optical Sensors Market: Key Trends
Technological advancements in the field of optical sensors have been playing a vital role in the growth of the global market. These sensors are being increasingly used for various advanced capabilities in smart homes, including occupancy sensing, perimeter security or touchless controls, smart heating and lighting, presence detection, smart appliances, and gesture recognition. Moreover, the increasing demand for residential and commercial surveillance systems owing to the rising security concerns among individuals is providing a fillip to the global optical sensors market.
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On the flip side, the high installation cost of these sensors along with the lack of standardization is limiting their widespread adoption across different industries. Furthermore, the lack of awareness regarding their merits is hampering the growth of the market.
Global Optical Sensors Market: Market Potential
Key players in the global optical sensors market are paying high attention to technological advancements and product innovation. They are focusing towards introducing products that are in line with customer requirements. Such strategies are likely to revolutionize the market in the foreseeable future. To put this in perspective, gesture recognition is a rapidly emerging user interface method in many verticals. In June 2016, Analog Devices Inc. announced the addition of an optical sensor, ADUX1020, for gesture recognition to their portfolio. This sensor reduces design complexity and cost and enhances reliability and sensing accuracy by measuring a subject’s gestures, proximity, and position.
Another area manufacturers are likely to capitalize on is robotics. In December 2016, engineers at Cornell University in New York developed a soft robotic hand that uses optical sensors. The incorporation of these sensors allows the machine hand to sense subtle textures and shapes. Researchers and industrial experts claim that the technology can be used to develop better prosthetic limbs, train surgeons, and upgrade the assembly line of various products. Hence, such developments are anticipated to boost the uptake of optical sensors over the forthcoming years.
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Global Optical Sensors Market: Geographical Segmentation
The key regions analyzed in the global optical sensors market are Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa. Asia Pacific will be a prominent destination for international players during the review period. The burgeoning demand for handheld and other consumer electronic devices is escalating the growth of the region. Emerging countries such as India, China, and South Korea are expected to be at the forefront of the growth of the region. North America will account for a large share in the revenue pie of the market, primarily due to the increasing implementation of optical sensors in factory automation and smart control systems in the U.S.
Global Optical Sensors Market: Competitive Landscape
Key players in the global optical sensors market are focusing towards strategic collaborations with leaders in the semiconductor and automation industries in order to consolidate their presence in the arena. Companies are investing hefty amounts in the development of innovative products to offer better solutions in harsh environment conditions in the industrial and oil and gas sectors. Some of the prominent companies operating in the market are Analog Devices, ABB, Broadcom, Baumer Group, Eaton, Emcore, Robert Bosch, Omron, STMicroelectronics, and Sick AG.
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