Optical Sensors Market Growth Influenced By Automotive Industry
Digitization has disrupted the global market through better scopes and opportunities with smartphones being ahead of all other digital transformations. Rising number of smartphones has evolved as a modern necessity gaining huge demand among people of all age groups globally. This increasing global demand for smart technologies such as the smartphones and smart wearables have significantly influenced the optical sensors market growth. According to IndustryARC’s recent report analysis, the global optical sensors has gained a healthy profit of $25.47 billion as of 2018. The electro-optical sensors effectively convert the light energy into electric signals; a reason for wide range of application in aerospace, marine, automotive, and consumer electronics. The optical sensors market is projected to increase at a CAGR of 8.64% through 2025.
The report is titled
Optical Sensors Market: By Types (Position, Light, Image, Photoelectric,
Photodetectors, Motion, Others); By Verticals (Material Handling, Building
Automation, Manufacturing, Packaging, Security & Surveillance, Others); By
Application (Ambient Light sensor, Pressure sensor, Temperature, Displacement,
Water level indication); By Geography - Forecast (2019-2025).” It focuses on major
developments in the niche segment with a detailed perspective on market scope,
strategic analysis, and competitive scenario.
Global Optical Sensors Market: Competitive Landscape:
APAC is the leading market contributor with a regional share of 32.18% in 2018. This growth is attributed to several factors such as growing population and its resultant purchasing power, increasing industrial establishments in China and India, and technological advancements by several smartphone companies. Additionally, it is the center for several mobile consumer electronic brands such as Lenovo, Oppo, OnePlus, Samsung Electronics Co., Ltd., Toshiba Corporation, Sony Corporation, and so on.
Image sensors in the product segment of the market will experience a greater market benefit owing to its diverse usage in digital cameras, tablet PC cameras, and CCTV surveillance cameras. During the forecast period of 2019-2025, CAGR for image sensors is expected to register as 9.42%.
Growing competition in the patent field has led to the formation of several core companies in the global market. The industry analyst has surveyed leading seven key players in the optical sensors market which includes Teledyne Dalsa, Aptina Imaging, Baumer Electric Ag, Vigo System S.A., Hamamatsu Photonics K.K., Sofradir Ec Inc., and Carlo Gavazzi Automation Spa.
Hamamatsu Photonics K.K., a Japan based manufacturer of light technology and product, delivers various devices and systems such as optical sensors, cameras, photometry systems, semiconductor systems, optical components, and many more. These products has wide range of application in LiDAR, computed radiography, laser scanning microscopes and so on.
Global Optical Sensors Market: Causative Factors:
· Internet of Things (IoT) is majorly accepted in mainstream industries due to countless benefits lining up for both the service provider and customers. IoT is a big platform community connecting the vast global population through devices such as smartphones, tablets, home appliances, security systems, and other smart tech services. The rising demand for IoT is considerably propelling the global optical sensors market.
· Automotive industry is rapidly growing across the world and according to the statistics of International Organization of Motor Vehicle Manufacturers (OICA), a total of 95,634,593 units of motor vehicles were manufactured in 2018. This statistics reflects that optical sensors market will leverage huge benefits owing to its large scale application in automotives.
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10. Patent Analysis 20. Revenue and Volume Analysis
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