Optical Sensor for Automotive Market - Forecast(2023 - 2028)
Optical Sensor for Automotive Market Overview
The Optical Sensor for Automotive Market is forecast to reach $1.1 billion by 2027, growing at a CAGR of 11.4% from 2022 to 2027. The Optical Sensor for Automotive Market is estimated to witness a sustainable growth over the forecast period majorly because of the increasing priorities on building automation procedures. Along with this, the rising demand from the autonomous vehicle sector, the government regulations on safety measures have also been increasing in recent years. For today's road users this is still wishful thinking, but numerous prototypes and sensational test drives are proof that car manufacturers, suppliers, and software companies are working on concepts for autonomous driving. In order to enable the algorithms to direct the car to make correct and safe driving decisions, they must be extremely familiar with the driving situation and the car's surroundings. This data is collected by optical sensors. These factors are expected to enhance the market growth of Optical Sensor in forecast period, particularly for digital sensors, photoelectric cells and light emitting diodes. An optical sensor converts light rays into an electronic signal. The purpose of an optical sensor is to measure a physical quantity of light and, depending on the type of sensor, then translates it into a form that is readable by an integrated measuring device. The rising adoption of technological innovations such as Fiber Braggs grating, Fabry Perot Interferometersand Surface Plasmon Resonance technology based optical sensors has driven the applications in spectroscopy market. Global motor vehicle production increased by about 3% between 2021 and 2020, showing signs of recovery after the COVID-19. This combined with the increasing deployment of optical sensors in Intelligent transportation systems will drive market growth.
The report: “Optical Sensor for Automotive Market– Forecast (2022-2027)”, by IndustryARC covers an in-depth analysis of the following segments of the Optical Sensor for Automotive Market Report.
- The Optical Sensor for Automotive Market is estimated to witness sustainable growth over the forecast period because these sensors offer several features such as high accuracy, compact size, electromagnetic radiation free and offer operation at difficult sites which are not accessible to humans. These features at various industries uplifts its market growth.
- The growing demand of safety and adoption of high-grade wearable devices for the operators across industrial vehicles has enhanced the Optical Sensor for Automotive Market growth.
- Optical Sensors are resistant to electromagnetic interference due to which they are suitable to implement in high frequency microwave applications.
- Optical sensors are capable of working in a dynamic wavelength range and are resistant to high temperatures and chemically reactive environments. They are highly sensitive and have a high optical resolution. These features propel their applications in various industries thus enhancing its market growth.
Optical Sensor for Automotive Market, By Type, 2021 (%)
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Optical Sensor for Automotive Market Segment Analysis - By Type
Extrinsic Sensors have dominated the Optical Sensor for Automotive Market as compared to the Intrinsic sensors with a share of 69.0% in 2021. When light beam leaves the fibre cable and the path gets changed due to object before it reaches to the optical detector end then it is known as extrinsic optical sensor. Extrinsic sensors are adopted widely in various end-use industries as compared to Intrinsic sensors because they are easy to multiplex, less expensive and are easier to use in various applications such as temperature, pressure, liquid level, flow and other measurements. The implementation of new technologies such as Fiber Braggs grating, Fabry Perot Interferometers will also drive the market growth. These advantages uplift the market growth of Extrinsic Optical Sensors globally. On the other hand, Extrinsic sensors are less sensitive and are more prone to connection problems at entering and exit points which tend to hinder its market growth.
Optical Sensor for Automotive Market Segment Analysis - By Vehicle Type
Optical Sensors are widely used in Passenger Vehicles industry and the sector is growing at 11.1% CAGR through 2027. One of the major reasons for boost in market of Optical sensors in Automotive industry is because the optical sensors usage in several camera-enabled systems such as autonomous driving, advanced safety systems, and in-vehicle infotainment (IVI) systems and others. These sensors offer various in-built features such as 3D gesture recognition, vehicle-to-everything (V2X) communications, and interior lightening control applications and many others. These wide applications of Optical sensors in Automotive industry propel its market growth globally. Optical sensors are also used in Defense vehicle applications. Various temperature sensors, Electric field sensors, Motion sensors are used by Defense sector in different operations. Optical sensors are also used in Material Handling Industry for industrial vehicles, where the warehouse management system consists of large scale, optical sensors plays a very important role in monitoring and controlling logistic processes. This wide range of applications in different industries enhances its growth in global market.
Optical Sensor for Automotive Market Segment Analysis - By Geography
North America accounts for being the highest market with a share of 32.9% in 2021. The market growth in this region is predominantly rising due to leading economies such as United States, Canada and Mexico. The growing demand for automation across various industries and rising adoption of Optical sensors in different industrial sector has brought a major pace in the Optical Sensor for Automotive Market growth. With the increasing automation in Automotive sector in North America, the demand for Artificial Intelligent automobiles has increased rapidly which has further uplifted the adoption of optical sensors in automobiles. This has brought a major pace in uplifting adoption of Optical Sensor, especially those based on Fiber Braggs Grating, Fabry Perot Interferometer technology. During the Covid-19 pandemic, North America remained at the top in balancing its economic status in global market. North America is closely followed by Asia-Pacific and Europe in the Optical Sensor for Automotive Market.
Optical Sensor for Automotive Market Drivers
Rise in Technology Advancement drives market growth
With the increasing demand for automation across various industries, there has been a rapid adoption of Optical Sensors of different measurands such as Temperature sensors of wide range of temperatures and different environments, Motion sensors with latest technology of human detectors, wide range of Pressure sensors and Electric field sensors of different electric fields. Amkor, the world leader in optical sensor packaging technology and the largest OSAT for sensor packages aims to increasingly rely on developments in optical sensors to enhance reliable and fast sensing applications for the future. The rising adoption of technological innovations such as Fiber Braggs grating, Fabry Perot Interferometers based optical sensors have driven the applications in spectroscopy market. Optical sensors convert various wavelengths into electrical signals for enhanced sensing applications. Ambient, infrared (IR) and ultraviolet (UV) light are some wave types that optical sensors measure to create applications for autonomous cars, in-display fingerprint scanners, secure facial recognition, and many others.
Rising Demand from Autonomous Vehicles
Optical Sensor for Automotive Market Challenges
Rising Substitutes of Optical Sensors
One of the major challenges faced by Optical Sensor for Automotive Market globally is the rising substitutes of Optical Sensors. Many applications of Optical sensors, primarily for those in the Automotive industry cannot be solved with optical sensors or miniature photoelectric sensors because they are physically too large to fit in the instruments. Additionally, these sensors are typically not flexible enough to be routed through these instruments. Nowadays, highly flexible and miniature sensors are being incorporated in other industries due to recent demands of smaller systems. These rising demands and manufacturing of miniature sensors tends to hinder Optical Sensor for Automotive Market growth in forecast period. Recently launched, MICROmote sensors are miniaturized photoelectric sensors with separate amplifiers that are also available with a variety of functionalities. It is highly flexible, electric sensor cables which makes them a genuine technical alternative to conventional optical sensors.
Optical Sensor for Automotive Market Landscape
Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Optical Sensor for Automotive Market. The Optical Sensor for Automotive Market is dominated by major companies such as
- Hamamatsu Photonics K.K
- Baumer Electric Ag
- Sofradir Ec Inc.
- Carlo Gavazzi Automation Spa
- Teledyne Dalsa
- Aptina Imaging
- ROHM Company Ltd
- Sony Corporation
- Infineon Technologies AG.
- TE Connectivity Ltd.
- In March 2022, Sensofar Metrology, with over 20 years’ experience in developing optical surface metrology systems, has launched a new four-sensor heads line which allow integration into manufacturing solutions.
- In October 2020, Velodyne Lidar, Inc. announced an agreement with Hyundai Mobis to launch a new lidar-based advanced driver assistance system (ADAS) that integrates Velodyne lidar technology and Hyundai Mobis cognitive software. The Velodyne Velarray™-based system is designed specifically for ADAS in consumer vehicles.
- In May 2022, Omnivision and Valens Semiconductor, a provider of connectivity solutions for the automotive and audio-video markets, have partnered to bring to market a MIPI A-PHY-compliant camera solution for the automotive industry.
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