The global market for optical sensors is expected to reach a value of around USD 22 billion by 2022. Future Market Insights projects that the industry’s 2023 valuation will be USD 24.2 billion. A robust compound annual growth rate (CAGR) of over 10% is projected for total sales between 2023 and 2033 due to the growing demand for optical sensors for a range of applications. At the end of the designated projection period, a valuation of USD 62.77 billion is expected.
Devices known as optical sensors convert light or changes in light into electrical signals that may then be deciphered by equipment. Electromagnetic radiation with wavelengths ranging from infrared to ultraviolet can be detected by these sensors. Over the past few decades, optical sensors have become incredibly common in the electronics sector.
Because of the presence of end-use industries, countries such as China and the United States are developing as leading destinations for optical sensors. These countries’ citizens spend a lot of money on smart consumer gadgets and healthcare devices like wearables and cell phones.
Significant automation penetration across major industries such as manufacturing, defense, energy & utility, and automobile is driving up optical sensor sales. For non-contact detection and evaluation, optical sensors are being integrated into a wide range of automated machines.
North America is expected to be the most profitable market for optical sensors during the period of evaluation, owing to rising usage of smart home-connected devices, boosting the adoption of optical sensors in businesses and industries, the presence of resulting in industry players, and growing public awareness of the benefits of optical sensors.
Key Takeaways
The market grew at a 6% CAGR during the last five years.
The North American Optical Sensor market is estimated to expand 5% year on year by 2033.
The United States is estimated to generate a US$ 6 billion incremental dollar opportunity from 2023 to 2033.
Japan is estimated to have an additional dollar opportunity of US$ 600 million between 2023 and 2033.
South Korea is estimated to have an incremental monetary opportunity of US$ 550 million between 2023 and 2033.
Competitive Landscape
In July 2022 – Sony Corporation introduced the IMX675, a 1/3-type CMOS image sensor for CCTV cameras with approximately 5.12 megapixels*2 that offers full-pixel output from the obtained image as well as high-speed processing of parts of interest.
In October 2022 – Lumotive and Gpixel cooperated to launch a reference design platform that comprises 3D lidar and CMOS image sensors, enabling companies to deploy next-generation 3D lidar sensors in transport and industrial applications such as autonomously following robots in logistics scenarios.
Key Companies Profiled
Analog Devices Inc.
ABB Ltd.
STMicroelectronics
AlphaSense
Texas Instruments
NXP Semiconductor
ams AG
Honeywell International Inc.
ROHM Semiconductor
More Valuable Insights
Future Market Insights, in its new offering, presents an unbiased analysis of the global optical sensor market presenting a historical analysis from 2018 to 2022 and forecast statistics between 2023 and 2033.
The study reveals essential insights by type (fiber optics, position sensors, image sensors, ambient light sensors, proximity sensors, infrared sensors, and others), and application (consumer electronics, automotive, industrial process control, military & defense, energy & utility, transportation & navigation and others), across seven major regions (North America, Latin America, Western Europe, Eastern Europe, South Asia & Pacific, East Asia, and Middle East & Africa).
Key Segments Profiled in the Optical Sensor Industry Survey
Type:
Fiber Optics
Position Sensors
Image Sensors
Ambient Light Sensors
Proximity Sensors
Infrared Sensors
Others
Application:
Consumer Electronics
Automotive
Industrial Process Control
Military & Defense
Energy & Utility
Transportation & Navigation
Others
Region:
North America
Latin America
Western Europe
Eastern Europe
South Asia and Pacific
East Asia
Middle East and Africa
About Future Market Insights (FMI)
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