Optical position sensors are components installed in automation and measurement devices owing to their accuracy, repeatability, and environmental ruggedness. They can detect the movement of an object and its relative position from a reference point with the help of light being reflected from the object. The global optical position sensor market report by Market Research Future (MRFR) provides a broad overview of the product and its application with several drivers and challenges affecting its growth over the forecast period (2018-2023). The COVID-19 outbreak and its effects on the industry are covered bridging all aspects.
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The global Optical Position Sensor Market Demand was valued at USD 1,462.3 million in 2017 and is expected to reach USD 2,648.4 million by the end of forecast period. It is expected to showcase a CAGR of 11.08% over the forecast period.
Rise of industrial automation is the primary driver of the market. Optical position sensors are used in monitoring angular, rotary, and linear movement on factory floors. Increasing use of consumer electronic products, economical costs of sensors, and demand in automobile safety are other major drivers of the market. The use of sensors for detecting changes in vehicle position and release of airbags during collisions can favor the market. Adoption of high-performance sensors and wearables can bode well for the market demand in the coming years.
By type, the market is segmented into one-dimensional, two-dimensional, and multiaxial. Multiaxial optical position sensor is expected to dominate the market during the forecast period.
By end-user, the market is segmented into automotive, consumer electronics, aerospace & defense, healthcare, and others. Consumer electronics segment dominated the optical position sensor market in 2017 and is expected to continue its dominance throughout the forecast period. The automotive segment is expected to grow at significant CAGR during the forecast period.
Among the regions, Asia Pacific is expected to dominate the optical position sensor market. Increasing applications in consumer electronics and automotive sectors is expected to boost up the demand for optical position sensor market in this region. Furthermore, rapid adoption of industrial automation in countries such as China, Japan, and South Korea is creating demand for optical position sensor market. The region being a hub for the manufacture of consumer electronics can be lucrative for manufacturers of optical position sensors. This is facilitated by outsourcing of prominent products to the region combined with demand for high-quality precision equipment.
North America is expected to generate significant revenue in the optical position sensor market. The evolution of Industry 4.0 and robotics will create opportunities for the optical position sensors market in this region. Rise of wireless sensors coupled with free trade agreements with the European Union and Japan can drive the regional market demand.
Europe can continue to showcase a high CAGR over the assessment period owing to high demand of these sensors in automotive segment. Moreover, stringent government regulations regarding vehicle safety is expected to create demand for optical position sensor market.
Bourns Inc., Balluff GmbH, Siemens AG, Honeywell International, Inc., Sharp Corporation, First Sensors AG, Opto Diode Corporation, Hamamastu Photonics K.K., Sensata Technologies, and Panasonic Corporation are key players of the global optical position sensor market. Innovation in position sensors and integration in various systems are a major strategy adopted by these players.
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