Optical Position Sensors Market Forecasts to 2028 - Global Analysis By Type, Output, Contact Type, Product and others

According to Stratistics MRC, the Global Optical Position Sensors Market is accounted for $2.42 billion in 2022 and is expected to reach $4.54 billion by 2028 growing at a CAGR of 11.0% during the forecast period. The most recent technology used in the sensor system is the optical position sensor. To find the location of the needed target, optical position sensors are frequently utilised. These kinds of sensors are incredibly effective and can determine an object's position without coming into contact with it. In semiconductor chips and modules found in products like autos, consumer electronics, medical equipment, and aircraft, optical position sensors are frequently employed.

According to the International Federation of Robotics (IFR), over 374 thousand industrial robots were supplied around the world in 2017. Furthermore, international investments in the high-revenue vehicle business have increased dramatically in recent years.

Market Dynamics:

Driver:

Growing inclination of the target audience

Due to a variety of trends and market circumstances, it is anticipated that the target audience's interest in optical position sensor market trends would develop. According to the forecasts made by prospective investors and company executives during the forecast period that has ended, the majority of manufacturing players and units operating across participating global regions are developing a desperate need for automation. As a result, this is starting to emerge as potential major factors that will motivate the global optical position sensor market growth. By assisting in the monitoring of energy levels together with the operating conditions of machinery, automation for position sensors helps to improve the overall efficacy of equipment.

Restraint:

Highest accuracy level

The market isn't growing among end-users due to factors like maintaining and achieving a high degree of accuracy while offering assistance, as well as others like growing differences in international regulations and risks related to mechanical failures while operating, and this trend is expected to continue during the forecast period. The market's largest and most urgent challenge will also be the absence of product differentiation and the accessibility of product alternatives.

Opportunity:

Rise in need for optical position sensors among different application areas

The use of optical position sensors in autos, consumer electronics, medical equipment, and aircraft has raised the need for these sensors. These sensors are commonly used in consumer electronic systems because of their small size, dependability, and low power consumption. During the anticipated period, these elements are expected to stimulate market expansion.

Threat:

Rising Substitutes

The emergence of optical sensor replacements is one of the biggest problems the optical position sensor market is now facing internationally. Since they are physically too huge to fit in the instruments, many applications of optical position sensors, particularly those in the manufacturing and healthcare sectors of semiconductors, cannot be solved by using them. Furthermore, these sensors are frequently too rigid to be guided through these instruments. The increasing desire for smaller equipment and tools has led to the use of very flexible and tiny sensors in other industries. The forecasted expansion of the optical position sensor market is likely to be constrained by the rising requests for and production of small sensors.

COVID-19 Impact

The COVID-19 pandemic, which has adversely affected nearly every Global Optical Position Sensors Market, is projected to have long-term implications on market growth over the course of the forecast period. According to the paper, COVID-19 is being reassessed as a result of modifications in consumer behaviour and demand, buying habits, supply chain rerouting, industry trends, and government action. Insights, analyses, projections, and expectations are included in this report that examines COVID-19's effects on the market for optical position sensors worldwide.

The Two Dimensional segment is expected to be the largest during the forecast period

The Two Dimensional segment is estimated to have a lucrative growth. Optical position sensors transmit an object's position by converting light waves into such an electrical signal. Either the light signal is transmitted to the receiver from the object being observed, or the light signal is emitted from an emitter and then conveyed to a receiver on the other end. A two-dimensional sensor provides position information as well as item size via the reflection of a light beam. The need for consumer electronics is rising, the acceptability of wearable technology is rising, and the demand for high-performance sensors for monitoring applications are all driving the global market for two-dimensional optical position sensors.

The consumer electronics segment is expected to have the highest CAGR during the forecast period

The consumer electronics segment is anticipated to witness the fastest CAGR growth during the forecast period, due to improved use in domestic appliances and their low price. Smart devices are becoming more necessary as consumer lifestyles change. In turn, this is increasing demand for optical position sensors, which are crucial parts of smart electronic devices.

Region with highest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to consumer electronics like Smartphones and desktop computers and a burgeoning regional market for industrial production. In Asia, there is expected to be a substantial demand for high-end, specialized technology and sensors as manufacturing is outsourced to emerging nations with low labour costs. Strong industrial expansion and a sizable market opportunity for contemporary industrial machinery in China are projected to boost regional growth throughout the forecast period.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period, owing to semiconductor industry's continued technical advancements. On the consumer market for optical position sensors, North America is predicted to come in second place.

Key players in the market

Some of the key players profiled in the Optical Position Sensors Market include Wolong Electric Instruments, Siemens, Opto Diode Corporation, Hamamatsu Photonics K.K., Micro-Epsilon, Sharp Corporation, Balluff GmbH, Melexis N.V., First Sensors AG, Sensata Technologies and Panasonic.

Key Developments:

In June 2019, Hamamatsu Photonics K.K. had developed the longest wavelength detectable InGaAs area image sensor for hyperspectral cameras capable of detecting short-wavelength-infrared light up to 2.55 ?m.

Types Covered:

• Rotary Position Sensors
• Linear Position Sensors
• Other Types

Outputs Covered:

• Analog Output
• Digital Output
• Other Outputs

Contact Types Covered:

• Contact Type
• Non-Contact Type
• Other Contact Types

Products Covered:

• Multi axial
• One Dimensional
• Two Dimensional
• Laser Cutting Machines
• Electrical Discharge Machines (EDM)
• Other Products

Applications Covered:

• Material Handling
• Machine Tools
• Robotics
• Motion Systems
• Test Equipment
• Measurement
• Inspection Systems
• Other Applications

End Users Covered:

• Consumer Electronics
• Automotive
• Healthcare
• Aerospace & Defense
• Packaging
• Manufacturing
• Mining Industries
• Power
• Other End Users

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances