Market Scope
Market Research Future has conducted a detailed study on the global optical position sensor market. In 2017, the market reflected a worth of USD 1,462.3 million and is likely to generate a revenue of USD 2,648.4 million by the conclusion of forecast period. The market is estimated to grow at an approximate CAGR of 11.08%. The rapid development of industrial automation is estimated to spur huge demand for optical position sensor market. Optical position sensor finds wide application in monitoring angular, rotary, and linear movement on the factory floor. The requirement for Optical Position Sensor Market for monitoring application is growing owing to incessant rise in industrial automation. Optical encoders make use of optical position sensor to offer position feedback for actuators. The optical encoder comprises a glass or plastic disc which spins between a light receiver and light source which is a photodetector. Optical position sensor extends rapid response as it is a non-contact type that does not require encountering friction. Additionally, it is light-weight and comes with a wide number of counts that provides more precise outcomes. Optical position sensor is broadly being applied in consumer electronics, specifically wearables. Consequently, the rapid expansion of wearables market is likely to positively affect the development of this market. However, a key challenge associated with optical position sensor is that it’s incapable of performing in dynamic environment, which involves a high probability of grating system or lens being covered by foreign elements such as dirt, swarf, and water. The optical position sensor is also used in automotive sector where it is incorporated in vehicles to enhance the safety and provide assistance while driving. Optical position sensor is integrated in vehicle headlamp dipswitch to alter the beam focus in case of an approaching car in the field of view. The rising usage of autonomous vehicles also fueled the demand for optical position sensors to a large extent.
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Key Players
Global optical position sensor market includes key players such as Siemens AG (Germany), First Sensors AG (Germany), Opto Diode Corporation (US), Panasonic Corporation (Japan), Honeywell International, Inc. (US), Sharp Corporation (Japan), Sensata Technologies (US), Balluff GmbH (Germany), Bourns Inc. (US), and Hamamastu Photonics K.K. (Japan).
Market Segmentation
Based on type, the global optical position sensor market is segmented into multiaxial, two-dimensional, and one-dimensional. Multiaxial optical position sensor is likely to lead the market over the assessment period. Based on end-user, the market is segmented into automotive, consumer electronics, healthcare, aerospace & defense, and others. The consumer electronics segment ruled the optical position sensor market during 2017 and is estimated to continue its lead on the market throughout the review period. The automotive segment is anticipated to expand at significant CAGR over the forecast period.
Regional Analysis
Based on geography, the optical position sensor market is segmented into Asia-Pacific, Europe, North America, and the rest of the world (including the Middle East, Latin America, and Africa). Among the mentioned regions, the Asia-Pacific market is estimated to represent the major share of demand for optical position sensors. Growing applications in consumer electronics automotive segments is projected to propel the demand for optical position sensor within the APAC market. Moreover, fast adoption of industrial automation in economies like Japan, South Korea, and China, is driving the demand for optical position sensor market. North America is likely to generate substantial revenue within the optical position sensor market. Impressive developments in robotics and Industry 4.0 will open up new avenues for the optical position sensors market in this region. Europe market reflects a high CAGR owing to the rising demand of these sensors in locomotive segment. Besides, strict government regulations related to vehicle safety is estimated to propel demand for optical position sensor market.
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