Optical Sensor Market to Reach a Value of ~US$ 3.2 Bn by 2027

Posted by chaitali gawande on October 10th, 2019

Transparency Market Research delivers key insights on the global optical sensor market. In terms of revenue, the global market is estimated to expand at a CAGR of ~11% during the forecast period, owing to numerous factors, regarding which, TMR offers thorough insights in its report on the global optical sensor market.

Optical sensors convert light into electric signals. They measure the physical quantity of light and convert light into a form that can be interpreted by an instrument. An optical sensor is connected to an electric trigger that can react as per changes in the signal. Optical sensors have the ability to measure changes in the wavelength of light. Optical sensors work by using either the single-point method or the distribution point method. In the single-point method, change in the single phase is required to activate the optical sensor. In the distribution point method, the sensor is reactive in series.

Optical sensors have evolved significantly since their introduction 40 years ago. Technological advancements over the last decade have resulted in the development of optical sensors that are suitable to function at a wide range of wavelengths, from ultraviolet (UV) to infrared (IR).

The global optical sensor market is witnessing significant advancements and innovations. Due to this, the market is expected to expand at a significant rate during the forecast period. Significant increase in the demand for optical sensors for use in a wide range of applications is another factor boosting the global optical sensor market. Optical sensors are employed in various applications such as oil & gas, border security, and smart homes.

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Global Optical Sensor Market: Prominent Regions

North America accounted for a key share of the global optical sensor market in 2018. The region is expected to dominate the global market between 2019 and 2027, owing to the increasing adoption of smartphones, tablets, and consumer electronic products in the region. The U.S. constituted a significant share of the market in North America in 2018. The country witnesses high investments in R&D activities aimed at innovating new technologies, and is also the most technologically-advanced region.

Europe has emerged as the second-largest market for optical sensors across the world. The region is anticipated to hold a considerable share of the global optical sensor market during the forecast period, owing to the increasing adoption of optical sensors in countries of Western Europe and Central Europe, and increased spending on semiconductor production. The rising use of optical sensors in biometric systems is also expected to augment the adoption of optical sensors in Europe in the next few years.

Asia Pacific is anticipated to be a highly lucrative market for optical sensors throughout the forecast period, owing to the growing penetration of optical sensors in developing economies such as China, in the region. Lucrativeness of the market in Asia Pacific is anticipated to increase in the next few years, owing to extensive research and development activities being conducted in the field of pumped optical sensors in the region.

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Key players operating in the global optical sensor market are displaying synergies through close cooperation and collaboration in the areas of sales, marketing, and production. Manufacturers are also expanding through organic methods, such as increasing production capacity, in order to meet the rising demand.