The optical sensor global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Optical Sensor Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The optical sensor market size has grown rapidly in recent years. It will grow from $26.26 billion in 2023 to $29.19 billion in 2024 at a compound annual growth rate (CAGR) of 11.2%. The growth in the historic period can be attributed to growing electronics sector, increased adoption of minimally invasive procedures, focus on sustainability, healthcare expenditure growth, demand for advanced sensing technologies.
The optical sensor market size is expected to see rapid growth in the next few years. It will grow to $43.83 billion in 2028 at a compound annual growth rate (CAGR) of 10.7%. The growth in the forecast period can be attributed to rapid growth of consumer electronics industry, focus on healthcare technology advancements, expansion of industrial automation, growth of aerospace and defense sector, increasing demand for environmental monitoring. Major trends in the forecast period include shift towards extrinsic optical sensors, increased adoption of fiber optic sensors, expansion into biometric applications, growing application in medical sector.
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Scope Of Optical Sensor Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Optical Sensor Market Overview
Market Drivers –
The growth of robotics and automation is expected to propel the growth of the optical sensor market going forward. Robotics and automation refer to using robotic devices or artificial intelligence to automate tasks without human intervention. The demand for robotics and automation is driven by efficiency and safety, increased productivity, flexibility, and customization. Optical sensors help robotics and automation by providing crucial information for object detection, distance sensing, positioning, quality control, and safety applications, enhancing the capabilities and efficiency of automated systems. For instance, according to the World Robotics Report published by the International Federation of Robotics (IFR), a Germany-based non-profit organization, in 2021, the installation of robots reached 517,385 in factories worldwide, representing a growth rate of 31% year-on-year. Therefore, the growth of robotics and automation will drive the growth of the optical sensor market.
Market Trends –
Major companies operating in the outdoor furniture market focus on developing innovative solutions, such as recycled plastic furniture, using sustainable materials to drive growth, enhance brand reputation, and contribute to gaining a competitive edge in the market. Recycled plastic furniture refers to items made from recycled plastic materials. These materials are typically sourced from post-consumer or post-industrial plastic waste, which is collected, processed, and transformed into durable, sustainable furniture products. For instance, in June 2021, DCW Polymers Ltd., a UK-based sustainable outdoor product manufacturing company, launched a range of outdoor furniture made entirely from waste plastic collected from businesses across the region. This initiative involves investing in a new plastic reprocessing line to process waste plastics into recycled furniture, offering a sustainable alternative to timber. The furniture and products are maintenance-free, weatherproof, and made using 100% plastic waste collected from various businesses. The range includes picnic benches, tables, chairs, fence posts, and decking, providing a durable and eco-friendly option for outdoor spaces.
The optical sensor market covered in this report is segmented –
1) By Type: Fiber Optics, Position Sensors, Image Sensors, Ambient Light Sensors, Proximity Sensors, Infrared Sensors
2) By Application: Pressure And Strain Sensing, Temperature Sensing, Geological Survey, Biometric
3) By Vertical: Consumer Electronics, Industrial, Aerospace And Defense, Oil And Gas, Automotive, Healthcare
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Regional Insights –
Asia-Pacific was the largest region in the optical sensor market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the optical sensor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Key Companies –
Major companies operating in the optical sensor market are Sony Corporation, Panasonic Holdings Corporation, Honeywell International Inc., Broadcom Inc., ABB Ltd., Texas Instruments, T.E. Connectivity Ltd., STMicroelectronics, Infineon Technologies AG, NXP Semiconductor Inc., Analog Devices Inc., ON Semiconductor Corporation, Keyence Corporation, OMRON Corporation, Teledyne Technologies Inc., ams AG, ROHM Semiconductor, Sick AG, Hamamatsu Photonics, ifm electronic gmbh, Vishay Intertechnology, Balluff Webshop UK, First Sensor AG, AlphaSense, Oxsensis Ltd., Rockwell Automation
Table of Contents
1. Executive Summary
2. Optical Sensor Market Report Structure
3. Optical Sensor Market Trends And Strategies
4. Optical Sensor Market – Macro Economic Scenario
5. Optical Sensor Market Size And Growth
…..
27. Optical Sensor Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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