The optical position sensors market size is predicted to reach US$ 4 billion by 2030 and expected to witness a compound annual growth rate (CAGR) of 9.7% from 2021 to 2030.
The emergence of virtual reality and smart devices has led to a substantial increase in the demand for optical position sensors globally. The market is driven by the increasing popularity of smart devices and the surge in their global demand. The increasing application of optical position sensors in automotive systems is another key driver leading to the growth of the global optical position sensors industry. The research and development projects in the virtual reality tools segment are likely to provide manufacturers of optical position sensors with future growth prospects. However, the lack of international standards in determining the performance of optical position sensors are likely to impede its sales due to the uncertain results produced by optical position sensors.
Extensive Shipments of Optical Sensors Asia Pacific
The growth in the demand for optical sensors is expected to continue with the steady pace in Asia Pacific. This growth is backed by the increasing demand for smart electronic devices in the region. As a result of the growing disposable income of the consumer, they prefer to adopt optical sensors to maintain the safety of their assets. All these factors cumulatively support the dominance of the Asia Pacific in global optical position sensors market. The Asia Pacific optical position sensors market is expected to bag US$ 895.3 mn by the end of 2030.
North America is anticipated to emerge as the second largest region in the consumption optical position sensors followed by Europe. North America accounted for 28.5% of the overall global revenue from optical position sensors in 2030 owing to the ongoing technological innovations in the semiconductor industry. The rising concerns of drivers regarding vehicle safety are expected to drive the market for optical position sensors in the automotive industry in Europe.
Consumer Electronics Emerges as the Leading Segment
The global optical position sensors market is categorized on the basis of the type, technology, applications, and end users. Of these categories, the consumer electronics segment under application parameter is expected to emerge as the lading segment during the forecast period 2021 to 2030. The segment accounts for more than 51.7% of total revenue generation of the global optical position sensors market. One of the key factors that boost the segments growth is the growing application of optical sensors in various consumer electric products like smartphones, and smart cameras. Some of the other end user industries that constitute the global optical position sensors market are defense and aerospace.
The aerospace and defense applications segment is projected to hold 18.5% of the global revenue, followed by automobiles applications with a revenue share of 12.9% by the end of 2030. The growing concerns over flight safety and increasing demand for air travel are likely to boost the sales of optical position sensors in the aerospace and defense segment. The rising need for automation is also likely to drive the growth of the global optical position sensor market in the upcoming years.
Smart Devices Drive Better Growth
Devices like smartphones, smart watches, and tables are some of the smart devices that extensively use optical sensors. The growth in the sales of these products soar the revenue for global optical position sensors market. In order to capture majority share of global optical sensors market, manufacturers of these devices are rolling out new products with competitive price range and features. Because of the arrival of new products in terms of technology, price, and features, smart devices are driving the growth of global optical position sensors market in the forecast period of 2021 to 2030.
Moreover, use of smart devices in agriculture sector is another factor that drives the growth of global optical position sensors market these days, says the report. According to the experts at Transparency Market Research, agriculture domain has increased the use of smart devices to predict the condition of the soil, temperature, and weather. These hiked up adoptions are one of many factors that are driving the growth of global optical position sensors market in the forecast period of 2021 to 2030.
Lack of Precision may Hamper the Growth
One of the most prominent drawbacks of optical sensors is that they lack precision. It makes it difficult for the user to ensure the quality of the results and accuracy of the information they provide. This is majorly because of the absence of proper international standards in order to determine the performance of the sensors. Due to these inconsistencies, the global optical sensors marker might face some downfall during the forecast period. However, manufacturers are incorporating technologies such as IoT and VR that can provide impactful result for their optical sensors. Based on these technologies, the global optical position sensors market is expected to maintain its growth in the forecast period of 2021 to 2030.
This report focuses on optical position sensors market includes crucial information on market share, market size, and growth rate for the forecast period 2021 to 2030 at the global level, regional level and company level. From a global perspective, this report represents overall optical position sensors market size by analyzing historical data and future prospect. The study highlights deep analysis on the major drivers of the market, restraints, and challenges to help the business owners, suppliers, and marketing personnel in planning effective strategies for the forecast period. This will help the business and manufacturers to lead the market and gain prominent position in future. The report also presents vital information through graphical representation on factors like table, charts, and statistics. The study includes drivers and restraints of the global optical position sensors market.
The research not only conducts forecasts in terms of value, but also evaluates the market on the basis of essential parameters, such as Year-on-Year (Y-o-Y) growth. This helps providers to recognize the future opportunities as well predictability of the market.
In order to understand and assess opportunities in this market, the report is categorically divided into five key sections on the basis of segments. The report analyzes the global market in terms of value (US$ dollers) and volume (Million Units).
The research report includes specific segments by region (country), by company, by all segments. This study provides information about the growth and revenue during the historic and forecasted period of 2017 to 2030. Every segment is further sub-segmented into several sub-segmented that are deeply analyzed by experts to offer valuable information to the buyers and market players. Understanding the segments helps in identifying the importance of different factors that aid the market growth.
The research report includes a detailed study of regions of North America, Europe, China, Japan and Rest of the World. The report has been curated after observing and studying various factors that determine regional growth such as economic, environmental, social, technological, and political status of the particular region. Analysts have studied the data of revenue and manufacturers of each region. This section analyses region-wise revenue and volume for the forecast period of 2017 to 2030. These analyses will help the reader to understand the potential worth of investment in a particular region.
The report provides in-depth segment analysis of the global optical position sensors market, thereby providing valuable insights at macro as well as micro levels. Analysis of major countries, which hold growth opportunities or account for significant share has also been included as part of geographic analysis of the optical position sensors market.
The report includes country-wise and region-wise market size for the period 2017-2030. It also includes market size and forecast by segments in terms of production capacity, price and revenue for the period 2017-2030.
In this study, the years considered to estimate the market size of optical position sensors are as follows:
This section of the report identifies various key manufacturers of the market. It helps the reader understand the strategies and collaborations that players are focusing on combat competition in the market. The comprehensive report provides a significant microscopic look at the market. The reader can identify the footprints of the manufacturers by knowing about the global revenue of manufacturers, the global price of manufacturers, and sales by manufacturers during the forecast period of 2017 to 2019.
The analysts have provided a comprehensive analysis of the competitive landscape of the global optical position sensors market with the company market structure and market share analysis of the top players. The innovative trends and developments, mergers and acquisitions, product portfolio, and new product innovation expected to provide a dashboard view of the market, ultimately providing the readers accurate measure of the current market developments, business strategies, and key financials.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users) and other segments.
The research methodology adopted by analysts for compiling the global optical position sensors market report is based on detailed primary as well as secondary research. With the help of in-depth insights of the market-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts for the global market.
During the primary research phase, analysts interviewed market stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. Based on data obtained through interviews of genuine resources, analysts have emphasized the changing scenario of the global market.
For secondary research, analysts scrutinized numerous annual report publications, white papers, market association publications, and company websites to obtain the necessary understanding of the global optical position sensors market.
The study objectives of this report are: