Global Optical Position Sensors Market: Key Trends
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.
With all these factors prevailing, the global optical position sensors market is projected to rise at a 6.6% CAGR between 2012 and 2023. The market was worth US$1 bn in 2012 and is projected to touch a valuation of US$2.25 bn by the end of 2023.
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Growing Shipments of Electronic Devices to Ensure Steady Sales of Optical Position Sensors in Asia-Pacific
The demand for optical position sensors is likely to stay high in Asia Pacific owing to the increasing demand for smart electronic devices in the region. Consumers in the Asia Pacific region have shifted their focus towards the possession of smart electronic devices due to their increasing disposable income. This has in turn led to a rise in the sales of optical position sensors as they are used as a component in smart devices. The Asia Pacific market for optical position sensors is projected to reach a valuation of US$886.3 mn by the end of 2023.
North America is anticipated to emerge as the second largest region in the consumption optical position sensors followed by Europe. North America accounted for 27.8% of the overall global revenue from optical position sensors in 2023 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 to Emerge as Largest Application Segment Owing to High Demand for Smart Devices
Consumer electronics is likely to emerge as the largest application segment for optical position sensors with a global revenue share of 51.2% in 2023. The low price of optical position sensors has led to their increased use in household appliances. Due to the changing lifestyles of consumers, the need for smart devices is increasing. This in turn is giving rise to the demand for optical position sensors as they form an important component of smart electronic devices.
Consumer electronics is expected to be followed by aerospace and defense and automobiles applications segments in the second and third place. 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 12.2% by the end of 2023. 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.
The leading companies in the global optical position sensors market are Sharp Corporation, First Sensors AG, Hamamatsu Photonics K.K., Micro-Epsilon, Sensata Technologies, Panasonic Corporation, Opto Diode Corporation, Siemens AG, Balluff GmbH, and Melexis N.V.