Optical Sensors Market Trends
Growth Drivers
- Rising Industrial Activities – The manufacturing process now heavily relies on optical sensors for various purposes such as process monitoring and quality control in manufacturing processes.Global industrial production in 2023 increased by more than 0.1% from the same month in the previous year, excluding the United States.
- Growing Demand for Solar Energy – It is expected that the rise in demand for power generation is expected to drive optical sensing market growth. Optical sensing technologies are used for monitoring and controlling solar energy. For instance, fiber Bragg grating (FBG) sensors are a popular and emerging optical sensing technique to track the temperature of solar panels.More than 250 TWh of electricity was generated by solar PV in 2022, an increase of over 25% from 2021.
Challenges
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High Cost of Manufacturing – Optical sensing technologies may involve complex designs which can be expensive to develop. This may limit their production in areas with limited financial resources.
- Lack of Standardization
- Privacy and Security Issues
Optical Sensing Market: Key Insights
The market is segmented into five regions that are North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa region. The market in the European region is predicted to grow at the highest CAGR over the forecast period. This can be attributed to the growth of the automotive and transportation industry in Europe, especially in countries such as Germany and U.K. The optical sensor is used in several camera-enabled systems, such as, autonomous driving, advanced safety systems, and in-vehicle infotainment (IVI) systems in the automotive industry. Furthermore, the market in North America is evaluated to occupy the largest share in terms of revenue in 2021, owing to the growing medical and consumer electronic industries in the region. Additionally, the smartphone household penetration stands at 74% in the United States, which indicates a high potential for the market growth in the country. The latest product innovations of optical sensors embedded in smartphones, smart wearable, and smartwatches for ambient light and other purposes, are another factor estimated to boost the market growth.
The global optical sensors market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
16.3% |
|
Base Year Market Size (2024) |
USD 2.71 billion |
|
Forecast Year Market Size (2037) |
USD 19.74 billion |
|
Regional Scope |
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