Optical position sensor Market Size

Global Optical Position Sensor Market Overview:

Optical position sensor Market Size was valued at USD 1.8 Billion in 2022. The Optical position sensor Market industry is projected to grow from USD 1.9 Billion in 2023 to USD 4.6 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 11.08% during the forecast period (2023 - 2032). Rising need for automation and robotics technology, as well as adaptable and economical sensor solutions are the key market drivers enhancing the market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Optical Position Sensor Market Trends

• 
  

  Advancement of technology boosts market growth

  
  

Market CAGR for optical position sensor is being driven by the advancement of technology. With the growing demand for automation across various industries, there has been a rapid adoption of Optical Sensors of various measurands such as Temperature Sensors of a wide range of temperatures and environments, Motion Sensors with latest technology of human detectors, a wide range of Pressure Sensors, and Electric Field Sensors of various electric fields. Amkor, the world leader in optical sensor packaging technology and the largest OSAT for sensor packages, intends to rely more on optical sensor innovations in the future to improve reliable and quick sensing applications. The increasing adoption of technological developments such as fibre braggs gratings and fabry perot interferometer-based optical sensors has fueled the market for spectroscopic applications. For improved sensing applications, optical sensors translate multiple wavelengths into electrical signals. Among the wave types measured by optical sensors are ambient, infrared (IR), and ultraviolet (UV) light, which are used to develop applications such as self-driving cars, in-display fingerprint scanners, secure facial recognition, and many more.

Optical sensors are powerful instruments for live cell research because they allow you to track the location, concentration changes, and activity of essential cellular players like lipids, ions, and enzymes. The majority of today's optical sensor probes are based on fluorescence, which gives excellent spatial and temporal precision. This high-end microscopy is used, and the timescale of the event of interest matches the sensor's reaction time. These advancements in the healthcare sector boost the global market for optical sensors. Following the discovery of fluorescent proteins, genetically encoded sensors began to appear. This resulted in significant advancements in increasing optical qualities and studying their structure through the use of circular permutation. Single fluorescent proteins are used in genetically encoded biosensors, including intensiometric and ratiometric sensors. Rockley Photonics, a UK silicon photonics business, has raised $50 million, bringing the total investment to more than $225 million. With the addition of a chief commercial officer with 25 years of expertise in the medical device business, the Oxford-based producer of optical sensing chips is also targeting healthcare sensing. These expanding adoptions and investments in optical sensors tend to fuel the global market expansion of the Optical Sensor Market.

Moreover, the growing need for optical position sensors in the car industry is propelling the global market for optical position sensors. Optical position sensors are used in automobiles to improve safety and protection. The efficacy of optical position sensors in preventing accidents and determining automotive location is boosting their utilization in the automobile industry. The growing safety concern and public awareness of automotive safety are projected to drive rising demand for optical position sensors in the future years. Several nations in North America and Europe are enacting legislation to improve car safety, which has resulted in an increase in demand for optical position sensors in the automotive sector.

According to the US Department of Transportation, around 33,244 fatal car accidents occurred in the United States in 2019, resulting in the deaths of approximately 36,096 persons. The International Road Transportation Union's (IRU) efforts and regulations for greater road safety have also increased the need for effective safety measures in automobiles, which will have a beneficial impact on market demand for optical position sensors in the automobile industry.

Optical position sensor Market Segment Insights:

Optical position sensor Type Insights

The Optical position sensor Market segmentation, based on type includes Linear Position Sensors, Rotary Position Sensors. Rotary position sensors are the most common type of optical position sensors. Rotary position sensors detect an object's angular position and are extensively employed in applications such as automotive steering systems, robotics, and industrial automation. These sensors are known for their great accuracy and dependability, and they are becoming increasingly vital as more sectors implement automation and robotics technology.

Optical position sensor Contract Type Insights

The Optical position sensor Market segmentation, based on Contract Type, includes Non-Contact Type, Contact Type. One of the fastest-growing categories of the Optical Position Sensor Market is the non-contract segment. This category comprises sensors that are sold without a long-term commitment, giving clients additional flexibility and affordability. Small and medium-sized enterprises, which may lack the resources to invest in long-term contracts, are particularly fond of the non-contract segment.

Figure1: Optical position sensor Market, by Contract Type, 2022 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Optical position sensor Output Insights

The Optical position sensor Market is divided into two output segments: digital output and analogue output. During the predicted period, the digital output is expected to increase quicker. Because digital optical sensors provide greater reliability, energy efficiency, performance, ease of design, and compactness, their demand is likely to rise in the future years.

Optical position sensor Application Insights

Machine Tools, Robotics, Motion Systems, Material Handling, Test Equipment, and Others are the application segments of the Optical position sensor Market. The robotics category holds the biggest market share. Robotics is a prominent industry that uses optical position sensors, and demand for these sensors is developing rapidly as automation and robotics technologies become more widely used. Optical position sensors are utilized in a wide range of robotics applications, such as robotic arms, drones, and self-driving cars.

Optical position sensor End-User Insights

Manufacturing, Automotive, Aerospace, Packaging, Healthcare, Electronics, and Others are the end-user segments of the Optical position sensor Market. During the forecast period, the automotive industry is predicted to grow at the fastest rate. One of the primary reasons for the increase in the market for optical sensors in the automotive sector is that they are utilized in a variety of camera-enabled systems such as autonomous driving, improved safety systems, and in-vehicle infotainment (IVI) systems, among others. These sensors include capabilities like 3D gesture recognition, vehicle-to-everything (V2X) connectivity, and interior lighting control applications, among others.

Optical position sensor Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American Optical position sensor Market area will dominate this market, due to growing demand for automation across numerous industries, as well as the increasing deployment of optical sensors in various industrial sectors, has accelerated the growth of the Optical Sensor Market.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure2: Optical position sensor Market SHARE BY REGION 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Optical position sensor Market accounts for the second-largest market share due to rising R&D spending, as well as expanding manufacturing and electronics sectors. Further, the German Optical position sensor Market held the largest market share, and the UK Optical position sensor Market was the fastest growing market in the European region

The Asia-Pacific Optical position sensor Market is expected to grow at the fastest CAGR from 2023 to 2032. This is because of the region's ever-increasing demand for smart technological devices. Moreover, China’s Optical position sensor Market held the largest market share, and the Indian Optical position sensor Market was the fastest growing market in the Asia-Pacific region.

Optical position sensor Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Optical position sensor Market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Optical position sensor industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Optical position sensor industry to benefit clients and increase the market sector. In recent years, the Optical position sensor industry has offered some of the most significant advantages to medicine. Major players in the Optical position sensor Market, including Honeywell International, Inc. (US), Balluff GmbH (Germany), Sensata Technologies (US), Hamamastu Photonics K.K. (Japan), and Bourns Inc. (US) and others, are attempting to increase market demand by investing in research and development operations.

Sony Group Corporation is a Japanese multinational conglomerate headquartered in Minato, Tokyo. As a major technology corporation, it is one of the world's largest makers of consumer and professional electronic equipment, as well as the largest video game console manufacturer and publisher. It is one of the major music firms (largest music publisher and second largest record label) and the third largest film studio through Sony Entertainment, making it one of the most comprehensive media corporations.

Osram Opto Semiconductors GmbH, based in Regensburg, Germany, was a wholly owned subsidiary of Osram GmbH, the world's second largest maker of optoelectronic semiconductors after Nichia, with Cree Inc. coming in third. Osram and Infineon Technologies formed the company in 1999 as a joint venture. Osram Opto Semiconductors was acquired by AMS-Osram International GmbH in 2021 and is now part of the AMS Osram Group. In April 2019, Osram Opto Semiconductors has stated that it would participate in a new project that will run through 2021 and will investigate the fundamentals of high-resolution visualization solutions employing LEDs (micro LEDs) and optical sensors. The Bavarian State Ministry for Economic Affairs, Regional Development, and Energy is funding the initiative, which began in November 2018. With an initial demonstrator, the project is planned to be finished in October 2021.  

Key Companies in the Optical position sensor market include

• 
  

  Sensata Technologies (US)

  
  


• 
  

  Honeywell (US)

  
  


• 
  

  Allegro MicroSystems (US)

  
  


• 
  

  SICK AG (Germany)

  
  


• 
  

  Bourns (US)

  
  


• 
  

  ams AG (Austria)

  
  


• 
  

  STMicroelectronics (Switzerland)

  
  


• 
  

  Vishay (US)

  
  


• 
  

  TE Connectivity (Switzerland)

  
  


• 
  

  Infineon Technologies (Germany)

  
  


• 
  

  MTS Systems (US)

  
  

Optical position sensor Industry Developments

June 2019, InGaAs, an area image sensor for hyperspectral cameras capable of detecting short-wavelength infrared light up to 2.55 m, was introduced by Hamamatsu Photonics. It has the world's longest detectable wavelength using this sort of area image sensor.

July 2020, Microsoft has submitted a patent for a'multidimesional'optical heart rate sensor, which could improve accuracy. The heart rate sensor is dubbed multidimensional because it may possibly measure heart rate, pulse wave velocity, blood and tissue oxygenation, and other variables, including blood pressure proxies.

Optical position sensor Market Segmentation:

Optical position sensor Type Outlook

• 
  

  Linear Position Sensors

  
  


• 
  

  Rotary Position Sensors

  
  

Optical position sensor Contact Type Outlook

• 
  

  Non-Contact Type

  
  


• 
  

  Contact Type

  
  

Optical position sensor Output Outlook

• 
  

  Digital Output

  
  


• 
  

  Analog Output

  
  

Optical position sensor Application Outlook

• 
  

  Machine Tools

  
  


• 
  

  Robotics

  
  


• 
  

  Motion Systems

  
  


• 
  

  Material Handling

  
  


• 
  

  Test Equipment

  
  


• 
  

  Others (Inspection Systems and Measurement)

  
  

Optical position sensor End-User Outlook

• 
  

  Manufacturing

  
  


• 
  

  Automative

  
  


• 
  

  Aerospace

  
  


• 
  

  Packaging

  
  


• 
  

  Healthcare

  
  


• 
  

  Electronics

  
  

• 
  

  Others (Power and Mining Industries)

  
  

Optical position sensor Regional Outlook

• 
  

  North America

  
  
  
  
  • US
  
  
  • Canada
  
  
  
  

• 
  

  Europe

  
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  

• 
  

  Asia-Pacific

  
  
  
  
  • 
    

    China

    
    
  
  
  • 
    

    Japan

    
    
  
  
  • 
    

    India

    
    
  
  
  • 
    

    Australia

    
    
  
  
  • 
    

    South Korea

    
    
  
  
  • 
    

    Australia

    
    
  
  
  • 
    

    Rest of Asia-Pacific

    
    
  
  
  
  


• 
  

  Rest of the World

  
  
  
  
  • 
    

    Middle East

    
    
  
  
  • 
    

    Africa

    
    
  
  
  • 
    

    Latin America