Optical sensors: Key market research findings
- Shift towards Internet of Things
- Miniaturization trend of optical sensor
Technavio has released a new market research report on the global optical sensor market, which is expected to grow at a CAGR of around 10% between 2016 and 2020. The optical sensor market is expected to grow significantly during the forecast period owing to the advent of new applications such as the use of optical sensing information in new automobiles and for the monitoring of civil structures. These sensors have the ability to improve accuracy, ensure safety, and increase functionality and efficiency of end-user applications. The Americas account for 43% of the global optical sensor market due to the development of new fiber-optic technology through constant R&D being carried out by universities, as well as the complete automation of the majority of factories in the US
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“Shifting trend towards Internet of things (IoT) is expected to boost the sales of optical sensor in the coming years. IoT incorporates the use of optical sensors in consumer electronics, medical, industrial, and commercial places for smart management and in lighting solutions to ensure efficient energy conservation. Sensors are also used in heating, ventilation, and air conditioning (HVAC) systems. Temperature controls integrated with lighting solutions can provide data on hot and cool spots in a building to optimize the use of HVAC systems,” says Asif Ghani, Lead Analyst, Semiconductor, Technavio Research
Growing demand for improved functionality in industrial applications has led to the development of ultra-miniaturized and power-efficient optical sensors. These sensors are robust and are available in various sizes. They consume less power and perform efficiently. Furthermore, miniaturized smart sensors can easily fit into electronic devices such as smartphones, game console peripherals, and virtual reality sets. The iPhone 6s, Samsung Galaxy S7, and Sony Xperia Z-series, PlayStation 4 controller, Wii Remote, Wii MotionPlus, and Oculus Rift are some of the electronic devices that make use of fiber-optic gyro sensors for strong direction and motion sensing.
The leading vendors in the global optical sensor market include Baumer, First Sensor, Honeywell, OMRON, Robert Bosch, and Rockwell Automation. This market is highly fragmented with the presence of numerous vendors that have diversified portfolios and offer different types of sensors. Vendors in the market compete on the basis of technical advancements and innovations. The high growth potential of the market will increase the competition among the vendors during the forecast period
A more detailed analysis is available in the Technavio report, Global Optical Sensor Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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