Optical Sensor Market: Future Growth Opportunities By 2026

Optical Sensor Market: Future Growth Opportunities By 2026

The optical sensor market report encompasses an in-depth analysis of the business space in question. All the growth facilitators responsible for furling the revenue scope of this industry are mentioned in the study in conjunction with the competitive and geographical trends characterizing this business. Some of the very pivotal parameters encompassed in the report fall along the lines of industry segmentation, industry ecosystem analysis, vendor matrix, and industry insights.

Optical sensors are broadly utilized in consumer electronic devices for the detection of events, changes, or input signals and pass the information to other components. Increasing adoption of optical sensor for biometric recognition, high-speed detection, device authentication, and other security application in consumer electronic systems such as laptops, televisions, wearable electronics, smartphones, and others will augment industry expansion.

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The flourishing consumer electronics industry in developing countries is expected to boost the optical sensor demand in the forthcoming years. As per the Indian Brand Equity Foundation report, the appliance and consumer electronics industry in India was valued at US$10.9 billion in 2019 and is estimated to reach nearly US$21.1 billion valuations by 2025. The growing adoption of IoT and AI in the consumer electronics sector would escalate product demand for the integration of sophisticated technologies and devices.

High demand for optical sensor technology in automation and robotics equipment in the industrial sector will drive segment growth. Optical sensors find a high adoption rate in industrial plants due to the presence of various automation equipment such as industrial robots, collaborative robots, turn-over machinery, automated lifters, and others. Notably, the industrial application segment in terms of market share valued at nearly 15% in 2019 and is expected to grow at 10% CAGR in the upcoming years.

Equipped with several features such as smaller footprint, high-performance, high-speed detection, and high efficiency in a rugged environment, the incorporation of the product helps in enhancing industrial workflow. Also, the introduction of smart factory settings in developed countries like the UK, France, Germany, and the U.S. would further uplift industry expansion in the forthcoming years.

The photoelectric sensor segment is estimated to experience over 7% CAGR up to 2026. High precision in long-range object detection and compact size are some prime features of the product that will boost its demand for various applications. The product is widely applicable in the food and beverage industry for counting, non-contact detection, monitoring, and conveyor mechanism.

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The European optical sensor market is projected to grow significantly at 11% between 2020 and 2026 due to increasing product demand from the automotive sector in the region. The presence of prominent OEMs in the region including BMW group, Volkswagen, Audi AG, Daimler, and others are substantially emphasizing on developing ADAS and self-driving cars, which is expected to trigger product demand in the coming years. Also, the existence of several government norms to encourage the adoption of automotive safety systems in automobiles will further boost optical sensor demand in the region.

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