Research Nester released a report titled “Optical Sensors Market: Global Demand Analysis & Opportunity Outlook 2030” which delivers detailed overview of the global optical sensors market in terms of market segmentation by sensor type, application, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The optical sensors market is projected to grow with a moderate CAGR during the forecast period, i.e., 2022-2030. This can be attributed to the rising demand for consumer electronics, such as, smartphones and increasing automation in multiple industries, including, the medical and automotive sector. The increasing internet penetration and the proliferating demand for stronger security features mobiles worldwide backed by the advancements in digital technologies. By the end of 2019, around 65% of the global population had subscribed to mobile services, with more than 3 billion people using smartphones globally.
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The market is segmented based on sensor type into image sensors, fiber optic sensors, photoelectric sensors, ambient light and proximity sensors, and others. The fiber optic segment is anticipated to grab the most significant share by the end of 2021, on account of benefits, such as, long-distance coverage, and better reliability greater bandwidth, and faster speeds than other sensor types.
Regionally, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The optical sensors market in Europe is expected to grow at the highest CAGR throughout the forecast period owing to the growing automotive industry in countries, such as, Germany. Rising demand for optical sensors in the infotainment systems, autonomous driving, and advanced safety systems in automobiles is estimated to drive the market growth. The market in North America holds the largest share currently, owing to the growing need for consumer electronics and the ever-increasing internet penetration in the region.
Increasing Need for Automation in Various Industries to Drive the Market Growth
According to the data provided by the World Bank, 48.997% of the global population was using internet in 2017, which is expected to grow further with the advancement in technology and network connections globally.
The rising use of electronic devices, such as laptops, smartphones, and tablets, and the integration of optical sensors for various applications such as gesture recognition, device security, optical sensing applications, and facial recognition are estimated to boost the market growth. Additionally, the rising demand for on-screen fingerprint sensor technology in smartphones will further provide growth opportunities for the market.
“The Final Report will cover the impact analysis of COVID-19 on this industry.”
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This report also provides the existing competitive scenario of some of the key players of the global optical sensors market which includes company profiling of ROHM Co. Ltd., Rockwell Automation Inc., SICK AG, Vishay Intertechnology Inc., Honeywell International Inc., On Semiconductor Components Industries, LLC, IFM Efector Inc., Keyence Corporation, Pepperl+Fuchs GmbH, and STMicroelectronics NV. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global optical sensors market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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Research Nester is a one-stop service provider with a client base in more than 50 countries, leading in strategic market research and consulting with an unbiased and unparalleled approach towards helping global industrial players, conglomerates and executives for their future investment while avoiding forthcoming uncertainties. With an out-of-the-box mindset to produce statistical and analytical market research reports, we provide strategic consulting so that our clients can make wise business decisions with clarity while strategizing and planning for their forthcoming needs and succeed in achieving their future endeavors. We believe every business can expand to its new horizon, provided a right guidance at a right time is available through strategic minds.
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