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Global Optical sensors Market will rise at a CAGR of 9.7% during 2016-2020

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Published on : May 18, 2016

ALBANY, New York, May 18, 2016: The research report offers a comprehensive analysis of the global market for optical sensors, focusing on the product segmentation, major growth drivers, major geographical segments, opportunities and challenges, and competitive scenario. The research study has further presented the historical as well as estimated figures with the help of infographics, tables, and charts to give a clear picture of the market. As per the research study, the global market for optical sensors is projected to exhibit a 10% CAGR between 2016 and 2020. 

The rising use of tablets and smartphones is one of the major factors augmenting the growth of the global optical sensors market. In addition, the rising adoption of wearable technology, the growth of smart factories and Internet of Things, and miniaturization of optical sensors are further expected to drive the market in the coming years. However, the lack of industrial standards, low consumer awareness regarding optical sensor technology, high initial and upgrading costs of sensors, and shortage of trained and skilled personnel in sensor manufacturing plants are some of the key factors anticipated to hamper the growth of the market in the near future. 

The global market for optical sensors has been classified into ambient light and proximity, fiber-optic, infrared, image, and position. In 2015, the image segment led the market, holding a 44% share in the global optical sensors market. The growing applications of CMOS image sensors in the automotive, healthcare, and consumer electronics sector is expected to contribute substantially towards the growth of the global optical sensors market in the next few years.

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Among the major geographical regions, in 2015, the Americas led the overall market and is anticipated to reach a valuation of around US$14 bn by 2020. The rapid growth of this region can be attributed to the growing rate of industrial automation in the U.S. In addition, the growing adoption of optical sensors, including fiber-optic sensors in the oil and gas industry is expected to fuel the growth of the market in the Americas. Furthermore, the government in South America is emphasizing on urbanization and taking efforts to develop the healthcare sector, with the assimilation of optical sensors, propelling the overall market.  

The research study further provides a detailed vendor analysis and offers a competitive landscape of the global market for optical sensors. Detailed profiles of the leading players have been included in the scope of the research study to guide new as well as existing players in formulating effective business policies and strategies. Some of the prominent players operating in the global market for optical sensors are First Sensor, Omron, Rockwell Automation, Baumer, Robert Bosch, and Honeywell. A detailed SWOT analysis of these players has also been included in the research study.

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