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the global optical sensor market was rated at $2,029.4 million in 2020 for US$5735.53 million by 2027, at a CAGR of 16.0% from 2021 to 2027. Optical sensors are used in various commercial and research applications, such as quality and process control, medical technology, metrology, imaging and remote sensing. Currently, an optical sensor is the most widespread technology for measuring distances, positions and displacements. Driven by technological advancements, integrated optical devices, subsystems and circuits are expected to improve their technical characteristics and lead to drastic reductions in sensor costs. Moreover, it is expected that new quantum concepts and meta-materials with exotic optical properties, among others, will be explored and potentially developed in the near future.
The health and fitness trend among customers is on the rise, which has led to the adoption of optical sensors for wearable applications, such as tracking physical activity, health and wellness . These sensors provide continuous heart rate detection and oxygen saturation measurements in wearable form factors. Miniaturized versions of optical sensors that can be used in a cramped space offer various photoelectric capabilities for more conclusive and accurate data. Such an addition should encourage the integration of optical sensors with other related devices and machines without compromising global and specific functionality.
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Optical sensors developed based on molecularly imprinted nanomaterials (MIP) at the nanometer scale show improved performance compared to their conventional-sized counterparts. They are generally ranked by faster response time and ease of combination with other features. Additionally, the adoption of fiber optic current and voltage sensors in power transmission, which offers significant advantages over traditional current and voltage measurement technologies, is expected to drive the market research. Factory automation for greenfield projects and rapidly increasing business in process and discrete industries in emerging economies of China, India, Indonesia, Brazil, Thailand and parts of the Middle East. Orient have created a huge demand for optical sensors.
Global Optical Sensor Market Dynamics
Drivers: Increase smartphone market penetration
Smartphone adoption is rapidly outpacing home gadgets among many users. It is estimated that more than six billion cell phones will be actively used worldwide by 2020. Additionally, the growing demand for advanced security features in smartphones has led to features such as fingerprint scans at the display, which are driving the fiber optic sensor market. It is an optical sensor that detects and verifies fingerprints. Synaptic announced in 2017 that it had launched mass production of its first optical in-screen fingerprint sensors. As businesses embrace in-screen fingerprint authentication, demand for these sensors is expected to increase.
Room sensors measure the light in the room and adjust the screen brightness accordingly. Thus, the growing demand for smartphones is expected to drive the demand for these sensors. Countries like India, where smartphone market penetration is limited, have seen double-digit growth in recent years. The same trend is expected to continue in the near future. Also, the current trend of 4G phones is expected to contribute to the demand for smartphones, driving the demand for optical sensors.
Cons: imbalance between image quality and price
The imbalance between image quality and price has led to increased competition, especially for the consumer electronics segment. Some of the more established players face peer pressure for optimal pricing. Several smaller players are also facing challenges in product differentiation, which is a potential barrier to their entry into high-volume applications. In this case, successful product differentiation can shift a product from pure pricing to non-pricing factors. So, companies are vying to overcome this challenge by focusing on advanced and efficient technologies that would help minimize sensors and improve performance. The increasing adoption of these sensors in non-traditional areas, such as automation (mobile robots), should overcome this challenge.
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The study categorizes the optical sensor market based on type, sensor type, application, and regions.
By Type of Outlook (Revenue, USD Million, 2017-2027)
- Extrinsic optical sensor
- Intrinsic optical sensor
By Sensor Type Outlook (Revenue, USD Million, 2017-2027)
- Fiber optic sensor
- Image sensor
- Photoelectric sensor
- Ambient light and proximity sensor
- Other sensor
By Outlook Application (Revenue, USD Million, 2017-2027)
- Consumer electronics
- Other Apps
Outlook by Region (Revenue, USD Million, 2017-2027)
- North America (United States, Canada, Mexico)
- South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
- Europe (Germany, Italy, France, United Kingdom, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, Netherlands, Norway, Sweden, Denmark, Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, Philippines, Singapore, Australia and New Zealand, Rest of Asia-Pacific)
- The Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa, North Africa, Rest of MEA)
Intrinsic Optical Sensor, by Type, Accounts for the Largest Market Share
On the basis of type, the global optical sensors market has been segmented into extrinsic and intrinsic optical sensors. Intrinsic optical sensor accounts for the largest market share in 2020. Intrinsic optical sensors are deployed in applications such as measurement of rotation, acceleration, deformation, sound pressure, and vibration. They offer greater sensitivity and allow more elaborate demodulation of the signal. These features increase their adoption in applications that require high-level measurements. However, they are expensive and difficult for the theater, which narrows the scope of their applications. These sensors are also deployed in biological studies to monitor and measure cell growth, kinetics of binding reactions, and chemical evolution, among others. Their biomedical applications include in situ temperature and stress measurements distributed inside the body. Rising military spending and growing aerospace and defense automotive sectors, which deploy internal measurement units for transportation, are accelerating the growth of the segment.
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Asia-Pacific accounts for the highest CAGR during the forecast period
Based on region, the global optical sensors market has been segmented into North America, Europe, Asia-Pacific, South America, and Middle East & Africa. Asia-Pacific has a growth rate of 21.1% and a revenue share of 20.5% globally over the forecast period. The Asia-Pacific optical sensor market is analyzed in Japan, China, India, Australia and rest of Asia-Pacific. India is the fastest growing country in the Asia-Pacific region with a CAGR of 21.%, during the forecast period 2021-2027.
In India, increasing infrastructure development, expanding economy, increasing automation and digitalization, as well as the growth of electronics and defense industries are the factors that are expected to fuel the demand for optical sensors over the forecast period. The smartphone manufacturing industry in India is booming, catering to the growing demand for optical sensors in the Indian market. India manufactured around 110 million mobile phones in 2015-16, up from 60 million in 2014-15, showing a growth of over 90%. The growth of the Indian defense and aerospace industry is a major driver for the growth of the optical sensors market. India has rapidly increased its defense spending year on year. At present, India is the third largest defense spender in the world after the United States and China.
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Main market players
The global optical sensor market is fragmented into few major players including On Semiconductor Corporation, IFM Efector Inc., Keyence Corporation, Honeywell International Inc., ROHM Co. Ltd, Pepperl+Fuchs GmbH, Sick AG, Rockwell Automation Inc., On Semiconductor Corporation, Vishay Intertechnology Inc., STMicroelectronics NV, and Texas Instruments Inc.