Optical Sensor Market worth USD 5735.53 billion by 2027

 The Market Statsville Group (MSG) publishes the new report on the "Optical Sensor Market by Type (Extrinsic Optical Sensor, and Intrinsic Optical Sensor), by Sensor Type (Fiber Optic Sensor, Image Sensor, Photoelectric Sensor, Ambient Light, and Proximity Sensor, and Other Sensor), by Application (Industrial, Medical, Biometric, Automotive, Consumer Electronics, and Other Applications), and by Region - Global Trends, Market Share, and Forecast to 2027". The global optical sensor market was valued at USD 2,029.4 million in 2020 to USD 5735.53 million by 2027, at a CAGR of 16.0% from 2021 to 2027. Industries have now realized the reliability and long-term profits that can be achieved by using automated systems. The optical sensors have applications in material handling, packaging, and food processing, among various automation applications. Moreover, the increasing market penetration of automation in the packaging industry is expected to drive the market. Besides these, mobile robots use optical sensors for position estimation. The growing demand for mobile robots in major industries, such as medical science and healthcare, food and beverage, automotive, and oil and gas, has created autonomous mobile robots. Energy consumption can also be reduced by using automated systems. Automation is expected to cut the energy cost down by up to 70%. Studies indicate that 20-25% of total energy could be conserved by employing automation. Industries are now turning toward automated systems to increase production capabilities and efficiency.

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Global Optical Sensor Market Segmentation

The optical sensor market has been segmented into the type, sensor type, application, and regions.

• By Type (Extrinsic Optical Sensor and Intrinsic Optical Sensor)
• By Sensor Type (Fiber Optic Sensor, Image Sensor, Photoelectric Sensor, Ambient Light, and Proximity Sensor, and Other Sensor)
• By Application (Industrial, Medical, Biometric, Automotive, Consumer Electronics, and Other Applications)
• By Region (US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)

Image Sensor, by sensor type, is estimated to hold the largest market share during the forecast period

Based on the sensor type, the global optical sensor market has been segmented into fiber optic sensor, image sensor, photoelectric sensor, ambient light and proximity sensor, and other sensors. In 2020, Image Sensor accounted for the largest market share of 32.8% in the global optical sensor market and had a CAGR of 16.1% during the forecast period.

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Optical image sensors have paved their way to market growth by significantly revolutionizing their biomedical and security applications. The increase in the number of smartphones and the increasing implementation of fingerprint authentication for smartphone devices have buoyed the image sensors market in this sector. However, the greater effectiveness of capacitive optical sensors for fingerprint detection is expected to hinder the market growth over the forecast period. Furthermore, biometrics has become the basic requirement for security at any organization, from business organizations to schools and manufacturing plants striving to reduce identity theft. This doubling growth in the biometric market has been instrumental in driving the adoption of optical image sensors across various end-user verticals.

The Asia Pacific accounts for the largest market share during the forecast period in the optical sensor market

Based on the regions, the global optical sensor market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2020, Asia Pacific was accounted for the highest market share of 38.1% in the global optical sensor market and was anticipated to maintain its dominance throughout the forecast period, followed by Europe and North America. In the Asia Pacific, China had the largest market revenue share of 41.2% in 2020.

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In Asia-Pacific, China is estimated to grow at the maximum rate due to the country's developing urbanization and the expanded spending for deploying enhanced sensing technologies to monitor the infrastructure in sectors such as automation, utilities, and oil and gas. China is one of the largest smartphone markets in the world. China is also a powerhouse of electronics manufacturing service and original equipment manufacturer service (OEM service), also known as private label service, in electronics products. Increasing industrial automation adoption in China is boosting the market for optical sensors in the country. Manufacturing production in China increased by 7.40% in April 2018, over the same month in the previous year.

Some of the major companies that operate in the global optical sensor market are 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.

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