In 2022, the global optical sensor market will have grown to about US$ 22 billion. According to Future Market Insights, the industry will be worth US$ 24.2 billion in 2023.
China and the USA are becoming key hubs for the optical sensor market due to their vibrant end-use industries. These countries boast significant consumer spending on cutting-edge technologies like smart consumer electronics and healthcare devices, including wearables and smartphones. This trend is driving the growth of the optical sensor market in these regions.
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Optical sensors are gadgets that transform light or variations in light into electric signals that instruments can subsequently interpret. These sensors are capable of detecting electromagnetic radiation with wavelengths ranging from infrared to ultraviolet. Optical sensors have acquired enormous popularity in the electronics industry during the last few decades. They have evolved into perfect contactless detectors and are rapidly being employed in a wide range of industrial and consumer applications such as automatic lighting, mobile phones, smartwatches, position sensors, and photoelectric sensors.
Because of the presence of end-use industries, countries such as China and the United States are developing as leading destinations for optical sensors. These countries' citizens spend a lot of money on smart consumer gadgets and healthcare devices like wearables and cell phones.
Significant automation penetration across major industries such as manufacturing, defense, energy & utility, and automobile is driving up optical sensor sales. For non-contact detection and evaluation, optical sensors are being integrated into a wide range of automated machines.
North America is expected to be the most profitable market for optical sensors during the period of evaluation, owing to rising usage of smart home-connected devices, boosting the adoption of optical sensors in businesses and industries, the presence of resulting in industry players, and growing public awareness of the benefits of optical sensors.
Competitive Landscape:
In July 2022 - Sony Corporation introduced the IMX675, a 1/3-type CMOS image sensor for CCTV cameras with approximately 5.12 megapixels*2 that offers full-pixel output from the obtained image as well as high-speed processing of parts of interest.
In October 2022 - Lumotive and Gpixel cooperated to launch a reference design platform that comprises 3D lidar and CMOS image sensors, enabling companies to deploy next-generation 3D lidar sensors in transport and industrial applications such as autonomously following robots in logistics scenarios.
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