Global Optical Position Sensor Market Size By Type (One-Dimensional, Two-Dimensional), By Application (Automotive, Consumer Electronics), By Geographic Scope And Forecast

Optical Position Sensor Market Size And Forecast

Optical Position Sensor Market size was valued at USD 4.56 Billion in 2021 and is projected to reach USD 10.77 Billion by 2030, growing at a CAGR of 8.1% from 2022 to 2030.

Demand for automobile safety has increased, and the upsurge in consumer electronics, the cost-efficiency of the sensor, the adoption of wearable medical devices, and the need for high-performance sensors drive the growth of the market. The Global Optical Position Sensor Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Optical Position Sensor Market Definition

The optical position sensor is the type of sensor that can sense the position of the targeted item, can detect changes in vehicle positions, and provide parking assistance moreover, it provides driver safety by releasing airbags depending on the position of the driver. They are being highly adopted and used in semiconductor modules and chips such as automobiles, consumer electronics, medical devices, and aircraft due to their size, low power consumption, and reliability.

Global Optical Position Sensor Market Overview

The manufacturing industry requires a great degree of accuracy to fulfill the industry standards. A manufacturer basically focuses on important parameters such as producing high-quality products, the accuracy of measurements, and detailed inspection. These sensors can detect, measure, and evaluate the profiles on different object surfaces and are suitable for various industrial applications, transportation systems, industrial equipment, mobile hydraulics, smart buildings, heavy-duty machinery, and construction equipment. Many measurement tasks become easier when the position sensor is integrated with the analytics software. Thus, the position sensor is useful where displacement, distance, length, or position parameters need to be measured for automating, testing, or monitoring processes.

A sensor is manufactured using numerous components by developing a standard for that process which is a very rigid task and every manufacturer has their own approach for constructing these sensors due to which there is a lack of universal standards which makes it difficult to predict the performance of a position sensor from a set of specifications. Also, the numerous components are supplied by very multiple vendors so the manufacturer needs to depend on the availability of components, at the same time improving quality products while reducing the overall cost of production. With the rapid adoption of advanced technologies, manufacturers are inclined toward the automation of industrial processes. Manufacturers across the globe are investing in improving their manufacturing infrastructure by using fully automated machine tools, which will fuel growth in the demand for position sensors in the foreseeable market.

Global Optical Position Sensor Market Segmentation Analysis

The Global Optical Position Sensor Market is Segmented on the basis of Type, Application, and Geography.

Optical Position Sensor Market, By Type

• One-dimensional• Two-dimensional• Multi Axial

Based on Type, the market is segmented into One-dimensional, Two-dimensional, and Multi Axial. The One Dimensional Optical Position Sensors segment is dominating the market with the highest market share owing to its suitable use in displacement meters and other high precision distance measurement applications such as optical switches

Optical Position Sensor Market, By Application

• Aerospace & defense• Automotive• Consumer electronics• Healthcare• Others

Based on the Application, the market is segmented into Aerospace & defense, Automotive, Consumer electronics, Healthcare, and Others. The Aerospace & Defense component is growing due to its huge demand in aircraft fleets worldwide, cheaper air travel, and government rules and regulation promoting the market.

Optical Position Sensor Market, By Geography

• North America• Europe• Asia Pacific• Rest of the world

On the basis of Geography, the Global Optical Position Sensor Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. North America dominates the market due to the increase in cyber-crime, government rules and regulations of data protection, and the adoption of cloud-based platforms. Whereas the Asia Pacific is the fastest-growing region in the markets owing to the expansion of mobile crew, adoption of mobile devices is increasing.

Key Players

The “Global Optical Position Sensor Market” study report will provide a valuable insight with an emphasis on the global market. The major players in the market are TE Connectivity (Switzerland), SICK AG (Germany), ams AG (Austria), Honeywell (US), MTS Systems (US), Vishay (US), Infineon Technologies (Germany), STMicroelectronics (Switzerland), Bourns (US) and Allegro MicroSystems (US).

Our market analysis also entails a section solely dedicated for such major players wherein our analysts provide an insight to the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share and market ranking analysis of the above-mentioned players globally.

Key Developments

• On March 2020, TE Connectivity acquires majority share of First Sensor AG. In combining the First Sensor and TE portfolios, TE will be able to offer an even broader product base, including innovative, market-leading sensors, connectors and systems plus best-in-class capabilities,

• In March 2022- TE Connectivity (TE) is introducing its NanoRF optical hybrid modules for the defense industries VPX-based embedded computing systems that require increased bandwidth and radio frequency (RF) signaling.

• In February 2021, ams launches industry’s smallest proximity sensor. Ams is launching New TMD2636 fully integrated proximity sensor module for True Wireless Stereo (TWS) ear buds is supplied in an ultra-low-profile 0.35mm package and occupies a volume of just 0.7mm3. The sensor draws on ams innovations in optical sensor hardware and software to provide reliable in-ear proximity detection and to save power when the ear bud is not in use

• The SMART Arc CAN Position Sensor is a new configuration type of Honeywell’s SMART Arc Position Sensors. The SMART Arc CAN Position sensor uses a ring magnet allowing ease of integration in pinned joint applications

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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