Optical Sensor Market: Rising Demand and Future Scope till by 2030

Theglobal 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. Optical sensors are used in various commercial and research applications, such as quality and process control, medico technologies, metrology, imaging, and remote sensing. Currently, an optical sensor is the most prominent technology for measuring distances, positions, and displacements. Driven by technological advancements, integrated optical devices, sub-systems, and circuits are expected to improve their technical characteristics and drive drastic reductions in sensor costs. Also, it is expected that new quantum-based 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 enable continuous heart rate detection and oxygen saturation measurements in wearable form factors. Miniaturized versions of optical sensors that can be used in cramped space offer various photoelectric capabilities for more conclusive and precise data. Such an addition is expected to encourage the integration of optical sensors with other related devices and machines without compromising overall and specific functionalities.

Optical sensors developed based on molecularly imprinted nanomaterials (MIP) at the nanoscale exhibit enhanced performance compared to their conventional-sized counterparts. They are typically categorized by faster response time and ease of combination with other functionalities. Also, the adoption of fiber-optic current and voltage sensors in electricity transmission, which offers significant advantages over traditional current and voltage measurement technologies, is set to drive the market study. Factory automation for green-field projects and rapidly increasing activities across process and discrete industries in the emerging economies of China, India, Indonesia, Brazil, Thailand, and parts of the Middle East have created a huge demand for optical sensors.

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Global Optical Sensor Market Dynamics

Drivers: Increasing Market Penetration of Smartphones

The adoption of smartphones is quickly outpacing home gadgets in several users. It is estimated that more than six billion cell phones will be actively used worldwide by 2020. Also, the increasing demand for advanced security features in smartphones has led to features, such as on-screen fingerprint scans, driving the fiber optic sensor market. It is an optical sensor that detects and verifies fingerprints. Synaptic announced, in 2017, that it has started the mass production of its first optical in-display fingerprint sensors. As companies are adopting on-screen fingerprint authentication, the demand for these sensors is expected to increase.

Ambient sensors take a measure of the light in the room and adjust the screen’s brightness accordingly. Thus, the increasing demand for smartphones is expected to drive the demand for these sensors. Countries, such as India, with the limited market penetration of smartphones, have witnessed double-digit growth in recent years. The same trend is expected to continue in the near future. Also, the current trend of 4G feature phones is expected to aid the smartphone demand, driving the demand for optical sensors.

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Restraints: Imbalance between the Image Quality and Price

The imbalance between image quality and price has led to increased competition, particularly for the consumer electronics segment. Some of the most established players face peer pressure over optimal pricing. Several small players are also facing difficulty over product differentiation, which leads to a potential barrier for their entry into high-volume applications. In this case, successful product differentiation can move a product from pure pricing to non-pricing factors. Thus, companies are vying to overcome this challenge by focusing on advanced and efficient technologies that would help minimize sensors and superior performance. The increasing adoption of these sensors in non-traditional fields, such as automation (mobile robots), is expected to overcome this challenge.

Scope of the Report

The study categorizes the optical sensor market based on type, sensor type, application, and regions.

By Type 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 Application Outlook (Revenue, USD Million, 2017-2027)

  • Industrial
  • Medical
  • Biometric
  • Automotive
  • Consumer Electronics
  • Other Applications

By Region Outlook (Revenue, USD Million, 2017-2027)

  • North America (US, Canada, Mexico)
  • South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
  • Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
  • Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
  • The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)

Intrinsic Optical Sensor, by type, is accounted for the largest market share

Based on the Type, the global optical sensor market has been segmented into extrinsic and intrinsic optical sensors. Intrinsic Optical Sensor is accounted for the largest market share in 2020. Intrinsic optical sensors are deployed in applications like the measurement of rotation, acceleration, strain, acoustic pressure, and vibration. They offer greater sensitivity and allow more elaborate signal demodulation. These characteristics are increasing their adoption in applications that require high-level measurements. However, they are expensive and are difficult for the theater, which reduces the scope of their applications. These sensors are also deployed in biological studies to monitor and measure the growth of cells, kinetics of binding reactions, and chemical evolution, among others. Their biomedical applications include the distributed in-situ temperature and strain measurements inside the body. The increased military spending and the growth in the aerospace and defense automobiles sectors, which deploy internal measurement units for conveyance, are augmenting the segment’s growth.

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Asia Pacific accounts for the highest CAGR during the forecast period

Based on region, the global optical sensor market has been segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa. The Asia Pacific has a growth rate of 21.1% and has a revenue share of 20.5% globally during the forecast period. The Asia-Pacific optical sensor market is analyzed across Japan, China, India, Australia, and the rest of Asia Pacific. India is the fastest-growing country in the Asia Pacific with a CAGR of 21.%, during the forecast period, 2021-2027.

In India, The growing infrastructure development, expanding economy, rising automation, and digitization, and growing electronic and defense industries are the factors that are expected to fuel the demand for optical sensors during the forecast period. The smartphone manufacturing industry in India is booming, assisting the growing demand for the optical sensor in the Indian market. India manufactured about 110 million mobile phones in 2015-16, compared to the 60 million in 2014-15, showing a growth of over 90%. India’s growing defense and aerospace industry is a major driver for the growth in the optical sensor market. India has been rapidly enhancing its spending on defense year on year. Presently, India stands as the third-largest defense spender in the world after the United States and China.

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Key Market Players

The global optical sensor market is fragmented into a few major players include 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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