Global Optical Sensor Market to Exceed USD 33 Billion by 2020, According to Technavio
According to Technavio’s latest report, the global optical sensor marketis expected to exceed USD 33 billion by 2020, growing at a CAGR of almost 10% during the forecast period.
According to Asif Gani, lead analyst at Technavio for sensors research, “The ability of these sensors to improve accuracy, ensure safety, and increase functionality and efficiency of end-user applications, along with the advent of wireless sensing technology and growth in industrial automation, will result in significant demand for optical sensors.”
In this report, Technavio covers the present scenario and growth prospects of theglobal optical sensor market 2016-2020.The report also presents the vendor landscape and a corresponding detailed analysis of the top six vendors operating in the market. The market is segmented into the following three regions:
Americas: leading revenue-generating region in the optical sensor market
The optical sensor market in the Americas is expected to grow at a CAGR of around 11% to exceed USD 14 billion by 2020.
The Americas is the leading revenue-generating region in the optical sensor market, primarily due to the high rate of industrial automation in the US. The growing use of optical sensors such as fiber-optic sensors in the oil and gas industry, along with the presence of numerous oil reserves, is driving the market’s growth in the region. These sensors have improved offshore extraction technology, resulting in increased exploration and drilling activities in the US and Canada.
Governments in South America are also focusing on urbanization and looking to improve their healthcare sectors. Growing applications of these sensors in building structures and medical equipment are expected to drive the optical sensor market in the region.
Moreover, several well-established market vendors such as Honeywell and Rockwell Automation are concentrated in the Americas, increasing the adoption of optical sensors in applications related to the consumer electronics, automotive, medical, and construction industries.
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APAC: fastest-growing market for optical sensors
The optical sensor market in APAC is expected to grow at a CAGR of over 11% to exceed USD 13 billion by 2020.
The growth in the manufacturing sector due to investments from multinational automotive players and manufacturing industries has resulted in the growing trend of factory automation in the region. Many developing nations such as India, Malaysia, Singapore, Taiwan, and China are undertaking numerous projects to improve their public infrastructure. These countries, aside from Japan, have tremendous growth potential due to the high rate of urbanization and improving medical conditions with respect to fund allocation and government policies encouraging development.
“Growing defense budgets in some of the leading APAC nations such as India, China, Singapore, South Korea, and Japan will also boost the demand for optical sensors,” says Asif.
The presence of prominent consumer electronic device manufacturers in South Korea, China, Japan, and Taiwan will also boost the market in terms of volume and revenue. The manufacturers are increasing their production capacities to cater to the growing customer demand, creating demand for optical sensor-integrated industrial robotics. Therefore, Technavio expects APAC to be the fastest-growing market for optical sensors during the forecast period.
Optical sensor market in EMEA to exceed USD 6 billion by 2020
The optical sensor market in EMEA is expected to exceed USD 6 billion by 2020, growing at a CAGR of over 7% during the forecast period.
European governments have strict safety regulations for all industrial sectors. In order to adhere to these standards and improve their productivity, companies are using optical sensors.
Offshore drilling activities in countries such as the UK, Germany, and Italy, will drive the market for optical sensors. The growing automation in the European manufacturing sector will also drive the optical sensor market.
Middle Eastern countries such as the UAE and Bahrain are also experiencing construction booms and have a number of oil reserves which will benefit from optical sensors technology. For instance, Burj Khalifa has numerous sensor systems installed in it.
- First Sensor
- Robert Bosch
- Rockwell Automation
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- Global CMOS Image Sensor Market 2015-2019
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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