Optical position sensor Market Size To Expand at a Notable CAGR Of 10.23% During 2024 - 2032

Pune, India, February 22, 2019, MRFR Press Release/- Market Research Future published a half-cooked research report on global optical position sensor market.

Market Highlights

The numerous benefits offered by optical position sensor such as light weight and high accuracy is expected to contribute to the growth of its market. Optical position sensor also provides fast response as it is a non-contact type and does not need to encounter friction. The rapid growth of industrial automation is expected to create huge demand for optical position sensor. Optical position sensor is also extensively being used in consumer electronics, especially wearables which is expected to boost its demand. Furthermore, optical position sensor is used in vehicle headlamp dipswitch to change the beam focus in case of approaching car in the field of view. With the growth of autonomous vehicles, tremendous demand for optical position sensors is expected during the forecast period.

Key players

The key players in the optical position sensor market are identified across all the major regions based on their country of origin, presence across different regions, recent key developments, product diversification, and industry expertise. Some of them are – First Sensors AG (Germany), Siemens AG (Germany), Panasonic Corporation (Japan), Opto Diode Corporation (US), Sharp Corporation (Japan), Honeywell International, Inc. (US), Balluff GmbH (Germany), Sensata Technologies (US), Hamamastu Photonics K.K. (Japan), and Bourns Inc. (US). These players contribute a major share in the growth of optical position sensor market.

Apart from the top key players, there are other players that contribute to the market growth. These include Melexis N.V (Belgium), Micro-Epsilon (US), Renishaw plc. (UK), Vishay Intertechnology, Inc. (US), and others.

Regional Analysis

The global market for optical position sensor is estimated to grow at a significant rate during the forecast period from 2024 to 2032. The geographical analysis of optical position sensor market is studied for North America, Europe, Asia-Pacific, and the rest of the world (including the Middle East, Africa, and Latin America). Among the regions mentioned, Asia-Pacific is expected to dominate the optical position sensor market. Increasing applications in consumer electronics automotive segments is expected to boost up the demand for optical position sensor market in this region. Furthermore, rapid adoption of industrial automation in countries such as China, Japan, and South Korea is creating demand for optical position sensor market.

Asia-Pacific is followed by North America which is also expected to generate significant revenue in the optical position sensor market. The major factors contributing to the growth of the market in this region are developments in Industry 4.0 and robotics and readiness to adopt advanced technologies. Europe continues to grow at a high CAGR owing to high demand of these sensors in automotive segment. Moreover, stringent government regulations regarding vehicle safety is expected to create demand for optical position sensor market.