Advancement of technology boosts market growth
Market CAGR for optical position sensor is being driven by the advancement of technology. With the growing demand for automation across various industries, there has been a rapid adoption of Optical Sensors of various measurands such as Temperature Sensors of a wide range of temperatures and environments, Motion Sensors with latest technology of human detectors, a wide range of Pressure Sensors, and Electric Field Sensors of various electric fields.
Amkor, the world leader in optical sensor packaging technology and the largest OSAT for sensor packages, intends to rely more on optical sensor innovations in the future to improve reliable and quick sensing applications. The increasing adoption of technological developments such as fibre braggs gratings and fabry perot interferometer-based optical sensors has fueled the market for spectroscopic applications. For improved sensing applications, optical sensors translate multiple wavelengths into electrical signals.
Among the wave types measured by optical sensors are ambient, infrared (IR), and ultraviolet (UV) light, which are used to develop applications such as self-driving cars, in-display fingerprint scanners, secure facial recognition, and many more.
Optical sensors are powerful instruments for live cell research because they allow you to track the location, concentration changes, and activity of essential cellular players like lipids, ions, and enzymes. The majority of today's optical sensor probes are based on fluorescence, which gives excellent spatial and temporal precision. This high-end microscopy is used, and the timescale of the event of interest matches the sensor's reaction time. These advancements in the healthcare sector boost the global market for optical sensors. Following the discovery of fluorescent proteins, genetically encoded sensors began to appear.
This resulted in significant advancements in increasing optical qualities and studying their structure through the use of circular permutation.
Single fluorescent proteins are used in genetically encoded biosensors, including intensiometric and ratiometric sensors. Rockley Photonics, a UK silicon photonics business, has raised $50 million, bringing the total investment to more than $225 million. With the addition of a chief commercial officer with 25 years of expertise in the medical device business, the Oxford-based producer of optical sensing chips is also targeting healthcare sensing. These expanding adoptions and investments in optical sensors tend to fuel the global market expansion of the Optical Sensor Market.
Moreover, the growing need for optical position sensors in the car industry is propelling the global market for optical position sensors. Optical position sensors are used in automobiles to improve safety and protection. The efficacy of optical position sensors in preventing accidents and determining automotive location is boosting their utilization in the automobile industry. The growing safety concern and public awareness of automotive safety are projected to drive rising demand for optical position sensors in the future years.
Several nations in North America and Europe are enacting legislation to improve car safety, which has resulted in an increase in demand for optical position sensors in the automotive sector.
According to the US Department of Transportation, around 33,244 fatal car accidents occurred in the United States in 2019, resulting in the deaths of approximately 36,096 persons. The International Road Transportation Union's (IRU) efforts and regulations for greater road safety have also increased the need for effective safety measures in automobiles, which will have a beneficial impact on market demand for optical position sensors in the automobile industry.
The increasing demand for precision in automation and robotics is driving the evolution of optical position sensors, which are becoming integral to enhancing operational efficiency across various industries.
U.S. Department of Commerce
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