Optical Sensor Market Size to Hit $4.5 Billion by 2027 | Exhibit a CAGR of 9.1% (2022-2027)


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Optical Sensor Market Drivers Rise in Technology Advancement Drives Optical Sensor Market Growth

HYDERABAD, TELNGANA, INDIA, December 7, 2022 /EINPresswire.com/ -- IndustryARC, in its latest report, predicts that Optical Sensor Market forecast to reach $4.5 billion by 2027, growing at a CAGR of 9.1% from 2022 to 2027. The Optical Sensor Market is estimated to witness a sustainable growth over the forecast period majorly because of the increasing priorities on building automation. Along with this rising demand from the automotive, industrial, consumer electronics and defense sector, the government regulations on safety measures have also been increasing in recent years. These factors are expected to enhance the market growth of Optical Sensor in forecast period, particularly Metal Oxide Semiconductor and Photoelectric sensor technologies. An optical sensor converts light rays into an electronic signal. The purpose of an optical sensor is to measure a physical quantity of light and, depending on the type of sensor, then translates it into a form that is readable by an integrated measuring device. The rising adoption of technological innovations such as nanoparticles, optical fibers, photonic devices, biosensors, fabry perot interferometers based optical sensors have driven the applications in optical sensor market. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.

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Key takeaways:

1. The Optical Sensor Market is estimated to witness sustainable growth over the forecast period as these sensors offer several features such as high accuracy, compact size, electromagnetic radiation free and offer operation at difficult sites which are not accessible to humans. These features at various industries uplift its market growth.

2. With the growing demand of safety and adoption of high-grade wearable devices for the operators at majority of industrial sites has also enhanced the Optical Sensor Market growth.

3. Optical Sensors are resistant to electromagnetic interference due to which they are suitable to implement in high frequency microwave applications.

4. Optical sensors are capable of working in a dynamic wavelength range and are resistant to high temperatures and chemically reactive environments. They are highly sensitive and posses a high optical resolution. These features propel their applications in various industries, thus enhancing its market growth.

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Segmental Analysis:

1. Extrinsic Sensors have dominated the Optical Sensor Market as compared to the Intrinsic sensors with a share of 69.0% in 2021. When light beam leaves the fibre cable and the path gets changed due to object before it reaches to the optical detector end, then it is known as extrinsic optical sensor.

2. Optical Sensors are widely used in Automotive industry and the sector is growing at 11.8% CAGR through 2027. One of the major reasons for boost in market of Optical sensors in Automotive industry is because the optical sensors are used in several camera-enabled systems such as autonomous driving, advanced safety systems, and in-vehicle infotainment (IVI) systems and others.

3. North America accounts for being the highest market with a share of 32.9% in 2021. The market growth in this region is predominantly rising due to leading economies such as United States, Canada and Mexico. Due to the growing demand for automation across various industries and rising adoption of Optical sensors in different industrial sector has brought a major pace in the Optical Sensor Market growth.

Competitive Landscape:

The top 5 players in the Optical Sensor industry are -

1. Hamamatsu Photonics K.K

2. Sofradir Ec Inc.

3. Carlo Gavazzi Automation Spa

4. Teledyne Dalsa

5. Aptina Imaging

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B. Electro-Optical Sensor Market

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