Consegic Business Intelligence recently published a report on, “Optical Position Sensor Market Forecast 2023 - 2030”. According to the report, the Global Optical Position Sensor Market was worth USD 2,791.09 Million in 2022 and is anticipated to reach over USD 6,101.94 Million by the year 2030, growing at a CAGR of 10.50%.
Optical position sensors are a type of sensor that utilizes changes in characteristics of light including wavelength, intensity, phase, or polarization to generate information about an object’s position. The benefits of optical position sensor including lightweight, high sensitivity, remote sensing, electromagnetic interference resistance, wide dynamic range, and others, make it ideal for utilization in healthcare, automotive, consumer electronics, aerospace & defense, healthcare and other industries.
The increasing utilization of optical position sensors in the automotive industry is one of the key factors driving the market growth. Moreover, the expansion of automotive manufacturing facilities, rising automotive production, and increasing need for efficient sensor solutions for advanced safety and driving assistance are key factors fostering the adoption of optical position sensors. For instance, according to the Germany Trade & Invest (GTAI), the total passenger car production in Germany reached up to 3.1 million in 2021, making Germany Europe's leading automotive production site. Moreover, GTAI further states that out of all premium branded vehicles produced globally in 2021, 65% of the vehicles are German OEM manufactured. Thus, rising automobile production is driving the adoption of optical position sensors for application in automobile LIDAR and advanced driver assistance system, thereby driving the growth of the market.
Additionally, the rising government initiatives adoption of electric vehicles is expected to promote potential opportunities for the growth of the optical position sensor market. Optical position sensors are used in electric vehicles for applications involving steering wheel for measurement of the angle along with automobile LIDAR and ADAS applications. However, the availability of substitutes for optical position sensors is hindering the growth of the market.
Optical Position Sensor Market Growth Drivers:
- Rising utilization of optical position sensor in aerospace & defense sector is driving the market growth.
- Growing automotive industry is spurring market growth.
- Availability of substitutes is restraining market growth.
- Rising government initiatives for the adoption of electric vehicles are expected to promote potential opportunities for market growth.
Global Optical Position Sensor Market Segmentation Details:
Based on type, the two-dimensional optical position sensors segment contributed the largest shares to the market growth in 2022. The benefits of two-dimensional optical position sensors including high-speed response, lower dark current, high position resolution, improved position detection, easy bias application, and others are key aspects driving the growth of the segment. Further, the increasing utilization of two-dimensional optical position sensors in automotive, aerospace & defense, and healthcare industries is driving the growth of the two-dimensional optical position sensors segment.
Based on end-users, the aerospace & defense segment accounted for the maximum revenue share in the year 2022. Optical position sensors are primarily used in the aerospace & defense sector for applications including the measurement of aircraft location along with sensing the displacement of several aircraft components, including the deployment status of thrust reversers. Factors including growing commercial flight activities, rising production of commercial and military aircraft, and increasing investments in air defense systems are among the key prospects fostering the growth of the aerospace & defense segment.
Based on region, North American region accounted for the largest revenue share in the year 2022. The growth of multiple industries including automotive, aerospace & defense, healthcare, and other sectors is driving the growth of optical position sensor market in North America. Further, the rising investments in electric vehicles and aviation & defense sectors among others are further boosting the growth of the market in the North American region.
- In March 2020, TE Connectivity completed its acquisition of First Sensor AG, a company specializing in optical sensing applications for automotive and industrial applications. The acquisition aims at expanding TE Connectivity’s sensors business.
Key Market Highlights
- Globally, optical position sensor market is divided based on the type into one-dimensional optical position sensors, two-dimensional optical position sensors, and multi-axial optical position sensors.
- In the context of end-users, the market is separated into automotive, consumer electronics, aerospace & defense, healthcare, and others.
- The market is geographically divided into five regions: North America, Europe, Asia-Pacific, Latin America, Middle East & Africa.
- North America and Asia-Pacific are estimated to support the market growth during the forecast period in terms of the large presence of market players combined with high expenditures on advancements in optical position sensor market.
List of Major Global Optical Position Sensor Market Players
The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment:
Global Optical Position Sensor Market Segmentation:
- By Type
- One Dimensional Optical Position Sensors
- Two Dimensional Optical Position Sensors
- Multi-Axial Optical Position Sensors
- By End-User
- Consumer Electronics
- Aerospace & Defense
Key Questions Covered in the Optical Position Sensor Market Report
- What is optical position sensor?
- Optical position sensors refer to a type of sensor that is capable of detecting the object’s movement & converting it into signals that are appropriate for transmission, control, or processing.
- What is the dominating segment in the optical position sensor market by type?
- In 2022, the two dimensional optical position sensors segment accounted for the highest market share of 45.6% in the overall optical position sensor market.
- Based on current market trends and future predictions, which geographical region will have the largest impact on the optical position sensor growth in the coming years?
- North America accounted for the largest revenue share in the year 2022. The increasing demand for optical position sensor from multiple industries including automotive, aerospace & defense, and healthcare industries among others is driving the growth of the regional market.
- Which region/country is anticipated to witness the highest CAGR during the forecast period, 2023-2030?
- Asia-Pacific is anticipated to register fastest CAGR growth of 10.7% during the forecast period due to rapid pace of industrialization and growth of multiple industries such as consumer electronics, automotive, and others.
Click here to read the report titled, “Optical Position Sensor Market Forecast 2023 - 2030”.