A report by Transparency Market Research on global optical position sensors market states that the market is expected to witness an above-average 9.0% CAGR in the forecast period of 2018 to 2027. According to the report the growth of the market is attributed to extensive use of technologies like VR and automations that can process and visualize data in real-time. Further, with growing application of optical sensors in automotive industry, is expected to boost the global optical position sensors market to reach to the value of US$ 3.3 bn by the end of 2027.
Extensive Shipments of Optical Sensors Asia Pacific
The growth in the demand for optical sensors is expected to continue with the steady pace in Asia Pacific. This growth is backed by the increasing demand for smart electronic devices in the region. As a result of the growing disposable income of the consumer, they prefer to adopt optical sensors to maintain the safety of their assets. All these factors cumulatively support the dominance of the Asia Pacific in global optical position sensors market. Based on the data acquired, the report by Transparency Market Research states that Asia Pacific optical position sensors market is expected to bag US$ 886.3 mn by the end of 2027.
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Consumer Electronics Emerges as the Leading Segment
The global optical position sensors market is categorized on the basis of the type, technology, applications, and end users. Of these categories, the consumer electronics segment under application parameter is expected to emerge as the lading segment during the forecast period 2018 to 2027. The segment accounts for more than 51.2% of total revenue generation of the global optical position sensors market. One of the key factors that boost the segments growth is the growing application of optical sensors in various consumer electric products like smartphones, and smart cameras. Some of the other end user industries that constitute the global optical position sensors market are defense and aerospace.
Smart Devices Drive Better Growth
Devices like smartphones, smart watches, and tables are some of the smart devices that extensively use optical sensors. The growth in the sales of these products soar the revenue for global optical position sensors market. In order to capture majority share of global optical sensors market, manufacturers of these devices are rolling out new products with competitive price range and features. Because of the arrival of new products in terms of technology, price, and features, smart devices are driving the growth of global optical position sensors market in the forecast period of 2018 to 2027.
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Moreover, use of smart devices in agriculture sector is another factor that drives the growth of global optical position sensors market these days, says the report. According to the experts at Transparency Market Research, agriculture domain has increased the use of smart devices to predict the condition of the soil, temperature, and weather. These hiked up adoptions are one of many factors that are driving the growth of global optical position sensors market in the forecast period of 2018 to 2027.
Lack of Precision may Hamper the Growth
One of the most prominent drawbacks of optical sensors is that they lack precision. It makes it difficult for the user to ensure the quality of the results and accuracy of the information they provide. This is majorly because of the absence of proper international standards in order to determine the performance of the sensors. Due to these inconsistencies, the global optical sensors marker might face some downfall during the forecast period. However, manufacturers are incorporating technologies such as IoT and VR that can provide impactful result for their optical sensors. Based on these technologies, the global optical position sensors market is expected to maintain its growth in the forecast period of 2018 to 2027.
The study presented here is based on a report by Transparency Market Research (TMR), titled, “Optical Position Sensors Market (Types – One Dimensional Optical Position Sensors, Two Dimensional Optical Position Sensors, and Multi-axial Optical Position Sensors; Application – Aerospace and Defense, Automotive, Consumer Electronics, and Healthcare) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2019–2027.”
The global optical position sensors market is segmented on the basis of:
- One dimensional optical position sensors
- Two dimensional optical position sensors
- Multi-axial optical position sensors
- Aerospace & Defense
- Consumer Electronics