Home / Press Release / Growing Adoption Of Electric Vehicles Is Expected To Ensure Robust Growth Of Optical Sensors Market

Growing Adoption Of Electric Vehicles Is Expected To Ensure Robust Growth Of Optical Sensors Market

According to a new market research report published by Credence Research “Global Optical Sensors Market (Product (Fiber Optic Sensor, Image Sensor, Position Sensor, Proximity & Ambient Light Sensor); Application (Aerospace & Defense, Automotive, Consumer Electronics, Healthcare, Industrial)) Market – Growth, Future Prospects and Competitive Analysis, 2019 - 2027”, the optical sensor market was valued at US$ 1.7 Bn in 2018 and is set to grow with a CAGR of 13.5% during the forecast period.

Market Insights

The global optical sensors market is driven by their increasing adoption among the automotives. As the research activities for the semi-autonomous and autonomous vehicles are increasing, the automakers are looking for more advanced sensing technologies to detect the obstacle around the vehicles. The optical sensors play a vital role in the successful operation of the vehicle. The sensors use Radar and LiDAR technology to detect the objects around the vehicles and accurately measure the distance between the objects and the vehicle. Moreover, the automakers are investing heavily in sensing technologies to acquire the technical expertise and integrate the advance sensors into their vehicles. This is further accelerating the adoption of the optical sensors in the automotive sector.

The optical sensors market is been used across several industrial verticals including aerospace & defense, automotive, consumer electronics, healthcare, and industrial facilities. The aerospace & defense sector is one of the lucrative sector for the optical sensors market. The growth of the market is attributed to the growing adoption of advanced sensing technologies in the aircraft. Healthcare sector is also one of the most prominent sectors in the optical sensor market. The increasing adoption of wearable technologies to monitor health and fitness is propelling market growth.

North America is dominating the optical sensors market with the market share of more 35% in 2018. The increasing adoption of the consumer electronics devices in the region is the primary factor backing the market growth. Moreover, the adoption of the smart home devices also acts as the major force fostering the market. Additionally, the increasing research activities for the development of the autonomous vehicles are supporting the market growth. The automakers such as General Motors, Waymo (Google Inc.), Uber are collaborating with the semiconductor manufacturing companies such as Qualcomm and Velodyne to integrate their sensing technologies into their vehicles. This is presenting numerous opportunities for the development of the market.

Some of the prominent players in the optical sensors market are Sony Corporation, Samsung Electronics, Broadcom Inc., ABB Ltd., Analog Devices Inc., Baumer Electric AG, Omnivision Technologies Inc., Canon U.S.A. Inc., Coherent Inc., Finisar Corporation, EMCORE Corporation, Eaton Corporation, STMicroelectronics and Robert Bosch GMBH.

Browse the full report at https://www.credenceresearch.com/report/optical-sensor-market

The Global Optical Sensors Market is Segmented into:

ATTRIBUTE DETAILS
Research Period  2017-2027
Base Year 2018
Forecast Period  2019-2027
Historical Year  2017
Unit  USD Billion
Segmentation

 By Product Segment (2017–2027; US$ Bn)

 By Application Segment (2017–2027; US$ Bn)

 By Geography Segment (2017–2027; US$ Bn)

*Complete segmentation list is on report page

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