Optical Position Sensor Market 2019 Emerging Technologies, Historical Analysis, Development Strategy, Sales Revenue and Opportunity Assessment by Forecast 2023

Optical Position Sensor Market 2019 Emerging Technologies, Historical Analysis, Development Strategy, Sales Revenue and Opportunity Assessment by Forecast 2023

“Optical Position Sensor Market”
Optical position sensor Market, by Type (One-Dimensional, Two-Dimensional, and Multiaxial), End-User (Consumer Electronics, Automotive, Aerospace & Defense, Healthcare, Others) by Global Forecast till 2023

Market Scope

Optical position sensor market has multiple applications in the automobile sector. The growing inclination of people towards luxury automobiles is expected to surge the global optical position sensor market, states Market Research Future (MRFR). MRFR asserts that the global Optical Position Sensor Market expected to expand with a CAGR of 11.08% over the evaluation period (2017-2023). In 2017, the optical position sensor market valued USD 1,462.3 million. MRFR mentions that the market is likely to reach a valuation of USD 2,648.4 million by 2023.

Key Players

MRFR enlisted prominent companies which are operating in the global optical position sensor market growth. They are; Vishay Intertechnology, Inc. (US), First Sensors AG (Germany), Panasonic Corporation (Japan), Siemens AG (Germany), Opto Diode Corporation (US), Sharp Corporation (Japan), Sensata Technologies (US), Micro-Epsilon (US), Melexis N.V (Belgium), Honeywell International, Inc. (US), Balluff GmbH (Germany), Hamamastu Photonics K.K. (Japan), Renishaw plc. (UK), and Bourns Inc. (US), and others

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Industry News

August 2019

ISRO, a space agency of the Indian Government to incorporate optical sensors in Chandrayaan 2. Chandrayaan 2 is India’s second lunar exploration mission.

Market Insights

Optical position sensors are gaining popularity in the automobile industry as automation trends. This is expected to promote the global optical position sensor market growth. Optical encoders use optical position sensors to get inputs on the position of an automobile. They also help in judging the linear, angular, and rotary movements of an automobile. These features promote the safety of automobiles, which is anticipated to surge the optical position sensor market growth. Advanced consumer electronics extensively use optical position sensors. Hike in the disposable income of people and inclination of people towards a luxurious lifestyle are increasing the sales volume of consumer electronics. This is expected to fuel the optical position sensor market growth.

Segmental Overview

The global optical position sensor market study has been segmented on the basis of type and end-user.

Based on the type, the optical position sensor market has been segmented into one-dimensional, multiaxial, and two-dimensional. The multiaxial optical position sensors are gaining popularity due to their ability to access wide-angles. The multiaxial segment is anticipated to lead in the global optical position sensor market across the assessment period.

Based on the end-user, the optical position sensor market has been segmented into automotive, consumer electronics, healthcare, aerospace and defense, and others. In 2017, the consumer electronics segment held the largest share of the global optical position sensor market and is expected to hold its position through the review period. The automotive segment is anticipated to exhibit a fast-paced expansion in the foreseeable future.

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Regional Outlook

By region, the optical position sensor market has been studied across Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa.

In 2017, the Asia Pacific optical position sensor market was valued at USD 7,443.14 Mn and is expected to scale up by 2023. MRFR reveals that the regional market is poised to expand with a CAGR of 12.2% during the evaluation period. Emerging economies such as China, Japan, and India are observed to be investment destinations for companies that is encouraging innovation. This is expected to intensify the growth of the regional market. China being the largest producer of electronics is likely to contribute significantly to the health of the APAC optical position market growth. North America is anticipated to rank second in the global market optical position sensor market growth. The North American optical position sensor market is set to surpass a valuation of USD 3,300 million by the end of the review period.

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