Optical Position Sensor Global Market Report 2024

The optical position sensor market has grown rapidly in recent years. It will grow from $2.21 billion in 2023 to $2.46 billion in 2024 at a compound annual growth rate (CAGR) of 11.2%. During the historic period, growth can be linked to various factors. Precision needs in manufacturing, expansion within the automotive sector, advancements in consumer electronics, integration of industrial robotics, and increased demand for medical equipment collectively contributed to this growth.

The optical position sensor market is expected to see rapid growth in the next few years. It will grow to $3.6 billion in 2028 at a compound annual growth rate (CAGR) of 10.0%. In the upcoming forecast period, growth is expected due to several key factors. The rise of smart cities, advancements in autonomous vehicles, expanded utilization of robotics in healthcare, increased integration in consumer electronics, and the growth of renewable energy sources are projected to be major contributors to this growth.

The optical position sensor market is anticipated to experience growth driven by the increasing demand for smart electronic devices. These devices, characterized by their context-aware capabilities and independent computing, rely on optical position sensors for functionalities such as ambient light sensing in smartphones. For instance, in 2022, 57.4 million households in the US were using smart home devices, showcasing a 6.7% increase from the previous year's 53.8 million households. This surge in demand for smart electronic devices is expected to fuel the optical position sensor market's expansion.

A surge in the number of IoT-linked devices is expected to significantly contribute to the growth of the optical position sensor market. These devices, which wirelessly connect to networks for data transmission, utilize optical position sensors for precise monitoring of object positions in real-time. For instance, in 2022, broadband IoT connections reached 1.3 billion, with projections indicating that nearly 60% of cellular IoT connections by 2028 will be broadband IoT connections, primarily through 4G networks. North East Asia leads in cellular IoT connections, anticipated to surpass 2 billion connections. The increasing prevalence of IoT-linked devices is a driving force behind the growth of the optical position sensor market.

A dominant trend in the optical position sensor market involves significant technological advancements. Key players are dedicating efforts to develop innovative sensor technologies to maintain their market positions. For example, NEC Corporation introduced the NEC Intelligent Optical Fiber Sensing Solution in June 2021. This solution enables communication service providers and optical fiber owners to utilize optical fibers as sensors, leveraging AI to analyze vibrations detected by these fibers. This technology aids in identifying anomalies such as fiber damage, thereby preventing potential future damages.

Major companies in the optical position sensor market are focusing on creating advanced sensor technologies, such as triaxis position sensor technology, to bolster their market presence. Triaxis technology allows highly precise three-axis magnetic field measurements from a single sensor, finding applications in automotive position sensing for various components such as steering angle, pedal position, and motor position. Melexis, for instance, launched the MLX90377 in May 2021, featuring triaxis technology supporting multiple output signal formats and a new single-mold package for enhanced integration and reduced manufacturing costs. The MLX90377 serves as a magnetic rotary and linear position sensor IC integrating ADC, signal conditioning, DSP, and an output stage driver accommodating formats such as SPC, ratiometric analog, PWM, and SENT.

In May 2021, MKS Instruments Inc., a prominent US-based manufacturer specializing in instruments, subsystems, and process control systems, successfully acquired Photon Control Inc. for an approximate sum of $291.44 million. This strategic acquisition aligns with MKS Instruments Inc.'s objective of broadening its range of crucial technologies and augmenting its capabilities in critical etch and deposition applications within semiconductor wafer fabrication. Photon Control Inc., based in Canada, is recognized for its expertise in manufacturing optical position and displacement sensors, a significant addition to MKS Instruments Inc.'s portfolio.

Major companies operating in the optical position sensor market report are Siemens AG, First Sensor AG, Panasonic Corporation, Opto Diode Corporation, Sharp Corporation, Sensata Technologies Inc., Micro-Epsilon Messtechnik GmbH & Co. KG, Hamamatsu Photonics K.K., Melexis N.V., Balluff GmbH, Bourns Inc., Zygo Corporation, STMicroelectronics N.V., Vishay Intertechnology Inc., Infineon Technologies AG, MTS Systems Corporation, Honeywell International Inc., On Semiconductor Corporation, IFM Electronic GmbH, Keyence Corporation, Pepperl+Fuchs GmbH, Rockwell Automation Inc., SICK AG, ROHM Co. Ltd., Banner Engineering Corp., Baumer Group, Omron Corporation, Schneider Electric SE, Panasonic Electric Works Europe AG, Renishaw plc.

Asia-Pacific was the largest region in the optical position sensor market in 2023. The regions covered in the optical position sensor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the optical position sensor market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

These sensors come in several types one-dimensional, two-dimensional, and multi-axial. One-dimensional sensors operate along a single axis, using a light source and detector to measure received light intensity. They find use in linear motion control, robotics, and machine tools. Applications span various sectors, including aerospace, defense, automotive, consumer electronics, healthcare, industrial, energy, and utilities. They're deployed in machinery, robotic systems, hydraulic cylinders, range finders, autofocus cameras, medical devices, among others.

The optical position sensor market research report provides optical position sensor market statistics, including the optical position sensor industry global market size, regional shares, competitors with an optical position sensor market share, detailed optical position sensor market segments, market trends, and opportunities, and any further data you may need to thrive in the optical position sensor industry. This optical position sensor market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The optical position sensors market consists of sales linear encoders, rotational encoders, optical distance sensors, and fiber optic sensors. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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