The growing demands of Industry 4.0 will drive up sales of optical sensors to $36 billion by 2026, according to a report titled "Optical Sensors Market by Product, Regional Outlook, Competitive Market Share & Forecast 2026", by Global Market Insights, Inc.
According to the study, the stringent regulatory framework for ADAS in Europe is projected to drive the market for optical sensors. There is also increasing demand for photoelectric sensors in an industrial manufacturing applications, owing to their compact size and high detection feature. The report also cited rising mobile phone manufacturing in India, with the Indian Ministry of Electronic and IT projecting 500 million mobile phones to be produced in India in 2019.
The study noted that prominent companies present in the optical sensors market include Magna International, ROHM Semiconductor, Vishay Intertechnology, Inc., Rockwell Automation, Inc., SICK AG, and Honeywell International Inc.
According to the study, the rising adoption of smartphones worldwide is creating lucrative growth opportunities for the optical sensor market. These sensors offer several features in smartphones including high camera resolution, security features, etc. Major OEMs are implementing optical sensors in their products to cater to the market demand.
The study also said fiber optics sensors account for high growth opportunities in aerospace and defense applications, owing to their high resistance in harsh environments such as high pressure, high temperature, chemical corrosion, intense EMI, and high-voltage environments. Therefore, growth in the aerospace industry is likely to boost the demand for the fiber optical sensors market.
Rising government initiatives for innovative lightening technology are projected to drive the demand in the optical sensor market, the study said. For instance, the city of Chicago is scheduling to replace 270,000 city lights with intelligent control and LED lights in the next four years from 2019 to 2022. Through this initiative, it is expected to save energy cost up to $10 million per year. This will accelerate the demand for optical sensors in the intelligent lighting system in the region.
According to the report, optical sensors suppliers are adopting various developmental strategies that include product innovations, acquisitions, mergers, and collaborations to obtain strong capabilities from other players. For instance, in February 2019, Rockwell Automation, Inc. launched a new photoelectric sensor for material handling, packaging, and food & beverage applications.