According to foreign media reports, recently, Global Market Insights, Inc. released a forecast report on the optical sensor market, regional outlook, competitive market share, and the report shows that by 2026, the demand for Industry 4.0 will increase Growing growth will drive sales of optical sensors to $36 billion.
The study predicts that Europe’s stringent regulatory framework for ADAS will drive the optical sensors market. Due to the small size and strong detection ability of optical sensors, the application requirements in industrial manufacturing and production are also increasing.
The study also noted that prominent players in the optical sensor market include Magna International, Rohm Semiconductor, Vishay Intertechnology, Rockwell Automation, SICK, and Honeywell International.
According to the study, the growing popularity of smartphones worldwide is creating lucrative growth opportunities for the optical sensors market, which provide multiple functions in smartphones, including high camera resolution, security features, and more. Major OEMs are deploying optical sensors in their products to meet market demands.
The study also claims that fiber optic sensors have high growth opportunities in aerospace and defense applications due to their high resistance to harsh environments such as high pressure, high temperature, chemical corrosion, strong electromagnetic interference and high pressure. Hence, the growth of the aerospace industry is likely to drive the demand for the fiber optic sensors market.
According to the research report, the government is expected to adopt innovative measures to alleviate the demand for lighting technology to drive the optical sensor market demand. For example, the city of Chicago plans to replace 270,000 city lights with smart controls and LED lights over the next four years from 2019 to 2022. Through this initiative, it is expected to save up to $10 million in annual energy costs, which will accelerate the demand for optical sensors for smart lighting systems in the region.
According to the report, optical sensor suppliers are adopting various development strategies including product innovation, acquisitions, mergers, and collaborations to gain strong capabilities from other players. For example, in February 2019, Rockwell Automation introduced a new photoelectric sensor for material handling, packaging, and food and beverage applications.