Wilmington, Delaware, United States, April 20, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global optoelectronic sensors market is anticipated to grow at a 10.3% CAGR from 2023 to 2031. A market valuation of US$ 41.3 billion is anticipated by end of the forecast period.
Rising demand for advanced security features in smartphones has led to features like an on-screen fingerprint scan and an optical sensor that detects and authenticates fingerprints. This is expected to drive the optoelectronic sensor market.
In May 2022, Vivo launched its latest flagship phone, the X80 Pro, and its most attractive new hardware feature is a wide in-display fingerprint sensor. The active area is far more prominent than the tiny sensors present in every other Android phone. This means it is more convenient to unlock the phone without looking at the screen to align your thumb. Features like these are expected to shape product demand in the coming years.
Also, Ambient sensors help in measuring room light and adjust the mobile phone screen's brightness accordingly. Therefore, the rising demand for smartphones is expected to drive product demand in the forecast period.
The current trend of 4G and 5G feature phones is further expected to support the smartphone demand, thereby creating the demand for optical sensors.
For Insights on Global, Regional, and Country-Level Parameters with Growth Opportunities by 2031 - Download a Sample Report!
Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | USD 17.1 Bn | |
| Estimated Value | USD 41.3 Bn | |
| Growth Rate - CAGR | 10.3% | |
| Forecast Period | 2023–2031 | |
| No. of Pages | 195 Pages | |
| Market Segmentation | Sensor Type, Application, End-use Industry | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Companies Covered | ams-OSRAM AG, Analog Devices, Inc., Hamamatsu Photonics K.K., KEYENCE CORPORATION, OMRON Corporation, ROHM CO., LTD., STMicroelectronics N.V., TOSHIBA ELECTRONIC DEVICES & STORAGE CORPORATION, Vishay Intertechnology, Inc., Zygo Corporation | |
Key Takeaways from the Market Report
- The global optoelectronic sensors market is expected to be worth US$ 18.86 billion as of 2023.
- From 2023 to 2031, the market is expected to grow with a CAGR of 10.3 %.
- By sensor type, photoelectric sensors are projected to grow with a significant CAGR of 9.2% during the forecast period.
- By application, the medical imaging segment is expected to hold a market share of 26%.
- As per TMR projections, the demand for Optoelectronic Sensor in China is expected to grow at 9.5% CAGR throughout the forecast period.
Optoelectronic Sensors Market: Growth Drivers & Trends
- The rising adoption of electric vehicles is creating opportunities for printed electronics to be used in battery condition monitoring. For example, according to the International Energy Agency estimates, plug-in electric light vehicle sales amounted to over 6.7 million units recently across the globe.
- The Internet of Things (IoT) -connected devices have created vast opportunities for sensors in various applications such as industrial, consumer electronics, automotive, medical, etc. According to Cisco’s Annual Internet Report, there will be more than 30 billion network-connected appliances and connections by 2023, increasing from 18.4 billion in 2018.
- The increasing adoption of wearable healthcare devices in matured economies is expected to increase the optical sensor industry revenue. Wearable healthcare devices, such as pulse oximeters, fit bits, smartwatches, and others are fitted with optical sensors. It helps in providing real-time patient health monitoring.
Buy this Premium Research Report | Immediate Delivery Available - https://www.transparencymarketresearch.com/checkout.php?rep_id=80025<ype=S
Optoelectronic Sensors Market: Regional Analysis
- Asia-Pacific is expected to dominate the market of optoelectronics sensors by accumulating over 41% market share by end of the forecast period. The region is expected to grow with a CAGR of 9.7% during the assessment period.
- North America is expected to accumulate a significant market share of over 38% in the optoelectronic sensor market by end of 2033. A massive consumer electronics market and a thriving economy are expected to drive growth in the region. Optical sensors are generally integrated into smartphones, smartwatches, and smart wearables for ambient light and other uses.
- The Internet of Things (IoT), wearable technology, and health and fitness technologies have completely transformed the regional market. These are the main factors that are anticipated to induce growth in the market. Moreover, the United States has a relatively high smartphone household penetration rate, reflecting a strong potential for household penetration.
Optoelectronic Sensors Market: Prominent Players
The global Optoelectronic Sensors Market is characterized by the presence of numerous regional as well as global entities. Some key Optoelectronic Sensors providers profiled by TMR include:
- OSRAM AG
- Analog Devices, Inc.
- Hamamatsu Photonics K.K.
- KEYENCE CORPORATION
- OMRON Corporation
- ROHM CO., LTD.
- STMicroelectronics N.V.
- TOSHIBA ELECTRONIC DEVICES & STORAGE CORPORATION
- Vishay Intertechnology, Inc.
- Zygo Corporation
Prominent developments in the Optoelectronic Sensors domain by key players are as follows:
- In March 2023, Agilent Technologies Inc. announced its partnership with Hamamatsu Photonics K.K., a key provider of whole slide imaging systems, to integrate their NanoZoomerⓇ range including the S360MD Slide scanner system into the Agilent end-to-end digital pathology solution. With the integration of the NanoZoomerⓇ Slide scanner systems, which converts glass slides into high-resolution digital data by high-speed scanning, Agilent has completed their offering of an open and agnostic digital pathology workflow intended to speed up breakthroughs in precision medicine.
- In July 2022, Sony Corporation declared the forthcoming release of the IMX675, a 1/3-type CMOS image sensor for security cameras with approximately 5.12 megapixels*2 that delivers both full-pixel output of the captured image and high-speed production of areas of interest.
Get Customization on this Report for Specific Research Solutions: https://www.transparencymarketresearch.com/sample/sample.php?flag=CR&rep_id=80025
Optoelectronic Sensors Market- Key Segments
By Sensor Type
- Image Sensors
- Ambient Light Sensors
- Fiber Optic Sensors
- Photoelectric Sensors
- Through-beam Sensor
- Retro-reflective Sensor
- Diffuse Sensor
- Color Sensors
- Others (Infrared sensors, Proximity sensors, etc.)
By Application
- Medical Imaging
- Pulse Oximetry
- Heart rate monitors
- Material Processing
- Renewable Energy
- Testing & Measurement
- Authentication & Visualization
- Others (Temperature & Pressure Sensing, Geological Survey, etc.)
By End-use Industry
- Consumer Electronics
- Automotive & Transportation
- Aerospace & Defense
- Healthcare
- Energy & Power
- Others (Media & Entertainment, Industrial, etc.)
By Region
- North America
- Asia Pacific
- Latin America
- Europe
- Middle East & Africa
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
Contact:
Nikhil Sawlani
Transparency Market Research Inc.
CORPORATE HEADQUARTER DOWNTOWN,
1000 N. West Street,
Suite 1200, Wilmington, Delaware 19801 USA
Tel: +1-518-618-1030
USA – Canada Toll Free: 866-552-3453
Website: https://www.transparencymarketresearch.com
Blog: https://tmrblog.com
Email: sales@transparencymarketresearch.com
