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Optical sensors market pegged to nearly touch USD 35 billion mark within the period of 2015-2020 according to new research report

The Global Optical Sensor Market is rapidly growing across the globe due to the increase in demand for the handheld devices like tablets and smart phones.

Optical sensors have a varied sense of applications. They could be a part of a camera to capture images or Used to detect position and proximity of objects in position sensors and more.

Optical Sensors are basically devices that detect the presence or absence of light and other electromagnetic radiations. It converts the light signals into electronic signals which can then be interpreted and analyzed.

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These sensors are used as part of a larger system in different ways to obtain different results. The Global Optical Sensors Market is rapidly growing across the globe due to the increase in demand for the handheld devices like tablets and smart phones and is expected to reach upto nearly $35 Billion by the end of 2020 at a CAGR of 9.8%.

Prime Driving Factors:

The Global Optical Sensors Market is driven by the increase in demand of Consumer Electronics that utilize these sensors. The increase in the demand of Tablets, Smartphones and Cameras directly correlates to an increase in demand for Optical Sensors.

Another Key Driver of the Optical Sensors Market is the Global Automation Industry, particularly the Process Automation Industry which growing at a rate of 6.3%. Increased use of Automation in all Industries has increased the need for devices that use Optical Sensors.

While Image Sensors are used in Machine Vision based products for assembly line monitoring and other Automation Processes, Color Sensors are being used in the Packaging, Food and Beverage Industry for accuracy purposes.  Optical Sensors are also poised to play a major role in the Internet of Things (IoT) Market as it could provide better control of devices and would consequently drive the market in the future.


Growth Estimations and Insights:

The Global Optical Sensors Market is predicted to grow at 9.81% CAGR and reach a Market Size of $34 Billion by 2020 in the forecast period of 2015-2020 according to the Market Report. This growth can be accounted by the increase in demand for Smartphones and Tablets, which are direct users of Optical Sensors, in the future.

The Hand Image Sensors was the largest market in 2014 and is predicted to increase even more because of its vast applications in industries like Consumer Electronics and the Medical Industry.

The Image Sensors Market alone is estimated to grow at 11% CAGR with CMOS sensors occupying more than 90% share. The Light and Proximity Sensors Market are also predicted to grow to a $1.7 Billion Industry by 2017 due to steady rise in the market for handheld devices.

Market Segmentation:

The Global Optical Sensors Market is segmented into 3 primary categories; by Type, by End User Industry and by Geographic Analysis. There are 8 types of Optical Sensors currently available in the market and there include: Position Sensors, Light Sensors, Image Sensors, Photoelectric Sensors, Photodetectors, Safety Sensors, Motion Sensors and IR Detectors.

Optical Sensors find applications in many different Industries out of which a few are: Automotive, Building Automation, Consumer Electronics, Safety & Surveillance and Food & Beverage. The Market is also classified according to Geography into 4 main regions: Americas, Europe, Asia-Pacific and Rest of the World.

Key Players:

The Key Players in the Optical Sensors Market are: OmniVision Technologies, Ltd., Aptina Imaging Corporation, Samsung Electronics Co., Ltd., Sony Corporation and Toshiba Corporation. The report on the Optical Sensors Market provides a complete list of Key Players with their Product Portfolios, Financials and SWOT Analysis.