September 14, 2021
According to the research report titled ‘Asia Pacific Optical Sensor Market Forecast 2026 By Product, By Application, Research Report, Regional Outlook, COVID-19 Impact Statistics, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share’, available with Market Study Report, Asia Pacific optical sensor market is projected to be worth USD 16.5 billion by the end of forecast period 2020-2026.
Emerging concept of smart factories, which use technologies such as robotics and automation on a large scale, is the key factor driving Asia Pacific optical sensor market growth. Furthermore, operation control & monitoring feature provided by optical sensors has prompted governments in various countries to launch incentives and boost funding towards industrial automation, augmenting business scope.
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It is worth noting that optical sensors are used in several devices such as smartphones, laptops, and tablets for carrying out various functions like motion detection, gesture recognition, and heightened device security.
Based on product type, Asia Pacific optical sensor market is arrayed into photoelectric sensors (retro-reflective, through beam, diffuse), image sensors (CCD, CMOS), ambient & proximity light sensors, and fiber optics sensors (intrinsic, extrinsic). Among these, image sensors segment is slated to grow at a CAGR of 12% over the analysis timeframe. These sensors are used in several high-end technologies like unmanned driving systems and advanced driver assistance systems (ADAS).
By application scope, the industry fragmentation comprises consumer electronics, automotive & transportation, industrial, food & beverages, medical, and others. Of these, medical segment accounted for 10% of Asia Pacific optical sensor market share in 2019 and is touted to grow at 7% CAGR through 2026. The COVID-19 pandemic significantly boosted the demand for optical sensors in the healthcare sector as they are extensively used in devices like contactless temperature reading meters, pulse-oximeters, and optical pyrometers.
From a regional frame of reference, Taiwan industry is reckoned to register 7% CAGR over the assessment period, mainly due to supportive government policies for development of semiconductor and consumer electronics sectors. Notably, the Taiwanese government seeks to reduce 50% of the total R&D costs incurred by foreign enterprises, provided they choose to establish their manufacturing units in the country.
Prominent players in Asia Pacific optical sensor marketplace are Sony Corp., Samsung Group, ROHM Co. Ltd., Riko Opto-Electronics Technology Co. Ltd., Panasonic Corp., ON Semiconductor Corp., Omron Corp., OmniVision Technologies Inc., Lite-On Technology Corp., Keyence Corp., HTM Sensors Inc., Himax Technologies Inc., Hamamatsu Photonics K.K., and Broadcom Inc.