September 14, 2021
According to the recent research report titled ‘Europe Optical Sensor Market Forecast 2026 By Application, By Product, Research Report, Regional Outlook, COVID-19 Impact Statistics, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share’, available with Market Study Report, Europe optical sensor market is projected to attain a valuation of USD 5 billion by the year 2026.
As per the report findings, rising automation, and increasing research & development activities by major companies to release new products are primarily driving Europe optical sensor market.
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Citing an instance, Sony Corporation launched their all-new diagonal CMOS image sensor with 127.68 megapixels in March 2021, which will largely be used for industrial purposes.
The introduction of modern technologies such as the Industrial Internet of Things (IIoT), and incorporation of Industry 4.0 have added to the popularity of industrial automation among top companies. Industrial robots are in high demand in the manufacturing sector, owing to their ability to collect precise information on operations and offer smart suggestions to factory owners. Optical sensors are critical in allowing the robots to make informed industrial decisions by detecting and collecting valuable information, hence stimulating the industry outlook.
Based on product, image sensors segment held 68.5% share in Europe optical sensor industry in 2019 and is projected to record a CAGR of 9% over 2021-2026, owing to growing demand for electronic devices like cameras and smartphones due to their popularity among the population to improve to their travel experience. These devices use higher sensitivity optical sensors to capture smaller details and offer superior image quality.
As per application spectrum, consumer electronics segment share is slated to grow substantially over the coming years, attributable to new product launches by key players, on account of increasing usage of smartphones which offer more features as compared to the traditional cameras.
Geographically, Germany industry is predicted to exhibit a 9% CAGR through 2026, owing to introduction of the latest technologies and prompt adoption of the same in the region. The German government is also introducing policies and plans to promote the development of advanced technologies, resulting in a surge in demand for optical sensors in the economy.
Prominent firms defining the competitive landscape of Europe optical sensor marketplace are Texas Instruments Incorporated, STMicroelectronics N.V., Sony Corporation, Sick AG, SensoPart Industriesensorik GmbH, Samsung Group, Rohm Co. Ltd., Rockwell Automation Inc., Panasonic Corporation, and ON Semiconductor among others.