Optical sensors market projected to grow to $59.11 billion by 2032, driven by various industries.
From GlobeNewswire: 2025-01-06 08:00:00
The Optical Sensors Market is projected to grow from USD 23.01 Billion in 2023 to USD 59.11 Billion by 2032, with a CAGR of 11.1%. These sensors are crucial in manufacturing, consumer electronics, automotive safety, healthcare, and more, driving significant market growth.
Optical sensors play a vital role in Industry 4.0 and smart manufacturing, enabling enhanced operational efficiency through automation. With 80% of manufacturers aiming to automate processes, the demand for optical sensors is rising. Integration of IoT technologies further accelerates market growth in sectors like automotive, healthcare, and consumer electronics.
In 2023, biometric applications led the market, driven by contactless payment card integration. Temperature sensing applications are projected to grow at the fastest CAGR, with advances in sensor sensitivity enhancing their importance in IoT, smart networks, and various industries.
Asia Pacific leads the optical sensors market with a 39% market share, driven by automotive sales and technological advancements in consumer electronics. North America is set to experience the fastest CAGR of 13.09% from 2024 to 2032 due to increased adoption of smartphones, electric vehicles, and smart home technologies.
Recent developments include SoftBank and Toshiba Digital Solutions demonstrating Quantum Key Distribution integration with optical wireless communications, and ams Osram selling its passive optical components business to Focuslight Technologies for €45 million. In August 2024, Renesas Electronics launched the RRH62000, a compact multi-sensor module for indoor air quality monitoring, integrating particle detection, VOCs, and harmful gases. The module features an embedded microcontroller for intelligent sensor management, ideal for air purifiers, smoke detectors, HVAC systems, and smart home applications.
A deal is in place for ams Osram to focus on intelligent sensor and emitter devices, expected to complete by September 2024 pending approvals. Meanwhile, a comprehensive optical sensors market report offers insights on wafer production volumes, chip design trends, competitive landscape, regional analysis, and more. For more information, visit the provided link.
Read more at GlobeNewswire: Optical Sensors Market to Worth USD 59.11 Billion by 2032,