Optical Sensors (Global Market)

Chronicle

2023: Global Optical Sensor Market Size Reaches $19.52 Billion

At the end of 2023, the volume of the global optical sensor market reached $19.52 billion. The industry is developing rapidly - mainly due to the increasing demand for consumer electronics. This is stated in a study by Fortune Business Insights, the results of which were published in mid-September 2024.

It is noted that optical sensors are an integral part of many consumer devices, including smartphones, tablets and smartwatches. Such sensors are responsible for a number of functions, including automatic adjustment of the screen brightness depending on ambient lighting conditions, fingerprint recognition and advanced camera capabilities. Optical sensors are in demand in healthcare, power and utilities, aerospace and defense industries, automotive, etc.

The market driver is the rapid development of artificial intelligence. AI algorithms improve the quality of data obtained by optical sensors by reducing noise and improving signal quality. In addition, AI can provide real-time processing and analysis of sensor readings. Another driver is the growing demand for multifunctional consumer electronics. However, despite the sustainable development of the industry, there are certain restraining factors. One of them, analysts call the rise in prices for raw materials.

The market in question is subdivided into ambient light sensors, proximity sensors, fiber optic sensors, image sensors, etc. In 2023, the segment of ambient light sensors took the largest share. In terms of application, the authors of the study distinguish three categories: distance measurement, light detection and 3D mapping. The last of the listed areas in 2023 provided the largest revenue. The consumer segment electronic engineers occupies the largest share, while the sphere shows the highest growth rates. health care Optical instruments provide high accuracy and reliability of measurements, guaranteeing reliable data for diagnostic and therapeutic purposes.

Among the significant players in the industry are named Rohm, TE Connectivity, Hamamatsu Photonics, Analog Devices, Texas Instruments, STMicroelectronics, Vishay Intertechnology, Broadcom, Leuze Electronics Pvt., Alphasense. The largest companies are actively expanding their global presence by introducing specialized solutions tailored to specific sectors. They form partnerships and acquire local businesses to build strong footing in different regions.

From a geographical point of view, the leader in 2023 was the Asia-Pacific region, which accounted for $8.7 billion in revenue. There is a growing demand for smartphones, tablets, computers, smartwatches and other consumer electronics that use optical sensors. North America is experiencing the highest growth, driven by the widespread adoption of electric vehicles, gadgets and various smart home equipment. In Europe, there is a high demand for optical sensors due to the development of automation, digitalization and the introduction of IoT technologies in various fields.

At the end of 2024, revenue in the global optical sensor market is estimated at $21.51 billion. Fortune Business Insights analysts believe that in the future, the CAGR (compound percentage CAGR) will be 11.5%. As a result, costs globally are expected to reach $51.21 billion by 2032.^[1]

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