According to a report published by Transparency Market Research, the global optical position sensors market is poised to reach US$2.2 bn by the end of 2023. The market is anticipated to rise at a CAGR of 6.6% between 2012 and 2023. With governments in developed regions such as North America and Europe implementing stringent regulations to ensure better safety in automobiles, the demand for optical position sensors is anticipated to increase at a rapid pace in the forthcoming years.
Globally, the demand for devices such as smartphones and tablets is rising at a rapid pace. Furthermore, the demand for better automation and safety in vehicles has also increased substantially. These factors have been favoring the expansion of the optical position sensors market. With prominent manufacturers increasingly focusing on the incorporation of the latest technologies to offer advanced devices at budget-friendly prices, the market for optical position sensors is expected to gain substantial momentum in the forthcoming years. Optical position sensors are mostly used to improve the power management of smart devices, which is identified as a key factor anticipated to fuel demand from the market in the near future.
The advantages offered by optical position sensors in various sectors can be listed as below:
> Aerospace - Optical position sensors are used in aerospace to detect the position of a targeted object. These sensors are considered indispensable in this industry, since they help detect obstacles, including other aircraft. Optical position sensors therefore help prevent collisions and ensure improved safety in aircrafts.
> Wearable Medical Devices - Optical position sensors are increasingly being integrated in advanced wearable medical devices. The technology helps in remote monitoring patients.
> Automobiles - In the automobile industry, optical position sensors are used to improve the safety of a vehicle. Once integrated, these sensors help a vehicle’s driver in detecting the vehicle’s current position. Besides, integrating optical sensors will also help drivers detect the position of other vehicles being driven in close proximity. These features are considered particularly useful to prevent incidents of road accidents.
With rapid uptake of electronic devices and the advent of wearable medical devices, the future of the market for optical position sensors looks thriving. At present, Asia Pacific boasts the most lucrative opportunities for enterprises operating in the global optical position sensors market.