Competition in the global optical position sensors market is red hot. In order to outshine competitors in such an environment, savvy companies are leveraging multi-pronged strategies. For instance, they are focusing on offering technologically superior products by investing heavily in research and development. Another strategy deployed by them to increase sales and revenues is competitive pricing. Optical position sensors manufacturers are also increasing their production capacities either by expanding existing units or building new ones in order to cater to the surging demand in the market.
Some of the prominent players in the global market for optical position sensors are Sharp Corporation, First Sensors AG, Hamamatsu Photonics K.K., and Micro-Epsilon.
A report prepared by Transparency Market Research, after thorough primary and secondary research, predicts the market to attain a value of US$2.25 bn by 2023-end.
Application-wise, consumer electronics leads the global market for optical position sensors. The segment is expected to rake in a revenue of 51.2% in 2023. One of the reasons behind it is the spike in the use of smart electronic devices in which optical position sensors form a crucial component. Other key application segments in the market are defense, aerospace and automobiles.
Surging Sales of Smart Devices Stokes Growth in Market
Smart phones, smart watches, and tablets are some of the smart devices that are seeing their sales soar by the day. Manufacturers are rolling out more sophisticated varieties of such products, which is supporting the continued upswing in sales. To up sales they are also resorting to competitive pricing. This has been the single most important driver of sales in the market for optical position sensors, which form a pivotal part of such devices.
Apart from that, the use of smart mobiles in the domain of agriculture is also predicted to spur demand for optical position sensors. Elaborates the analyst of the report, “Smartphones these days have features which enable detection of location and climate, thereby allowing farmers to carry out precision farming. This has been made possible by smartphones outfitted with optical position sensors – another reason why their market has been growing.”
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