Optical Position Sensor Market is projected to achieve a CAGR of 9.9% to reach US$1,885.923 million by 2029

The optical position sensor market is anticipated to grow at a CAGR of 9.9% from US$973.651 million in 2022 to US$1,885.923 million by 2029.

NOIDA, UTTAR PARDESH, INDIA, June 14, 2024 /EINPresswire.com/ -- According to a new study published by Knowledge Sourcing Intelligence, the optical position sensor market is projected to grow at a CAGR of 9.9% between 2022 and 2029 to reach US$1,885.923 million by 2029.

Optical position sensor devices are used to measure the position of an object or subject using optical technology. The optical positioning device allows the user a non-contact method to measure the position of any subject. This device provides results with exceptional accuracy, rapid response, and high-quality resolution. The optical position sensors are used in various industries like healthcare, automotive, and aerospace. In the healthcare industry, these are used in imaging, endoscopes, microscopes, and diagnostic devices.

An optical positioning sensor works by reflecting a specific wavelength to pinpoint the position of the subject. It uses an optical transmitter embedded in the device to project the light on the target and measures the reflection of the light through the optical lens embedded in a light-sensitive receiver. This type of sensor allows multiple applications across various major industries, globally. In the automotive industries, positioning sensors are used in electric power steering (EPS) and electric motors, to measure complex angles and positions of the road. This device can also be used to measure accurate data related to the track condition, speed, acceleration, and braking, in the automotive sector.

One of the major drivers for the optical position sensor market is the increasing innovation and developments across various industries like automotive, aerospace, and healthcare. In the Automotive landscape, the introduction of technologies like ADAS, and self-driving creates optimum use of these sensors. Under the ADAS or advanced driver assistance system, the system includes optical positioning sensors to measure the speed of the vehicle, along with detecting the condition of the lane, and upcoming obstacles. The self-driving systems are the more progressive ADAS version, which includes optical positioning sensors to measure various objects and obstacles all around the cars and can also predict the path of other cars and objects on the roads.

The various companies operating in the optical position sensor industry are constantly developing new technologies and sensors, for more accurate results, in the global market. For instance, in January 2024 Infineon, launched its new and advanced magnetic positioning sensor, XENSIV™ TLI5590-A6W, it can replace optical encoders and hall sensors to measure the position of a subject. It also offers a higher linearity, compared to other or previous sensors.

Access sample report or view details: https://www.knowledge-sourcing.com/report/optical-position-sensor-market

The optical positioning sensor market, based on the type is segmented into three categories, one-dimensional, two-dimensional, and multiaxial. The two-dimensional optical positioning sensor will attain the major share in the optical positioning sensor market, under the type segment. The two-dimensional optical sensor can provide an accurate measure of movement, distance, or angles. This sensor can also provide feedback for alignment systems, like mirror control and microscope focusing. These types of sensors are mostly used in the automotive sector.

The optical positioning sensor market by application is segmented into aerospace & defense, automotive, consumer electronics, healthcare, and others. The automotive industry is sure to attain a major share of the optical positioning sensor market, mainly because of the introduction of new and advanced technologies in the sector, all across the globe. With the introduction of electric cars, the developments of technologies in the automotive sector skyrocketed. Various companies like Tesla, Waymo, and AutoX introduced new self-driving technologies, which use various types of positioning sensors to operate the vehicles, including the optical positioning sensor.

Based on geography, the optical positioning sensor market is expanding significantly in the North American region for major reasons that the region is a global leader in the introduction and adoption of the latest technologies. In countries like the USA, Canada, and Mexico, there are growing developments for the growth of technologies in all major industries like aerospace, automotive, and healthcare. Brands like Tesla introduced and are also considered as the global leaders in self-driving car technologies. There are various companies constantly improving the technologies of aerospace & defense, and creating new and accurate technologies for the sector.

The research includes several key players from the optical position sensor market, such as First Sensor AG (TE Connectivity), Hamamatsu Photonics K.K., Micro-Epsilon, Sensata Technologies, Panasonic Corporation, Opto Diode Corporation, Siemens AG, Balluff GmbH, Melexis N.V. (Xtrion N.V.), and Sharp Corporation (Hon Hai Precision Industry Co., Ltd.).

The market analytics report segments the optical position sensor market as follows:

• By Type

o One-dimensional
o Two-dimensional
o Multiaxial

• By Application

o Aerospace & Defense
o Automotive
o Consumer Electronics
o Healthcare
o Others

• By Geography

o North America

• USA
• Canada
• Mexico

o South America

• Brazil
• Argentina
• Others

o Europe

• United Kingdom
• Germany
• France
• Spain
• Others

o Middle East and Africa

• Saudi Arabia
• UAE
• Israel
• Others

o Asia Pacific

• China
• Japan
• India
• South Korea
• Taiwan
• Thailand
• Indonesia
• Others

Companies Profiled:

• First Sensor AG (TE Connectivity)
• Hamamatsu Photonics K.K.
• Micro-Epsilon
• Sensata Technologies
• Panasonic Corporation
• Opto Diode Corporation
• Siemens AG
• Balluff GmbH
• Melexis N.V. (Xtrion N.V.)
• Sharp Corporation (Hon Hai Precision Industry Co., Ltd.)

Explore More Reports:

• Medical Sensor Market: https://www.knowledge-sourcing.com/report/medical-sensors-market

• Positioning Sensor Market: https://www.knowledge-sourcing.com/report/position-sensor-market

• Fingerprint Sensor Market: https://www.knowledge-sourcing.com/report/fingerprint-sensors-market

Ankit Mishra
Knowledge Sourcing Intelligence LLP
+1 850-250-1698
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