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Sensor Optical Materials Market - Forecast(2023 - 2028)
Sensor Optical Materials Market Overview
The Sensor Optical Materials Market size is forecasted to reach US$1.1 billion by 2027, after growing at an estimated CAGR of 6.5% during 2022-2027. Sensor optical materials are widely used in making various optical sensors such as graphene sensors, IOT sensors, pollution sensors, luminescence sensors and many more using carbon nanotubes, crystalline materials, pyrene methanol and others. The purpose of an optical sensor is to measure a physical quantity of light. Moreover, depending on the type of sensor, it translates that measurement into a form that is readable by an integrated measuring device. These sensors find their application in various end-use industries like automotive, aerospace, electronics and others. The growing development and expansion of the sector would eventually increase the sensor optical materials market size during the forecast period. For instance, according to the International Organization of Motor Vehicle Manufacturers, the total production of the car was around 57,054,295 units and commercial vehicle production was around 23,091,693 units in 2021. With the rise in the preproduction of vehicles, the demand for the optical sensor would increase and would eventually drive the Sensor Optical Materials industry during the forecast period.
Sensor Optical Materials Market Report Coverage
The “Sensor Optical
Materials Market Report – Forecast (2022 - 2027)” by Industry ARC, covers
an in-depth analysis of the following segments in the Sensor Optical Materials industry.
Key Takeaways
- The Asia-Pacific Sensor Optical Materials Market
is
expected to register a CAGR of 8.8% during the
forecast period (2022-2027). The increasing demand for sensor optical in
building automation, automotive and others is boosting the growth of the Sensor Optical Material industry.
- The growing demand for safety and adoption of high-grade wearable devices for the operators at the majority of industrial sites has also enhanced the Sensor Optical Materials market growth.
- The increasing demand for luminescence sensor optical for advanced security features in smartphones and tablets such as in-display fingerprint scans or image scans is the major factor boosting the Sensor Optical Materials market growth.
Sensor Optical Materials Market Segment Analysis – by Sensor Type
The image sensors segment held
the significant Sensor Optical
Materials Market share in 2021 and is expected to grow at an estimated CAGR of 6.8% during 2022-2027. The image sensor is used to
detect & transmit information for making an image. These sensors are used
in both analog & digital type electronic imaging devices like digital
cameras, imaging tools used in the medical field, camera modules, night vision tools like
radar, thermal imaging devices, sonar and more. They are composed of various materials
such as carbon nanotubes, trinitrotoluene, pyrene methanol and others. The
rise in the medical and healthcare sector would increase the demand for image sensors and, in
turn, would boost the demand for sensor optical materials market. For instance, according
to Consumer Healthcare Product Association, American consumer medical device
sales accounted for US$2,254 in 2021. Thus, the growing demand for consumer medical devices would raise the
demand for image sensors. This would further drive the Sensor Optical Materials growth.
Sensor Optical Materials Market Segment Analysis – by End-use Industry
The automotive industry held a significant Sensor Optical Materials Market share in 2021 and is estimated to grow at an estimated CAGR of 7.6% during the forecast period 2022-2027. Sensor optical materials are used in the production of various camera-enabled sensors like graphene sensors and luminescence sensors in the automotive industry to provide features like autonomous driving, advanced safety systems and in-vehicle infotainment systems. These sensors offer a variety of intuitive features including 3D gesture recognition, interior lighting control applications and many others. With the rise in the automotive industry, the demand for sensors would increase and in turn, would drive the sensor optical materials industry. For instance, according to the Organisation Internationale des Constructeurs d'Automobiles (OICA), in Austria, motor vehicle production increased from 86,300 units in 2020 to 92,000 units in the year 2021. Similarly, in the USA, the production of motor vehicles increased from 6,239,401 units in 2020 to 6,857,182 units in 2021. With the increasing production of vehicles, it is estimated that in the upcoming years, the requirement for sensors in the automotive industry would rise. This would boost the growth of the Sensor Optical Materials market in the automotive sector.
Sensor Optical Materials Market Segment Analysis – by Geography
North America region dominated the Sensor Optical Materials Market with a share of 40.9% in the year 2021. The increasing investments in the medical and healthcare industry and rising automation in various industries have brought a major pace in the optical sensor materials industry growth. With the increasing industrialization in the automotive sector in North America, the demand for Artificial Intelligent automobiles has increased rapidly which has further uplifted the adoption of optical sensor materials in automobiles. For instance, according to new industry statistics by the Association for Advancing Automation (A3), the number of robots sold in North America set a new record in 2021, with 39,708 units sold at a value of US$2 billion. That was a 14% increase over the previous high in 2017, propelled by a surge in non-automotive sectors. Such increasing automotive production in the North American countries is anticipated to increase the demand for sensor optical in the forecasted period and is proving to be a market booster for the Sensor Optical Materials market size in this region.
Sensor Optical Materials Market Drivers
Growing Medical & Healthcare Industry:
The Sensor Optical is widely used in medical devices for the imaging and illumination components of endoscopes or other instruments that are used to visualize internal organs and tissues, diagnostics or other procedures. The demand for sensor optical is increasing in medical devices to treat various diseases. Also, the rise in the growth of medical devices would increase the demand for carbon nanotubes, graphene, pyrene methanol, surface plasmons and many more in medical device production. The rise in the number of medical facilities would boost the demand for medical devices and in turn, would drive the sensor optical materials industry. The medical device market in India is expected to increase at an estimated CAGR of 37% to reach US$50 billion in 2025 from US$10.36 billion in 2020. The medical devices sector in India comprises large multinationals and small & midsized companies. It is among the top 20 medical device markets globally, as per India Brand Equity Foundation. Also, diagnostic imaging is likely to expand at an estimated CAGR of 13.5% between 2020 and 2025 in India. Moreover, according to International Trade Administration, in Mexico, the total local production of medical devices and equipment increased from US$16.80 billion in 2020 to US$15.12 billion in 2021. Additionally, the medical device market in China is expected to grow at an estimated CAGR of 6.2% between 2020 and 2025 and is expected to reach US$38.4 billion by 2025. Thus, with the growing demand for medical applications such as devices and other applications in the medical and healthcare industry, the Sensor Optical Materials market size would further rise over the forecast period.
The increasing use of sensor optical in the foods & beverages industry:
In the food & beverage industry, optical sensors are widely used for the assessment of the quality of food and to ensure the safety of customers to prevent foodborne diseases. Various stringent laws and regulations are exercised in the food & beverages industry for the preparation, packaging and transportation of food products. Optical biosensors are the most common sensors used in the food & beverages industry for the detection of pesticides, pathogens, drug residues and other toxic elements like heavy metals that might be present within the food products. All these factors are boosting the demand for sensors optical composed of carbon nanotubes, trinitrotoluene, pyrene methanol and others and in turn driving the market growth. For instance, Bunge Loders Croklaan invested more than EUR 300 million (US$346.5 million) to build a new sustainable food processing facility in Amsterdam, the Netherlands, in May 2021. This is estimated to be completed by the end of 2024. Moreover, the food & beverage market in South Korea is expected to reach US$99.28 billion by 2024, witnessing an estimated CAGR of 3.9% according to the British Chamber of Commerce in Korea. Thus, with the growth of the food & beverage sector, the demand for optical biosensors for food and beverage item production would increase, which would drive the growth of the Sensor Optical Materials market over the forecast period.
Sensor Optical Materials Market Challenge:
Rising substitutes of sensor optical are restraining the demand for sensor optical materials market:
The increasing number of Sensor Optical substitutes is one of the major concerns faced by the Sensor Optical Materials market, globally. In the healthcare and manufacturing
industries of semiconductors, optical sensors are used in various applications. However, they are inefficient as they are physically too large to fit in the
instruments. Additionally, these sensors are typically not flexible enough to
be routed through these instruments. Nowadays, highly flexible and miniature
sensors are being incorporated into various industries, owing to the high demands
for smaller machines and tools. The rising demand and manufacturing of
miniature sensors tend to hinder optical sensor market growth and in turn
hinder the Sensor Optical Materials market during the forecast period.
Sensor Optical Materials Industry Outlook
Technology launches,
acquisitions and R&D activities are key strategies players adopt in the Sensor Optical Materials Market. The top
10 companies in the Sensor Optical Materials market
include:
- BASF SE
- Hellma Materials
- CVD Ceramics
- CoorsTek Inc.
- Inrad Optics
- Schott AG
- Dow Chemical Company
- LyondellBasell
- ExxonMobil
- China Baowu Group
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