Optical Sensors Market Size, Share, Growth Analysis, By Type(Intrinsic, Extrinsic), By Product(Photoelectric Sensors, Image Sensors, Fiber Optic Sensors, Ambient Light & Proximity Sensors), By Application(Industrial, Automotive & Transportation, Medical, Consumer Electronics), By Region - Industry Forecast 2024-2031

Global Optical Sensors Market size was valued at USD 1.93 billion in 2019 and is poised to grow from USD 2.23 billion in 2023 to USD 8.08 billion by 2031, growing at a CAGR of 15.39% in the forecast period (2024-2031).

Growth of the optical sensors market around the world is driven by technological advancements and the development of new, creative optical sensors to measure a variety of parameters, including strain, temperature, pressure, current, voltage, gas, chemical, biomolecules, and others. The market for optical sensors is expanding as a result of increasing fiber optic cable installation for higher bandwidth and improvements in hyper spectral imaging. Additionally, optical sensors are employed to intelligently control the brightness of the environment, save energy, and improve the usability of the mobile device, so the growing market for smartphones is likely to drive up demand for optical sensors. A further factor driving the expansion of the optical sensors market is the growing adoption of smart automation techniques across a variety of industries.

An important market growth driver could be the expanding use of optical sensing technology in lighting systems for residential and commercial applications. Over 270,000 city lights will be replaced in Chicago over the next few years using intelligent controls and LEDs. Cities are saving enormous amounts of money on energy costs thanks to these kinds of initiatives. Many other areas are following suit, which can only result in an increase in optical sensor demand for intelligent lighting systems in the near future and better market growth.

US Optical Sensors Market is poised to grow at a sustainable CAGR for the next forecast year.