The value-added manufacturing experienced an increment in annual growth rate from 1.6% in 2016 to 3.4%. This increasing growth of manufacturing sector is demanding a huge requirement for improving reliability and performance of monitoring applications. At the same time, knowledgeable and competent workforce specialized to handle these tasks are of huge demand. The depletion of the knowledgeable workforce coupled with the demand to reduce maintenance and operational costs are augmenting the need to develop better productive instruments. This, in turn, is changing the paradigm of selecting and deploying process tools and instrumentation. Most of these areas include energy, process control, safety and security, high precision, automobile, and healthcare automation.
Industrial position sensitive device, multiaxial optical position sensor, automotive position sensor or detectors and transmitters play a dominant role in these areas to increase the functionality and productivity of the instrumentation. In those sectors, industrial sensing detectors measure proximity, position, velocity, level, and temperature parameters. Optical position sensing detector plays a prominent role in measuring position, displacement, and proximity with high resolution and accuracy. Tools such as optical position sensing detectors embedded in the industrial instrumentation when coupled with advanced technology such as cloud computing, support engineers or users in completing their tasks promptly and accurately. These potential benefits in the optical position sensing detector market are increasing their applications in the industrial sector.
The global Optical Position Sensing Detector Market size has attained a value of $1.43 billion in 2018. Furthermore, the total revenue is projected to increase with a CAGR of 8.7% over the forecast period 2019-2025.
Dynamic applications in Robotics Surging the Optical Position Sensing Detector Market Demand
Robots play a substantial role in automation. The high-penetration of artificial intelligence along with the reduced cost of hardware sustainably developing the innovation of new models in robots. These models are serving diverse tasks in various industrial, residential, and service sectors. In a robot, mechanical systems require high dynamic trajectory control to engage in myriad applications. Often, these applications are repetitive and tedious. Jobs such as grinding, manufacturing, inspection, and manufacturing involve the execution of tasks with unknown trajectories. So, there is a huge demand for position sensorial systems to measure accurate velocity and position sensing of the robotic arms. Position sensing detectors (PSDs) in these systems enable high accuracy and repeatability of the tasks with increased performance.
Emerging Technologies in Consumer Electronics Driving the Growth of the Optical PSD Market
Consumer electronics is the largest application in the global optical position sensing detector market and growing at a CAGR of 9.9% during the forecast period. The total production of global electronics and IT industries is anticipated to rise 8% on year in 2018. The increasing consumer needs coupled with the high-speed data processing demands are boosting the advancements of electronic devices. The sharp perpetration of IoT and cloud computing in home appliances along with the advent of 4G and nascent 5G are further increasing the diversity and precision range of electronics including smartphones. Optical position sensing detectors have expedited applications in wireless applications with remote control and other multimedia such as audio and video devices. These huge applications coupled with the IoT advancements are boosting the growth of optical PSD market in the consumer electronics segment.
Increasing Demand for Power-Efficient Optical Position Sensors Driving Innovations in North America
North America is a dominant region in the global optical position sensing detectors market with a regional share of 36.4% in 2018. Huge demand for energy-efficient systems are driving the demand for optical PSDs in North America, especially in the U.S. North America countries such as the U.S and Canada are workhorses for energy and manufacturing plants. In order to sustain this rising demand from these energy and manufacturing sectors, companies are increasing their innovations to manufacture power-efficient optical position sensors and devices. As a result, R&D activities are also gaining traction in the optical sensor technologies. These endeavors in North America are boosting the optical position sensing detector market share in that region.
Key Players Perspective – Global Optical Position Sensing Detector Market
Companies such as First Sensors AG, Siemens AG, Panasonic Corporation, Opto Diode Corporation, Sharp Corporation, Micro-Epsilon, Balluff GmbH, Sensata Technologies, Hamamatsu Photonics K.K., and Melexis N.V. held a major part in the optical position sensing detector market share. These players are expanding their global presence with seamless product launches and acquisitions majorly consisting of medical, industrial, and automotive applications.
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