Light sensors are devices that sense light and converts it into an electrical signal which is then processed electronically to trigger automated responses or perform other functions. They are used in a variety of applications such as street lights, occupancy sensors, smartphone cameras, optical mice, and consumer electronics. The increasing utilization of light sensors in industrial automation such as quality inspection, object detection, and machine vision is expected to drive the growth of the light sensors market over the forecast period.
The global light sensors market is estimated to be valued at US$ 4.06 Mn in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The increasing utilization of light sensors in industrial automation offers lucrative growth opportunities for players in the light sensors market. Industrial automation is witnessing significant adoption across various industries to optimize production processes and reduce human errors. Light sensors are increasingly being used in industrial automation applications such as quality inspection, object detection, presence sensing, and machine vision. For instance, light sensors are used by automated visual inspection systems to detect defects in products moving along a production line. They are also utilized in automated guided vehicles used within manufacturing facilities for navigation. With the ongoing trend of factory automation and Industry 4.0, the demand for light sensors from the industrial automation sector is expected to rise substantially over the forecast period. This growing usage of light sensors in industrial automation is a major market opportunity for players in the light sensors market.
Porter's Analysis
Threat of new entrants: Low capital requirements and established brands pose low threat.
Bargaining power of buyers: Large customer base with low switching costs increases buyers’ power.
Bargaining power of suppliers: Few global suppliers and differentiated components increase suppliers’ power.
Threat of new substitutes: Emerging non-replaceable technologies pose medium threat.
Competitive rivalry: Large established players and product differentiation lead to high rivalry.
SWOT Analysis
Strengths: Established global presence, product innovation, brand reputation.
Weaknesses: Rising input costs, inefficient production processes.
Opportunities: Expanding automotive and consumer applications, developing economies growth.
Threats: Trade barriers, fluctuating commodity prices, stringent regulations.
Key Takeaways
The global light sensors market growth is expected to witness high growth. The global light sensors market is estimated to be valued at US$ 4.06 Mn in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2024 to 2031.
Regional analysis comprises Asia Pacific dominating with over 40% share owing to presence of key manufacturers in China, Japan and Taiwan. The market in North America is forecast to grow at a moderate pace during the forecast period.
Key players related content comprises Key players operating in the light sensors market are Comvita, Bee Health, Natural Life, Manuka Health New Zealand, Zhifengtang, Wang€TMs, Bricaas, Baoshengyuan, Zhonghong Biological, Baoshengyuan.
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Growing implementation of light sensors in consumer electronics such as smartphones and tablets, advancements in the automotive sector, smart homes, and outdoor lighting, and increasing usage of IoT sensor in the automotive sector and booming industrial IoT sensor are the major driving factors for the growth of light sensor market.
However, low light sensing capability of light sensors, threat to scale down the quality in low-cost sensors, and stringent government regulation and policies are the key restraining factors for the market growth.
For More Information Visit https://www.maximizemarketresearch.com/market-report/light-sensors-market/2893/Further key findings from the report: • From the application segment, consumer electronics application accounted for the largest share of the light sensors market and is expected to dominate the light sensors market in near future owing to increasing deployment of light and proximity sensors in mobile devices and rising focus of manufacturers on energy saving by light sensors.
Light sensor market in an automotive segment are helping driver from getting distracted and is mainly driven by rising awareness about a user-friendly interface with inbuilt light sensors for driver assistance and driver safety • Among geographical regions, APAC is anticipated to account for the largest share of the overall light sensors market.
Increase in the adoption rate of handheld devices with inbuilt light sensors is the key factor contributing to the growth of light sensors market in this region Key Highlights: • Analyzes competitive developments such as contracts, joint ventures, mergers & acquisitions, collaborations, product launches & developments, and research and development (R) in the Light Sensors Market • The objective of the report is to provide a detailed analysis of the Light Sensors Market on the basis of function, output, integration, application, and geography • Complete quantitative analysis of the industry from 2017 to 2024 to enable the stakeholders to capitalize on the prevailing market opportunities • In-depth analysis of the industry on the basis of market segments, market dynamics, market size, competition & companies involved value chain • Analysis of the Light Sensors Market with respect to individual growth trends, prospects, and contribution to the total market • Segment wise business performance detailed in a report will be worthwhile for the organizations willing to enhance its business • Provides detailed information regarding the major factors influencing the growth of the Light Sensors Market (drivers, restraints, opportunities, and challenges) • This report would help stakeholders understand their competitors better and gain more insights to enhance their position in the business Years that have been considered for the study are as follows: • Base Year — 2016 • Estimated Year — 2017 • Forecast Period — 2017 to 2024 For company profiles, 2016 has been considered as the base year.
In cases, wherein information was unavailable for the base year, the years prior to it have been considered Research Methodology: Bloomberg, Hoovers, Factiva are some of the sites that are being referred to gain insights about Light Sensors Market.
