Optical Sensors Market - Forecast (2021 - 2026)
The Global Optical sensors market is growing rapidly across various countries due to the increase in the demand for smart phones and tablets. The market recorded revenue of $25.65billion in 2017 and is estimated to grow at a CAGR of 8.99% throughout the forecast period 2018-2023. The growth is exclusively due to the increasing emphasis on building automation along with rising demand from the automotive, industrial, consumer electronics and defense industries where the government regulations surrounding safety have been increasing the deployment of these sensors thereby augmenting the market growth. Image sensors segment has dominated the optical sensors market by collecting annual revenue of approximately $14billion in 2017 and is projected to grow at a CAGR of 9.70% throughout the forecast period. Asia-Pacific region dominated the market with the contribution of $9.50billion in 2017 and is estimated to grow steadily at a CAGR of 10.46% during the forecast period owing to the increasi...