North America Optical Sensor Market share was valued at over USD 4 billion in 2019 and is expected to grow at a CAGR of over 9.5%.
 

Get more details on this report - Request Free Sample PDF

The North America market is experiencing rapid growth during the forecast timeline owing to the rising demand for advanced safety systems and autonomous technology in vehicles. The optical sensors are widely adopted in ADAS, adaptive cruise control, blind spot detection, and 360-degree view to efficiently sense the surrounding data and communicate with the systems effectively. The rising consumer inclination toward road safety and rising government concern to reduce road accidents are positively influencing the market for optical sensors among automotive OEMs. The U.S. government introduced several regulations and standards to reduce road accidents such as Federal Motor Vehicle Safety Standard (FMVSS), The United States New Car Assessment Program (US NCAP). These initiatives will positively influence the automotive OEMs to integrate advanced features into vehicles and boost the growth opportunities for the North America market

The photoelectric sensors segment in the market is anticipated to hold a market share of around 9% in 2019 and is projected to grow at a CAGR of more than 6% during the forecast period. The market growth is majorly attributed to the proliferation of Industry 4.0, driving the demand for photoelectric sensors. These sensors in the industrial sector help to reduce unscheduled downtimes of production cycle and are adopted for predictive maintenance techniques, remote monitoring, and industrial automation. Major players of the market are continuously focusing on innovating new products, fueling the market for photoelectric sensor. For instance, in October 2020, Omron Corporation launched a CMOS-based photoelectric sensor catering to optical sensing applications. This new sensor provides image array technology, which helps industrial automation equipment to detect the object’s parameter change.

The food & beverages application segment in the North America market held a significant market share of over the forecast timeline. The growth is credited with the rising adoption of smart sensors in food & beverages applications such as vison inspection cameras, code reader, and photoelectric process, among others. According to the Association for Packaging and Processing Technologies, around 94% of the food processing operations are already using robotics and automation. This will positively influence the market players to innovate new optical sensors for food & beverages processing applications. In February 2019, Rockwell Automation, Inc. launched a new photoelectric sensor including material handling, food & beverage, and packaging. The sensor will offer long-distance detection with high reliability.

The U.S. will grow with more than 9.5% CAGR in the North America market over the forecast period. The rising adoption and integration of smart home connected devices in the region will contribute to the growth in demand for sensors such as fiber optic and CMO-based image sensors among others. Smart home connected devices, such as smart security systems, smart door locks, service robots, etc., help in controlling home appliances through tablets and smartphones from far locations. According to the Consumer Technology Association, 16% of the households in the U.S. will have at least two smart home technology products. Furthermore, the increasing demand for IoT-based connected devices in the region will bolster the growth of the market. According to GSMA, in 2019, the U.S. accounted for more than 2.8 billion IoT devices and is expected to surpass 5.4 billion by 2025, accelerating the adoption of these sensors in the region.

Key players operating in the North America optical sensor market are ON Semiconductor Corporation, IFM Efector, Inc., Endress+Hauser, Centec LLC, Rockwell Automation, Keyence Corporation, Texas Instruments Incorporated, TE Connectivity, among others. These players are extensively focusing on strategic acquisitions and collaborations to increase market share and stay competitive. For instance, in January 2020, ON Semiconductor collaborated with Ambarella & Lumentum to provide a 3D sensing platform for access control and smart video security solutions. This will leverage VCSEL structured light solution with AI vision SoC and RGB-IR sensor. Also, in March 2020, TE Connectivity acquired majority stake in First Sensor AG. This strategic acquisition will help TE in providing innovative sensors and expanding presence across the globe.