Saudi Arabia Optical Sensors Market
Saudi Arabia Optical Sensors Market to Grow at a CAGR of 17.4% through 2028
Published | 07 July 2022
Saudi Arabia Optical Sensors Market is flourishing owing to the rising internet penetration rate along with the increasing usage of smartphones leading to an increase in the demand for optical sensors in the country…
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Saudi Arabia Optical Sensors Market is projected to grow at a CAGR of 17.4% by the end of 2028. The Saudi Arabia Optical Sensors Market is booming because of the expanding applications of optical sensors in various end-use sectors. Majorly, optical sensors are used in consumer electronics such as smartphones, computers, Xerox machines, and smartwatches. Its goal in electronic devices is to extend battery life while also optimizing screen brightness to match the amount of lighting in the environment. Moreover, optical sensors are also used in advanced driver assistance systems (ADAS) in modern vehicles, such as parking assistance and emergency braking assistance. Furthermore, Saudi Arabia Optical Sensors Market is one of the most emerging markets that grow continuously owing to the fast integration of new technologies such as the Internet of Things (IoT), Artificial Intelligence (AI), cloud computing, and others. However, an imbalance between image quality, high cost, and less acceptability of the product due to lack of awareness tend to restrain optical sensor market growth.
Growing Applications of Optical Sensors Propel the Market Growth
The use of optical sensors in smartphones, which measure the amount of light in the room and adjust the brightness level accordingly, contributes to an increase in demand for optical sensors in Saudi Arabia. Also, optical sensors are reliable, require no maintenance, and can monitor a wide range of physical and chemical parameters. Thus, they have a wide range of applications in the biomedical field, such as heart-rate monitoring. Moreover, the introduction of 5G technology, combined with a high demand for compatible smartphones, is driving the growth of the optical sensors market. Furthermore, Saudi Arabia's primary source of revenue is the oil industry. The government is attempting to increase other income sources to diversify income sources and reduce reliance on the oil industry.
Government policies that encourage manufacturers to increase production volume and invest more in R&D activities to produce improved and more efficient high-performance optical sensors are influencing the growth of the optical sensors market. In addition, manufacturers are incorporating optical sensors into their products as the demand for technologically advanced smartphones and tablets with in-display fingerprints or image scans continues to rise. These optical sensors automatically adjust the screen brightness of these devices based on their surroundings, allowing them to recognize even the lightest and darkest areas of an image. Furthermore, the introduction of novel healthcare devices such as wearables and smartwatches has given the optical sensors market a new impetus. The incorporation of optical sensors in these healthcare devices aids in the monitoring of vital health parameters such as heartbeat and body temperature.
The disparity between image quality and the price has heightened competitiveness, especially in the consumer electronics sector, where some of the most established businesses are under peer pressure to maintain optimal pricing. Several minor players are also having trouble differentiating their products, which could be a barrier to their entry into high-volume applications. Successful product differentiation can take a product from pure pricing to non-pricing variables in this situation. As a result, companies are racing to solve this challenge by focusing on sophisticated and efficient technologies that can assist miniaturize sensors while also providing excellent performance. This difficulty is predicted to be overcome by the rising deployment of these sensors in non-traditional industries such as automation (mobile robots) during the forecast period (2022-2028).
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Based on sensor type, Saudi Arabia Optical Sensors Market is divided into Fiber Optic, Image, Position, Ambient Light and Proximity, Infrared, and Others. The Fiber Optic segment holds the largest market share in the India Brake Pad Market. This is due to the increasing use of fiber optical sensors to measure temperature, velocity, and strain in structures or any shape. In real-time, it is used in monitoring the physical structure of health, buildings, bridges, tunnels, dams, and heritage structures. Moreover, Ambient Light is expected to dominate the market owing to the increased investments in smart home projects in the country. which are expected to expand the use of ambient light and intelligent lighting technologies, allowing the optical sensor sector to expand during the forecast period (2022-2028).
Impact of COVID-19 on Saudi Arabia Optical Sensor Market
The COVID-19 pandemic-induced lockdown and economic crisis have affected several electronic component manufacturers. Many suppliers experienced substantial resource constraints in their material supply and logistics chains throughout the year, which had a notable negative impact on their operations. Furthermore, Saudi Arabian optical sensor orders have been severely impacted by disrupted supply chains. However, the market, on the other hand, is improving and is likely to return to normal as the government's assistance grows. During the projection period (2022-2028), the fastest recovery rates in some regions and increased sales and production of various electronic devices, as well as expanding healthcare and automotive sector are likely to drive the growth of the Saudi Arabia Optical Sensors Market.
The leading market players in the Saudi Arabia Optical Sensors Market are SICK AG, Mouser Electronics, Inc., Eaton, Honeywell Turki Arabia Ltd, Rockwell Automation, Inc., ABB Electrical Industries Co. Ltd., Analog Devices Inc., Texas Instruments Inc., STMicroelectronics, and Silixa Ltd. The Saudi Arabia Optical Sensors Market is highly fragmented with the presence of several manufacturing companies in the country. The market leaders retain their supremacy by spending on research and development, incorporating cutting-edge technology into their goods, and releasing upgraded items for customers. Various tactics, including strategic alliances, agreements, mergers, and partnerships, are used.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Saudi Arabia Optical Sensors Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Saudi Arabia Optical Sensors Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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