The global color detection sensors market is projected to reach a valuation of US$ 1.52 Bn by 2022. Demand in the market is expected to increase with rising application of color detection sensors in diverse industries such as automotive, healthcare, industrial automation, and others.
| Report Attribute | Details |
|---|---|
| Expected Market Value (2022) | US$ 1.52 Billion |
| Anticipated Forecast Value (2032) | US$ 1.98 Billion |
| Projected Growth Rate (2022 to 2032) | 5.6% CAGR |
Advent of industrial automation and advancements in technology is improving the adoption of color sensing technology across several industries. This technology is extensively used for detecting color of the surface and to monitor the color consistency in packaging, textile production, and automotive.
On account of this, the overall sales of color detection sensors are expected to surpass US$ 1.98 Bn, exhibiting growth at over 5.6% CAGR during the forecast period (2022-2032). Further, growing penetration of smart devices such as smart phones, LED and OLED television has increased the demand for RGB and brightness sensors.
In terms of product type, the RGB detection sensors segment is estimated to witness fastest growth in the global color detection sensors market. However, with rising adoption of smartphones worldwide, the sales of contrast and brightness sensors are anticipated to surge by 2032.
RGB sensors are integrated in smart phone devices and tablets to ensure accurate skin tones and color consistency for the camera. For instance, OMNIVISION, announced the launch of new display technology, Nyxel® near-infrared (NIR) technology ?the new OX05B1S, which is the first 5 megapixel (MP) RGB-IR BSI global shutter sensor introduced in the automotive industry for in-cabin monitoring systems (IMS).
Rapid technological advancements in automation industry is propelling the demand for color detection sensors technology across the globe. Burgeoning use of contrast sensors in packaging and printing applications is anticipated to drive the sales in the market.
These sensors are increasingly used to ensure the correct positioning of the packaging material and for synchronized quality inspection in packaging industry. Hence, expansion of packaging sector is poised to create lucrative growth prospects for color detection sensors market players.
Besides this, increasing adoption of RGB (red-green-blue) sensors in smartphones is another major factor driving the demand in the market. With surging use of social media platforms, need for perfect skin tones and color correction for the camera has propelled the sales of color detection sensors.
Hence, key players are integrating advanced technologies such as real-time data and artificial intelligence to ensure the premium quality of color detection sensors. This is projected to create conducive environment for the color detection sensors market growth.
High cost for small scale industries is one of the prominent factor expected to hamper the sales of color detection sensors across low- and middle-income countries. Besides this, this technology is easily affected by harsh weather condition and external environment factors.
This is likely to affect the accuracy of color detection sensors, limiting the sales in the market. Hence, some of the leading players are integrating cutting-edge technologies to ensure accurate results, increasing the cost of production.
Asia Pacific is anticipated to be the most lucrative market for color detection sensors. Increasing automation in various industries such as wastewater treatment, healthcare, and others are creating growth opportunities for the market in Asia Pacific.
Favorable initiatives for the development of oil and gas sector is pushing the adoption of color detection sensors for the extraction of oil and gas, especially across India. This is projected to propel the demand in the market over the forecast period.
Moreover, increasing research and development activities among semi-conductor manufacturing companies for the development of advanced technology and IC-related products will boost the market in Asia Pacific.
Europe is expected to provide immense growth opportunities for color detection sensors, with Germany leading the growth in the market. Extensive applications in the packaging and automotive industries is pushing the sales of color detection sensors across Germany.
Demand for color detection sensors is also surging in the U.K amid robust expansion of packaging and printing industries. This is estimated to generate favorable conditions for the growth in the Europe color detection sensors market.
Some of the key players in global color detection sensors market include SensoPart Industriesensorik GmbH, SICK AG, Rockwell Automation, Inc., ifm electronic gmbh, Hamamatsu photonics K.K., Banner Engineering Corp., Omron Corporation, Pepperl+Fuchs GmbH, and Keyence Corporation among others.
Leading players in color detection sensors market are focusing on product launches and introduction of new technology to expand their product portfolio. Some of the companies are collaborating with leading packaging and healthcare companies to generate lucrative revenues and gain competitive edge in the market.
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 5.6% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2015 to 2020 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in US$ Billion and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered |
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| Customization | Available Upon Request |
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FMI projects the global color detection sensors market to expand at a 5.6% CAGR during the assessment period (2022-2032).
Asia Pacific is expected to be the most lucrative color detection sensors market, followed by Europe
OMRON Corporation, Rockwell Automation, Inc.., Panasonic Corporation and SensoPart Industriesensorik GmbH are some of the prominent color detection sensors manufacturers.
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Color Detection Sensors Market
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