Market Overview
The Global Colour Detection Sensor Market is anticipated to develop in a notable way during the outlook period to get valued around USD 2.91 billion by 2026 from USD 1.77 billion in 2021, registering a CAGR of 8.68% over the conjecture period 2021 – 2026.
Color Detection Sensors are electronic devices that are employed for detecting the colors of a surface. These sensors can be employed for casting the light on any object that needs testing, calculate the chromaticity coordinates and compare them with existing reference colors.
The major factor that was influencing the growth of the Colour Detection Sensor Market is the estimated increase in the penetration of smartphones from 57% to 77% by 2025, all around the world. Also, there is a growth in the automation across various industries, which is further accelerating the demand for the optical sensors among the industry verticals, where the color sense is one of the key subjects of these optical sensors. Further, these color sensors have a wide range of variety of applications, such as the detection of environmental, biological, and chemical parameters.
Recent Developments
Drivers and Restraints of Colour Detection Sensor Market
The growing automation industry around the world is one of the major factors that is driving the growth of the Global Colour Detection Sensor Market. Also, automation of numerous processes in the industries, rising demand from the end-users which include packaging, food & beverage, petrochemicals, hardware, chemicals, & textiles, etc. are the other factors that are boosting the growth of the target market, over the coming years. And the fact that these being more cost-effective, faster, and easier to replace when compared to the image sensors is further fuelling the adoption of these color detection sensors, which is turning out to be the growth factor of the Colour Detection Sensor Market.
However, the cost and increasing requirement for more features and accuracy are some of the challenges for the growth of the global colour detection sensors market.
Nonetheless, growing technological developments and the global investments outlines on these color detection sensors are creating lucrative opportunities for the expansion of the players in the Global Colour Detection Sensor Market.
Impact of COVID-19 on the Colour Detection Sensor Market
The impact of the COVID-19 pandemic on the Global Colour Detection Sensor Market has resulted in a decline in the growth of the because of the reduced demand for these color detection sensors because of the imposed lockdown of numerous sectors, such as manufacturing industries and others, in various countries by their governments. However, it is expected that the slowdown of the Colour Detection Sensor Market's growth can be addressed with the need for these sensors in different applications.
Market Segmentation of Colour Detection Sensor Market
Based on the type of Sensor, the global Colour Detection Sensor market is segmented into Luminescence Sensor, RGB Sensing, Color Sensing, Brightness Sensor, and Contrast Sensor.
And based on the Industrial Vertical Outlook, the global Colour Detection Sensor market is segmented into Automotive, Food & Beverage, Pharmaceutical, Chemical, Water Treatment, Packaging, Paper & Pulp, Consumer Electronics, Lighting & Signage, and Others.
On the Application Outlook, the global Colour Detection Sensor market is segmented into Healthcare, Gas & Fluids, Commercial & Consumer Printing, Industrial Automation, and Consumer Electronics.
Colour Detection Sensor Market Region wise analysis
In the regional analysis of the Global Colour Detection Sensor Market, North America held the major share of the global market. In this region, the US market is the major contributor, because of expertise that is present in the country in technology-driven aspects. Moreover, various surveys state that the United States is the major global producer of industrial automation equipment which is widely defined as the hardware and components that are employed to automate systems in manufacturing or industrial settings. And, growing capital expenditures in industries like automotive, oil & gas, and power are boosting the demand for industrial automation and also accelerating the associated automation markets, where the color detection sensors are included. Further, the presence of the leading players in the market coupled with their efforts in the development of color sensors is the other factor that is contributing to the growth of the North America Colour Detection Sensor Market.
The Asia-Pacific Clour Detection Sensor Market is estimated to witness a significant development in the coming years. The major factors that are driving the growth of the target market in the area are the growing demands from various industries that are establishing their plants in the region and implementing automation in processes like oil & gas extractions, healthcare, wastewater treatment, etc. in the developed countries because of the continuous technological developments and innovations.
Key Players of Colour Detection Sensor Market
The key players of The Global Colour Detection Sensor Market includes Ams AG (Austria), ASTECH GmbH (Germany), Atlas Scientific LLC (U.S.), Banner Engineering (U.S.), Balluff GmbH (Germany), Baumer (Germany), CTi Automation (Mexico), Datalogic S.p.A (Italy), EMX Industries Inc. (U.S.), SICK AG (Germany), Hamamatsu Photonics K.K. (Japan), Hans TURCK GmbH Co. KG (Germany), InfraTec GmbH (Germany), Jenoptik Ag (Germany), Keyence Corp (Japan), OMRON Corporation (Japan), and Panasonic Corp. (Japan) among others.
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