Market Research Future (MRFR) reveals that the optical sensing market 2020 can possibly achieve a striking growth rate of 21.41?tween 2018 and 2023 (evaluation period). It is also likely that the market, by 2023, can touch a valuation of more than USD 4 billion, adds MRFR.
Optical sensing market expected to reach USD 4.85 billion by the year 2023 while registering a CAGR of 21.4%.
Primary Boosters and Main Barriers
Optical sensing technology has emerged as an indispensable technique for manufacturers to save time, money and power, on account of the precise and quick measurements offered by them. Also, the applications of optical sensing technology in intelligent lighting help save power, since it is not dependable on a manual on-off switch. Instead, the light is turned depending on the natural light around it. These characteristics are highly desirable and are responsible for the high product demand in the market.
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The number of smartphone users has managed to outpace the number of home gadget users in recent years. Estimations reveal that by 2020, over six billion cell phones are going to be in use around the globe. These statistics are relevant to the market growth for optical sensing, given the demand for more security features in smartphones like on-screen fingerprint scan. Also, with more and more companies deploying on-screen fingerprint authentication, the market growth for optical sensing is imminent in the coming years.
The mounting deployment of optical sensing technology in residential and commercial applications in lighting systems can be an important growth booster in the market. Chicago is striving to use intelligent controls and LEDs in the next few years, replacing close to 270,000 city lights. These kinds of initiatives are helping cities save colossal amount of energy costs. Various other regions are following suit, which can only mean hike in the demand for optical sensors in intelligent light systems in the approaching period and better market growth as well.
Leading competitors identified in the Optical Sensing Market are Analog Devices Inc., Teledyne Technologies Incorporated, Oxsensis Ltd, TE Connectivity Ltd., ABB Ltd., ROHM Company Ltd., Hamamatsu Photonics K.K., Sony Corporation, STMicroelectronics N.V., Infineon Technologies AG., ams AG, Texas Instrument Incorporated, to mention a few.
By Type – Fiber Optic Sensors, Ambient Light Sensors, Image Sensors, Position Sensors and Others.
By Method – Extrinsic and Intrinsic.
By Technology – Fiber Braggs Grating (FBG) based, Fabry-Perot Interferometers, Spectroscopy, laser Doppler velocimetry, Others.
By Application, Metrology, Pressure and Strain Sensing, Medical Instruments, Temperature sensing, Remote sensing satellite, Biometric and ambience sensing, geographical survey.
By Vertical, Aerospace & Defense, Healthcare, Automotive, Consumer Electronics, Oil & Gas, Government & Utilities, Transportation, Construction and Others.
The regional segregation of the optical sensing market comprises Europe, Latin America, the Middle East & Africa (MEA), Asia Pacific (APAC) as well as North America.
North America heads the global market, having claimed a share of 54.44% in 2017. The same year, it was confirmed that the regional market can progress at a rate of 20.06% during the review period, with the United States (U.S.) spearheading the said growth. The country houses a thriving market for consumer electronics, which is only going to expand further in the years ahead. The increasing penetration of smartphones in the U.S. points towards the lucrative growth prospects for the optical sensing market. The regional market growth is mostly dependent on the frequent product and technological innovations and the escalating demand for smart TVs given its multi-functionality property.
In the APAC market, more and more vendors are vying for a better position by working on the development of efficient and advanced technologies that facilitate miniaturization of sensors. Also, the rising adoption of optical sensors in various non-traditional fields, like automation, can induce market growth as well. In addition, the surging demand for electro-optical sensors for several applications in the region boosts market growth for optical sensing technology.
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