Market Scenario:
An optical sensor is a device that converts light rays into electronic signals. The optical sensing devices is expected to increase in the various sectors such as aerospace & defense, oil and gas industry and many more, due to its high accuracy and ability to withstand harsh environments. The Optical Sensing Market is characterized by few big market players and several small regional players due to its high competition and presence in the market.
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The study indicates that Optical Sensing is increasing with the demand of smartphones, manufacturers are focusing on new features to differentiate their products from other. Moreover, the developing countries like India, China, Germany, Japan has resulted in the deployment of 4G LTE technology in the market that bring out to the high adoption of optical sensor in the devices.
The global optical sensing market is expected to witness a CAGR of 21.41% during the forecast period. The market is likely to reach a valuation in excess of USD 4 billion towards 2023.
Key Players
Leading competitors identified in the Optical Remote 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.
Segments:
By Type, it is segmented into image sensors, fiber optic sensors, ambient light sensors, position sensors, and others. In 2018, the fiber optic sensors segment accounted for 44.05% market share with a valuation pegged at USD 728.69 million. In addition, the segment is expected to grow at a CAGR of 19.17% during the assessment period. Fiber optic sensors are used in different disciplines including displacement sensing, temperature sensing, pressure sensing, vibration sensing, among others.
By Method, it is divided into extrinsic and intrinsic. In 2017, the extrinsic segment accounted for 61.61% market share with a valuation of USD 1.01 billion. The segment is projected to grow at 21.91% CAGR over the assessment period. Extrinsic methods for optical sensing include spectroscopy, optical coherence tomography, laser Doppler velocimetry, and pyrometry.
By Technology, it is segmented into laser Doppler velocimetry, Fiber Braggs Grating (FBG) based, Fabry-Perot interferometers, spectroscopy, and others.
Major market applications covered include remote sensing satellite, metrology, temperature sensing, pressure and strain sensing, medical instruments, biometric and ambience sensing, and geographical survey. The metrology segment accounted for 28.07% market share in 2017 and was valued at USD 464.33 million. During the forecast period, the segment is expected to grow at 20.80% CAGR. Optical sensing is extensively relied upon for precision measurement and quality-check in industrial metrology. The compact size and ease of installation and attaining resolutions in micrometers can drive its demand in the sector. Moreover, volumetric measurements and applications for particle and material characterization will bode well for the market in the coming years.
By Vertical, it is segmented into construction, aerospace & defense, healthcare, transportation, automotive, consumer electronics, oil & gas, government & utilities, and others. The aerospace & defense segment accounted for 22.73% market share in 2017 with a valuation of USD 376.05 million. It is projected for the segment to expand at a CAGR of 20.81% during the forecast period. Optical sensing technology is gaining tremendous popularity in aerospace & defense for navigation & sensing, free space communication, light detection and ranging (LiDAR), and environmental monitoring.
Regional Analysis
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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