Optical sensor Market size is estimated to grow at a CAGR of over 8% from 2016 to 2023 and is likely to be valued around USD 26 billion by 2023. Growing advancements in mobile technology paired with ascending demand for high speed internet is anticipated to transform fiber optic sensors market dynamics. Advent and penetration of smart devices such as laptops, smartphones and tablets are anticipated to drive growth from 2016 to 2023.
Proliferating miniaturizations as well as improvisation of communication capabilities that facilitate sensor integration into numerous devices without hampering any other functionality are likely to impact industry demand. In addition, rapid technological development and innovation accompanied by escalating implementations in healthcare industry sector are projected to surge the demand for these sensors over the forecast period. Moreover, rising development of innovative applications for technologies that assists in building compacted electrical circuits is estimated to propel the industry growth and is likely to renovate silicon technology scenario.
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Technical advancements has elevated the robustness and widened the scope for application of the global optical Sensor Market over the forecast period. Advent of advanced electronic control systems has lead to making sensors more accurate, reliable, improved response time, enhanced communication capabilities and offer better efficiency. Flourishing implementations in 3D shape sensing domain is estimated to positively impact the healthcare industry. This has lead to outcast age-old vivo processes and thus these devices are now being used for placing or inserting it in the inaccessible areas of human body.
Oil and gas sector is expected to be intensively benefitted due to increasing application of these sensors in femtosecond laser market. Since this sensor does not react with hydrogen, it aids in increasing life of femtosecond lasers and also reduces repair as well as replacement needs. Increasing research and development activities in this sector is expected to open up new avenues for optical sensor application over the forecast period. In addition, ascending investments to met dynamic consumer requirements is likely to enhance fabrication techniques and hence fuel the industry demand over the coming few years. Moreover, it also assists in improvising sensing abilities at economical costs and is anticipated to furnish eminent avenues for industry growth. However, high price of sensors accompanied by unjustifiable image quality offered might hamper the industry demand.
The global optical sensor market can be segmented based on type and end-user industry. Based on type it can be segregated as fibre optic sensors, ambient light sensors, colour and image sensors, light to digital convertors, optical navigation sensors, infrared detectors, optical switches, photodiodes, photoelectric sensors and phototransistors. On the basis of end-user the industry can be segmented into manufacturing, chemical, defence, healthcare, retail, communications and energy.
Asia Pacific optical sensors market is anticipated to be the fastest growing region owing to the proliferating adoption of smartphones along with increasing growth of numerous industry sectors such automation, retail as well as manufacturing in the region. In addition, the region is also projected to become one of the major industries due to rising demand for sensors over the forecast period.
North America optical sensor market is estimated to continue its dominance over the forecast period, with the U.S. being the foremost region. As of 2013, the U.S. was estimated to have more than 84% of the population using internet where as Canada was accounted for more than 85% of the population to be connected to the internet. Europe is likely to witness considerable growth by 2023 and was forecast to hold 20% of the global internet users in 2013. Latin America is projected to experience high demand owing to its recent initiatives for laying fibre optic cable across the region to enhance the internet speed.
Key vendors and manufacturers for optical sensor market share include Mouser Electronics, SICK AG, Rockwell Automation, Honeywell, Eaton, Turck, Bosch, Atmel, STMicroelectronics, Hitachi and Omnvision. Companies such as Weatherford, OptiSense, Compact Imaging, Ocean Optics and Banpil Photonics among others accounts for the foremost shares in the industry.
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