According to the report that has been published by Market Research Future (MRFR), the global optical sensing market is anticipated to expand remarkably at a CAGR of 14.3 % during the forecast period of 2017-2023 and is estimated to reach USD 3.10 Bn by the end of the forecast period.
Market Drivers and Restraints:
The significant rise in the demand for optical sensors owing to their wide range of application in various industrial sectors is one of the major factors that are driving the global optical sensing market. Rapid advancement in optical sensing technology in order to widen its application range is fueling the growth of the global optical sensing market.
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The increasing use of optical sensing technology in various sectors such as oil and gas, manufacturing, border security and in smart home appliances is propelling the growth of the global optical sensing market. The mobility and flexibility of optical sensing technology have led to its incorporation in smartphones and other mobile devices, which in turn is resulting in the significant expansion of the global optical sensing market. The persistent innovation in the field of optical sensing technology and increased penetration of automation across various industrial sectors are impacting positively on the expansion of the global optical sensing market.
However, lack of standardization, low awareness and acceptability, and high manufacturing and installation cost are likely to create hindrance in the growth of the global optical sensing technology market.
The global optical sensing market has been segmented on the basis of type, method, application and end users. Based on type, the optical sensing market is segmented into image sensors, fiber optic sensors, position sensors, ambient light sensors and others. Based on method, the optical sensing market is segmented into extrinsic, intrinsic and others. The extrinsic segment is sub-segmented into optical coherence tomography, laser doppler velocimetry, fabric-perot interferometers, pyrometers, encoders and spectroscopy. The intrinsic segment is sub-segmented into scattering based and fiber brags grafting (FBG) based.
Based on application, Optical Sensing System Market is segmented into pressure and strain sensing, quality and process control, metrology, temperature sensing, geographical survey, biochemical sensing, medical instruments, biometric and ambiance sensing, and others. Based on end-users, the optical sensing market is segmented into aerospace and defense, utilities, oil and gas, transportation, healthcare, automotive, medical, construction, government, consumer electronics and others.
The global optical sensing market is geographically segmented into four major regions such as North America, Asia Pacific, Europe, and the rest of the world. The optical sensing market in the North America region is expanding significantly in the global optical sensing market owing to the increasing incorporation of advanced technology in various industrial sectors. The optical sensing market in the Europe region is projecting noteworthy growth due to the presence of leading manufacturers in this region. The optical sensing market is growing at a remarkable pace in the Asia Pacific region owing to the increasing expenditure on technological advancement in this region.
The key players in the global optical sensing market that are profiled in the report by MRFR are Analog Devices Inc. (U.S.), ABB Group (Switzerland), ams AG (Austria), Texas Instruments Inc. (U.S.), Teledyne Dalsa Inc. (Canada), AlphaSense, Inc (U.S.), Oxsensis Ltd. (U.K.), STMicroelectronics N.V. (Switzerland), Hamamatsu Photonics K.K. (Japan), and ROHM Semiconductor (Japan) among others.
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