Optical Sensors Market is Projected to Grow at a CAGR of 8% by 2024 | Hexa Research

The optical sensors market was valued at around USD 316 million in 2015 and is anticipated to grow at an approximate CAGR of 8% from 2016 to 2024. The growth in the optical sensors market is driven by the increasing advancement in mobile technology.

The growing demand for high-speed internet, increasing use of smart devices such as laptops, tablets and smartphones are expected to influence the growth of the market positively. The development of innovative applications for technologies that help in building electric circuits is anticipated to contribute to further market growth.

The growing commercial uses of the Fibrecore (Optical Fiber) in the femtosecond laser widely employed in the oil and gas industry are substantially benefitting the optical sensors market. These femtosecond gratings use pure silica core fibers having high durability since they do not react with hydrogen. It helps in the reduction of the repair and replacement costs.

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Increasing demand for optical sensors in the 3D shape sensing domain is anticipated to influence market demand positively over the forecast period. The use of the optical sensors in the healthcare center is relatively new. These devices have replaced the old Vivo processes and are placed or inserted in those parts of the human body which are not easily accessible; its low-cost sensing abilities is projected to drive the demand for optical sensors in the healthcare sector.

The optical sensors have a broad range of uses in electronic interference, electrical passiveness, greater sensitivity, wide dynamic range, point & distributed configuration, and multiplexing capabilities. The multiple uses of the optical sensor are anticipated to have a positive impact on overall market growth.

The increase in research and development activities is projected to increase application areas of the optical sensors. Companies have made huge investments in this sector to improve the fabrication techniques and fulfill different types of consumer demands.

The high costs of the sensors and the lack of standardizations are anticipated to hinder the growth of the optical sensors market. Lack of awareness, less acceptability and the unjustifiable image quality offered by the optical sensors could also hinder the market growth.

The optical sensor market is categorized on the basis of type into fiber optic sensors, color & image sensors, infrared detectors, ambient light sensors, optical switches, optical navigation sensors, light to digital converters, photodiodes, phototransistors, and photoelectric sensors.

The optical sensors market is segmented on the basis of end-users into consumer electronics, military & defense, industrial process control, energy & utility, automation, transportation & navigation and others. 

The optical sensors market can be classified on the basis of applications into night vision cameras, partial discharge detection, military & law enforcement, chemical sensing and biological sensing.

The Asia Pacific, optical sensors market, is expected to grow at the highest CARG from 2016 to 2024. Technological advancements in the manufacturing sector on account of substantial investments made by multinational automotive players has led to the automation of most of the factories in this region which is projected to drive the growth of this market.

Most of the countries in Asia Pacific such as India, Singapore, Malaysia, Taiwan and China are focusing on projects which would help in the improvement of the public infrastructure. Japan is expected to have a tremendous growth potential due to the increasing urbanization and improving medical infrastructural facilities. The use of optical sensors in computers and labs is also projected to drive overall market demand.

North America is expected to continue its dominance in 2024 on account of increasing demand for optical sensors in the U.S. Adoption of advanced technologies and increase use of internet services is anticipated to propel market demand over the coming years. Europe is also predicted to experience a significant growth mainly due to the rise in the number of internet users and the increase in the offshore drilling activities in Germany, Italy, and the U.K.

The Middle Eastern countries such as U.A.E and Bahrain are expected to increase investments in construction and oil drilling which will significantly influence the growth in the optical sensors market.

The leading market players such as Baumer, First Sensor, Honeywell, Omron, Robert Bosch, and Rockwell Automation are engaged in strategic collaborations with companies involved in the automation and semiconductor industry to enhance their market size.

The other important players in the market include Mouser Electronics, Shanghai Lanbao Sensing Technology Co. Ltd, Eaton, Shenzhen Leini-Lile Technology Ltd, Atmel, ZeeAnn, Hitachi, Waloong Electric Instruments Co. Ltd., Turck, STMicroelectronics, Omnvision, Weatherford, Solution Galore Electronics SICK AG, Profelmnet, I-Linear Automation SdnBhd, Banpil Photonics, MedelElektronik Compact Imaging, Ocean Optics and OptiSense.

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