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20 March 2019

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. Optical Sensors Market

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.

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.

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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.

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Hexa Research is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe.