Optical Sensor Market - Sales Revenue, Competitive Landscape and Forecast 2023

According to the latest study conducted by Market Research Future (MRFR), the global optical sensing market will reach a valuation of more than USD 4 billion by 2023, exhibiting an impressive growth rate. Technological advances in optical sensing has bolstered its market prospects in recent years. Optical sensors have significant advantages over conventional sensors. They are resistant to electromagnetic interference, which is driving their adoption is various types of measuring and sensing applications. Increased usage of optical sensing in large-scale industry verticals is supporting the market growth.

Global Optical Sensing Market Segmental Analysis:

Segmental analysis of the market has been conducted based on type, method, technology, application and vertical.

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By type, the market has been segmented into fiber optic sensors, image sensors, ambient light sensors, position sensors and others. The fiber optic sensors segment commanded a sizable market share in 2018 and garnered USD 728.69 million in revenue. The segment is expected to remain highly attractive in 2019 and beyond. Fiber optic sensors are witnessing widespread popularity owing to their superior characteristics. These sensors are used for pressure sensing, temperature measurement, displacement sensing and vibration sensing. The ambient light sensors segment is also expected to remain highly attractive during the assessment. By 2023 end, the segment is expected to reach a market valuation of over USD 1,300 million.

By method, the market has been segmented into extrinsic and intrinsic. In terms of value, the segment represents a significant share of the market. During the projection period, the segment is set to post a CAGR of 21.91%. Some of the popular extrinsic methods for optical sensing are laser doppler, pyrometry, spectroscopy, velocimetry and optical coherence tomography. Meanwhile, the intrinsic segment is expected to grow at 20.57% CAGR during the forecast period.

By technology, the market has been segmented into fabry-perot interferometers, laser doppler velocimetry, fiber braggs grating (FBG) based, spectroscopy and others.

By application, the market has been segmented into pressure and strain sensing, temperature sensing, biometric and ambience sensing, geographical survey, remote sensing satellite and medical instruments. In 2017, the metrology segment commanded more than one-fourth share of the Optical Sensor Market. Further, the segment is set to exhibit 20.80% CAGR between 2018 and 2023. The growth of the segment can be attributed to the increased use of optical sensing in quality-control and precision measurement in industrial metrology.

By vertical, the market has been segmented into healthcare, consumer electronics, government & utilities, construction, aerospace & defense, transportation, oil & gas, automotive and others. In terms of value, the aerospace & defense segment currently holds the poles position and is unlikely to lose any charm in the forthcoming years. Towards the end of the assessment period, the segment is expected to surpass a valuation of USD 1,000 million. Over the years, demand for optical sensing in aerospace & defense has continued to grow at a rapid pace. It is used for light detection and ranging (LiDAR), weapon systems, structural health monitoring, navigation & sensing and free space communication.

Global Optical Sensing Market Regional Outlook:

The market has been covered across Europe, North America, the Middle East & Africa (MEA), Latin America and Asia Pacific (APAC). The market in North America, followed by Europe and Asia-Pacific, has been highly profitable in recent years. In terms of value, the region accounted for a whooping 54.44% market share in 2017. The North America optical sensing market is expected to grow at 20.06% CAGR during the forecast period. Driven by high demand, optical sensing market in the region will continue to find growth opportunities in advanced countries such as Canada, Mexico and the U.S. in the years to come. In North America, much of the market growth is likely to be supported by factors such as industry modernization, technological advances in optical sensing and emergence of new application prospects.

Global Optical Sensing Market Competitive Landscape:

Key players mentioned in MRFR’s report include Analog Devices Inc., STMicroelectronics N.V., Texas Instrument Incorporated, Sony Corporation, TE Connectivity Ltd., Teledyne Technologies Incorporated, ABB Ltd., ROHM Company Ltd., Hamamatsu Photonics K.K., Infineon Technologies AG., Oxsensis Ltd, and ams AG.

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