The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2016-2026)
• Forecast CAGR (2021-2026): 11%
Because of their ability to withstand harsh environments, optical sensors are seeing a major deployment in the aerospace and defence industry. Furthermore, remote sensing is becoming a major factor in the increasing adoption of optical sensors for temperature measurement in chemical and furnace factories. Meanwhile, optical pressure measurement sensors are commonly used in the oil and gas industry, leading to the growth of the optical sensor industry.
Furthermore, the connectivity industry’s practical approach to the use of glass fibre cable is creating business growth opportunities. Increased investments in smart cities, smart building, and smart home initiatives are creating an opportunity for the optical sensor industry to grow. Optical sensors such as temperature, pressure, image, and motion sensors are expected to be widely used in industries such as healthcare, consumer electronics, and automotive.
Industry Definition and Major Segments
An optical sensor converts the light into electric signals. It converts light into an instrument-perceivable shape and measures the physical quantity of light. Electrical stimulation is connected to the optical sensor, which responds to changes in the signal. Differences in light wavelength can be detected by the optical sensor. Optical sensors can operate in either a single point or a distribution point mode. A single-phase change is needed to activate the sensor in the single point process. The sensor, along with a group of sensors in the distribution point system, is reactive.
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By source, the market is divided into:
• LED
• LASER
Based on operation, the market is categorised into:
• Through-Beam Sensor
• Retro-Reflective Sensor
• Diffuse Reflection Sensor
By type, the market is bifurcated into:
• Extrinsic
• Intrinsic
On the basis of product, the market is segmented into:
• Fibre Optic Sensors
• Image Sensors
• Photoelectric Sensors
• Ambient Light and Proximity Sensors
• Infrared Detectors
• Others
Based on application, the market is divided into:
• Pressure and Strain Sensing
• Temperature Sensing
• Geological Survey
• Biochemical
• Biometric and Ambience
• Others
By end-use, the market is divided into:
• Aerospace and Defence
• Utilities
• Oil and Gas
• Medical
• Construction
• Consumer Electronics
• Others
The regional markets for the product include:
• North America
• Europe
• the Asia Pacific
• Latin America
• the Middle East and Africa.
Market Trends
The growing popularity of wearable healthcare devices in developed economies is expected to boost revenue for the optical sensor industry. According to reports, about 21% of U.S. adults wear a smartwatch or wearable fitness tracker daily; as a result, industry leaders are launching technically advanced products with optical sensor technology to meet the increasing demand for wearable healthcare devices.
The optical sensor industry’s rising demand is fueled by the IoT system’s expansion. The increasing adoption of consumer electronics devices is driving up demand for optical sensors indirectly. The advent of smartphones with features such as 3D imaging, restore recognition, eye tracking, and so on paved the way for the adoption of optical sensors. The advantages of optical sensors, such as their lightweight, compact size, passive nature, and dynamic sensing range, help to keep the market’s growth rate in check.
Key Market Players
The major players in the market are Vishay Intertechnology, Inc, ROHM Co., Ltd, Analog Devices, Inc, ams AG, and Oxsensis. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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