Global Optical Sensors Market - Segmented by Technology (Hyper Spectral Imaging, Near IR Spectroscopy, and Photo-acoustic Tomography), Sensor Type (Fiber Optic Sensors, Image Sensors, and Position Sensors), Optocouplers (4-Pin Optocouplers, 6-Pin Optocouplers, and High-Speed Optocouplers), Application (Commercial, Consumer Electronics, Medical, Automotive, Industrial, and Aerospace & Defense), and Region - Growth, Trends, And Forecast (2018 - 2023)
The global optical sensor market was worth USD 17.42 billion in 2017 and is projected it to grow to USD 26.88 billion by 2023 at a CAGR of 7.50% over the forecast period (2018-2023). The report is segmented based on technology and the type of sensors offered by the major players in the market. Apart from this, the report also focuses on the various optocouplers available. While the regions considered in the report include North America, Europe, and various others. The study also focuses on various trends in the market such as the advent of miniaturized versions, and the increasing proliferation of advanced electronics products.
The global optical sensors market is expected to grow at a steady pace over the forecast period. This growth is due to the advancements in mobile technology resulting in new features and models. These advancements are expected to change the scenario for silicon technology as well. Moreover, the need for power-saving technologies is also changing the market, with companies shifting their focus toward the silicon technology. The optical sensors market is also witnessing the development of sensors for niche, yet specific applications, including diffused device with intensity difference to detect the presence of filters in coffee capsules, and laser distance sensors for measuring the thickness of medicinal capsules. In addition, the continuous persistence in innovation has improved investment opportunities in the optical sensors industry to improve fabrication techniques and enhance the sensing abilities at significantly lower costs, thus, ensuring high profit margins and better sales.
Increasing Penetration of Automation Techniques across Industries
There has been an increase in automation across several industries, globally. This has further increased the demand for optical sensors, across industry verticals. The latest technological breakthroughs have assisted the advancement of new optical sensors that can make the overall processes more efficient, and can significantly improve accuracy across various applications. There have been a series of new product launches, mergers, and acquisitions, at a global level to take the advantages offered by optical sensors. The major driver behind investments has been the continuous evolution and application of new technologies to unlock enormous volumes, which were previously considered non-commercial. These series of investments the automotive, power & utilities, and energy & mining applications are set to boom the optical sensor market over the forecast period.
Advancements in Hyper Spectral Imaging to Augment the Growth
Hyper spectral imaging integrates spectroscopy and digital imaging. A hyper spectral device helps in capturing a large number of spectral bands. Over the past few years, several technological advancements have led to the penetration of the hyper spectral technology, over a wide range of applications, these technologies include satellite-based airborne sensing and target detection for military, along with the quality control processes for industrial applications. Owing to its ability in ensuring rich information content, the hyper spectral technology is widely accepted for automation in image processing techniques. These devices are capable of acquiring data that can be easily comprehended by the human eye. In the recent years, these sensors have witnessed a high penetration rate in the areas of research, to gain more accurate and reliable data for various applications.
Growth in Fiber Optic Sensors Segment to Drive the Market
Over the past few years, optical fibers have seen significant in-roads across various sensors application, because of their small size and the ability to transmit huge amounts of data without complexion, by consuming only a minimal or low electrical power for signal transmission. One of the key features of fiber optic sensors is that they do not face any interruption from electromagnetic waves and do not conduct electricity. Hence, they can be used in such places, where, high voltage current along with flammable materials are present.
Moreover, the technological advancements in photonics have been very fast in comparison to other technologies. The photonics involvement in other potential technologies has grown enormously. Optical fibers have a major role in communication as well as in the development of different types of sensors.
Key Developments in the Market