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Optical Sensing Market: Forecast Outlook 2027
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Optical sensors are devices used in measuring light intensity and converting it into electrical signals. It can detect the rise and fall of light levels below a certain level. Their resistance to electromagnetic interference and inability to control electric currents makes them ideal in microwave and explosive applications. The global optical sensing market report by Market Research Future (MRFR) provides insights on companies, latest trends on sensors, and applications for the period of 2018 to 2023 (forecast period). The COVID-19 outbreak and its impact on the industry have been taken into account for resizing the growth and revenue projections till 2023.
Market Scope
The global optical sensing market is expected to witness a CAGR of 21.41% during the forecast period. The market is likely to reach a valuation in excess of USD 4 billion towards 2023. Major applications in transportation, consumer electronics, oil & gas, healthcare, construction, and other sectors can drive the market demand. The properties of sensors for gauging in harsh environments coupled with technological advances can bode well for the market.
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The use of optical sensors in the healthcare sector and stringent regulations for deployment of new devices can drive the market. Furthermore, growing awareness of sensing devices and investments in R&D can bolster its demand.
But the challenge of production of cost-effective sensors can impede market growth.
Segmentation
By type, it is segmented into image sensors, fiber optic sensors, ambient light sensors, position sensors, and others. In 2018, the fiber optic sensors segment accounted for 44.05% market share with a valuation pegged at USD 728.69 million. In addition, the segment is expected to grow at a CAGR of 19.17% during the assessment period. Fiber optic sensors are used in different disciplines including displacement sensing, temperature sensing, pressure sensing, vibration sensing, among others.
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By method, it is divided into extrinsic and intrinsic. In 2017, the extrinsic segment accounted for 61.61% market share with a valuation of USD 1.01 billion. The segment is projected to grow at 21.91% CAGR over the assessment period. Extrinsic methods for optical sensing include spectroscopy, optical coherence tomography, laser Doppler velocimetry, and pyrometry.
By technology, it is segmented into laser Doppler velocimetry, Fiber Braggs Grating (FBG) based, Fabry-Perot interferometers, spectroscopy, and others.
Major market applications covered include remote sensing satellite, metrology, temperature sensing, pressure and strain sensing, medical instruments, biometric and ambience sensing, and geographical survey. The metrology segment accounted for 28.07% market share in 2017 and was valued at USD 464.33 million. During the forecast period, the segment is expected to grow at 20.80% CAGR. Optical sensing is extensively relied upon for precision measurement and quality-check in industrial metrology. The compact size and ease of installation and attaining resolutions in micrometers can drive its demand in the sector. Moreover, volumetric measurements and applications for particle and material characterization will bode well for the market in the coming years.
By vertical, it is segmented into construction, aerospace & defense, healthcare, transportation, automotive, consumer electronics, oil & gas, government & utilities, and others. The aerospace & defense segment accounted for 22.73% market share in 2017 with a valuation of USD 376.05 million. It is projected for the segment to expand at a CAGR of 20.81% during the forecast period. Optical sensing technology is gaining tremendous popularity in aerospace & defense for navigation & sensing, free space communication, light detection and ranging (LiDAR), and environmental monitoring.
Regional Analysis
North America led the global optical sensing market and bound to continue its streak till 2023. In 2017, the region accounted for 54.44% market share and is expected to post a CAGR of 20.06% during the forecast period. Presence of leading market players along with the strong demand for optical sensing in countries such as the U.S., Canada, and Mexico is supporting the market growth in the region. Adoption of optical sensing in industry verticals is expected to remain robust in North America over the next couple of years.
Competitive Landscape
Teledyne Technologies Incorporated, Texas Instrument Incorporated, ams AG, ROHM Company Ltd, ABB Ltd., Hamamatsu Photonics K.K., Analog Devices Inc., STMicroelectronics N.V., Infineon Technologies AG, Oxsensis Ltd, TE Connectivity Ltd., and Sony Corporation are key players of the global optical sensing market.
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