Live Wire Reporter

Optical Sensor Market to hit $30bn by 2024

Optical Sensor Market to hit $30bn by 2024

Asia Pacific optical sensors market size is estimated to be valued at over USD 10 billion by 2024 owing to rising demand of consumer electronic devices including smartphones and cameras.
Optical Sensors Market Size By Product (Image Sensors, Fiber Optic Sensors, Position Sensors, Ambient Light Sensors [Cadmium Sulfide (CdS), Silicon (Si), InGaAs, Extended InGaAs]), By Application (Aerospace & Defense, Automotive, Consumer Electronics, Healthcare, Industrial), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024

Optimum and real-time information in service sector integrity, the ultimate goal for every manufacturer, is pushing optical sensors market globally. Continuous evolution of technology is playing a pivotal role in the growth of optical sensors industry. These sensors are gaining popularity over conventional ones in smart homes owing to their integrated advanced features such as occupancy sensing, smart lighting, perimeter security, touchless control, etc.

As per a report by Global Market Insights Inc.,Optical Sensors Market is projected to cross a revenue of USD 30 billion by 2024, with a CAGR estimation of 7.5% over the period 2016 -2024.”

The increasing proliferation of consumer electronics especially smartphones and tablets featured with restore recognition, eye tracking, and 3D mapping, is acting as a key propellant thriving the overall optical sensors industry. Image sensors are mostly integrated into today’s high-end use cell phones. As these sensors are highly compact, passive, and light weight, they can be easily multiplexed to offer extensive sensor arrays, thereby offering superior and a dynamic sensing range. Finger print recognition and mobile payment authentication are some of the recent additions, offering to the massive growth prospects of the market.

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Amenability to multiplexing, immunity against electromagnetic interference, and superior sensitivity make optical sensors the most preferred sensor technology in several fields, which include healthcare & aerospace and defense industries, as well as residential and commercial surveillance. Optical sensors market is set to witness massive growth from the medical fraternity, having held 12% of the market share in 2015. With the technological advancements in the healthcare sector, biomedical imaging optical sensors are extensively used in different medical application such as gastroenterology, cardiovascular & intensive care, angiology, ophthalmology, oncology, and even in dentistry. Additionally, favorable healthcare platforms such as SPHERE, which targets patients suffering from depression, obesity, stroke, etc., is also expected to stimulate optical sensors industry from healthcare applications.

Optical sensors market from aerospace & defense sector applications will also exhibit an upward growth trajectory, with a projected annual rate of 8.2% over 2016 -2024. These upgraded sensor systems are expected to bring about a revolution in the military sector, as optoelectronics technology provides better communications, sensing, and even weaponry.

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Based on the product trends, image optical sensors market accounted for a considerably larger share (more than half of the total revenue) in 2015 and is poised to grow lucratively with a CAGR estimation of more than 7.3% over the period 2016-2024. Image sensors or photo detectors are widely used in various wearable electronics equipment both in the commercial as well as the personal front. The upsurge in consumer demand for electronic devices that will be able to provide proximity detection, ambient light sensing, and gesture recognition is fueling the ambient light sensors demand. It is estimated that ambient light optical sensors market will grow massively in the years ahead with an annual growth rate of 7.9% over 2016-2024.

Geographically, the global market is majorly driven by Asia Pacific optical sensors market, with prominent revenue contributions being from countries such as China, India, and South Korea. Accelerating demand for consumer electronics along with untapped potential is boosting the regional growth.

Wide adoption of hi-tech sensors in factory automation and smart control systems is pushing U.S. optical sensors industry.

Extensive research is being continuously done by key players to enhance the product portfolio which would offer better connectivity even in harsh environmental conditions. Some of the industry participants are also involved in mergers to attain a competitive edge. For instance, Broadcom Incorporation is taken over by Avago Technologies to provide a diversified communication platform in semiconductors industry.

Prominent players of the optical sensors market include Samsung, Sony, Omnivision, and Canon.

Browse key industry insights spread across 163 pages with 101 market data tables & 69 figures & charts from the report Optical Sensors Market in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/optical-sensor-market

Global Market Insights has segmented the optical sensors market on the basis of product, application, and region:

Optical Sensors Product Analysis (Revenue, USD Million, 2013 – 2024)

  • Image sensor
  • Fiber optic sensor
  • Position sensor
  • Ambient light sensor
    • Cadmium Sulfide (CdS)
    • Silicon (Si)
    • InGaAs Sensors
    • Extended InGaAs Sensors

Optical Sensors Application Analysis (Revenue, USD Million, 2013 – 2024)

  • Aerospace & Defense
  • Automotive
  • Consumer electronics
  • Healthcare
  • Industrial

Optical Sensors Regional Analysis (Revenue, USD Million, 2013 – 2024)

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Russia
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
  • Latin America
    • Brazil
    • Mexico
  • MEA
    • KSA
    • UAE
    • South Africa

 

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        https://www.gminsights.com/industry-analysis/biosensors-market

 

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