The surging demand for these devices across the healthcare sector will indeed propel global optical sensors market. Rising integration of fiber optic sensors with medical imaging devices helps detect vital signs in critical patients and monitor blood flow to assess the requirement for blood sampling in critically ill toddlers and adults. Increasing implementation of these devices by medical care providers to provide a categorical diagnosis and corresponding treatment will drive optical sensor market from healthcare applications. Escalating usage of these devices in healthcare platforms such as SPHERE, that help detect cardiovascular disorders, stroke, obesity, and depression will also push optical sensor industry from the healthcare sector, which accounted for more than 12% of the total share in 2015.
Image sensors are widely used across the personal and consumer electronics sector, owing to which image optical sensors market will grow at a CAGR of more than 7.3% over 2016-2024. High demand for these sensors in 3D mapping, restore recognition, and eye tracking will also fuel image optical sensor industry, which accounted for more than 50% of the overall share in 2015.
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Rising demand for smartphones, cameras, and other portable devices will augment optical sensors market from consumer electronics, especially across developing economies such as China and India.
Ambient light sensors optimize the viewing perspective of the display with the help of an embedded backlight, that helps enhance user experience and saves power, thereby stimulating ambient light optical sensors market, set to grow at a CAGR of 7.9% over 2016-2024. Owing to their supreme features such as low power consumption, simple output algorithms, and low light sensitivity, they are increasingly integrated in electronic appliances such as mobile phones and tablets, thus propelling ambient light optical sensor industry, valued at USD 1.75 billion in 2015.
Asia Pacific has a significant contribution toward global optical sensors market revenue. Back in 2015, APAC accounted for more than 30% of the overall share, with prime contributors being India, China, and South Korea. Surging demand in the region for consumer electronic portable devices such as cameras and smartphones is likely to propel Asia Pacific optical sensor market, projected to be worth more than USD 10 billion by 2024.
The U.S. has always been on the progressive growth map with regards to the smart industry and automation. Increased demand for factory automation coupled with escalating demand for optical devices in smart appliances will fuel U.S. optical sensors market over 2016-2024.
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Key companies operating in optical sensors market have, of late, shifted their focus toward strategic partnerships from secluded core competency, primarily to establish a stronger presence across the value chain. Owing to stiff competition, companies engage in mergers & acquisitions to manufacture products that boast of optimal performance, superior efficiency, and high quality. For instance, the year 2015 witnessed Avago Technologies, headquartered in San Jose, California, partner with Broadcom Incorporation to expand their product portfolio and accumulate a major share of semiconductors industry. Major biggies competing in optical sensor market include Baumer Group, STMicroelectronics, Sony, Finisar, Canon, Omron, Sick AG, Samsung, Eaton, Omnivision, ABB, Broadcom Inc., Robert Bosch, Coherent, Analog Devices, and Emcore. Pertaining to the extensive activities these companies are involved in, especially regarding novel product developments, optical sensor industry is likely to be valued at USD 30 billion by 2014, with a CAGR estimation 7.5% over 2016-2024.
Some Point from Table of Contents:
Chapter 5 Optical Sensors Market Insights, By Application
5.1 Global optical sensors market share by application, 2015 & 2024
5.2 Aerospace & Defense
5.2.1 Market estimates and forecast, 2013 – 2024
5.2.2 Market estimates and forecast, by region, 2013 – 2024
5.3.1 Market estimates and forecast, 2013 – 2024
5.3.2 Market estimates and forecast, by region, 2013 – 2024
5.4 Consumer Electronics
5.4.1 Market estimates and forecast, 2013 – 2024
5.4.2 Market estimates and forecast, by region, 2013 – 2024
5.5.1 Market estimates and forecast, 2013 – 2024
5.5.2 Market estimates and forecast, by region, 2013 – 2024
5.6.1 Market estimates and forecast, 2013 – 2024
5.6.2 Market estimates and forecast, by region, 2013 – 2024
5.7.1 Market estimates and forecast, 2013 – 2024
5.7.2 Market estimates and forecast, by region, 2013 – 2024
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