Optical Sensors Market share is predicted to witness substantial growth prospects owing to its surging implementation in the oil & gas sector. These devices offer substantial convenience by reducing the operational challenges at deeper levels. Features such as permanent reservoir monitoring provided by these products help in increasing oil extraction rates. As the products are compact, passive and lightweight, it can be easily multiplexed to interrogate extensive sensor arrays, enabling higher sensing range accompanied by high sensitivity as well as dynamic range. This in turn assists in higher return on investments coupled with low cost of ownership.
Strong demand for precise, environmental friendly and safety systems is likely to drive global Optical Sensors Market from 2016 to 2024. Escalating device implementation across various applications such as consumer electronics, military & defense, industrial and automotive may catalyze growth. Considerable efforts to make the products more environmentally friendly is also set to positively impact the business landscape. Optimal flexibility across numerous devices such as heads-up terminals as well as smartwatches may fuel demand.
Fiber optic sensors are preferred over mechanical and electrical counterparts in the healthcare sector due to small size and flexibility, good metrological properties and immunity from electromagnetic field. Smart textiles are used in supervision of cardiac output, respiration, blood flow & its saturation with hemoglobin and blood pressure as well as oxygen, temperature and electrolyte balance. Research interest is growing in integrating the devices in textiles, giving rise to a single structure to develop wearable sensors.
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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.
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.
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.