Market Analysis
The global optical sensing market will reach USD 4 billion at a favorable 21.4% CAGR by 2023, states the latest Market Research Future (MRFR) report.
Drivers
Increasing Use of Sensors in Intelligent Lighting to Boost Market Growth
Increasing use of sensors in intelligent lighting that help to save power will boost market over the forecast period.
Opportunities
Growing Need for Sophisticated Smartphone Security Features to offer Robust Opportunities
The growing need for sophisticated smartphone security features has led to features such as fingerprint scans on-screen optical sensors which senses as well as validates fingerprints will offer robust opportunities for the market over the forecast period.
Restraints
Availability of Alternatives to act as Market Restraints
The availability of cost-effective alternatives to optical sensors and high cost of optical sensors may act as market restraints over the forecast period.
Challenges
Limited Standardization to act as Market Challenge
The limited standardization and also lack of awareness about its less acceptability and functionality may act as market challenge over the forecast period.
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Market Segmentation
The global Optical Sensing Market Size is bifurcated based on type, method, technology, application, and vertical.
By type, the fiber optic sensors will lead the market over the forecast period.
By method, the optical sensing market is segmented into intrinsic and extrinsic.
By technology, the optical sensing market is segmented into Fiber Braggs Grating (FBG) based, Fabry-Perot Interferometers, Spectroscopy, Laser Doppler velocimetry and others.
By application, the metrology segment will dominate the market over the forecast period.
By vertical, the aerospace and defense segment will spearhead the market over the forecast period.
COVID-19 Analysis
The COVID-19 outbreak has led to the growing need for rapid diagnostic tests to prevent any future diseases. Partnerships and collaborations amid public players and private players in the healthcare domain have been seen for driving innovations. Besides, the development of biosensors to measure biomarkers in COVID-19 detection has offered a huge scope for sensing equipment and optical sensors. Further, evanescent wave absorbance optical sensors can sense the changes in refractive index for the samples to detect foreign substances.
Regional Analysis
North America to Spearhead Optical Sensing Market
North America will spearhead the optical sensing market over the forecast period. Growing adoption in the US, thriving market for consumer electronics, increasing penetration of smartphones in the US, frequent product and technological innovations, escalating need for smart TVs for its multi-functionality property, high investments in key industries like oil and gas, utilities, and aerospace and defense, rise in the rate of smart home connected devices, and increase in the proliferation of IoT connected devices are adding to the global optical sensing market growth in the region.
Key Players
Eminent industry players profiled in the global optical sensing market report include Analog Devices Inc., Teledyne Technologies Incorporated, Oxsensis Ltd, TE Connectivity Ltd., ABB Ltd., ROHM Company Ltd., Hamamatsu Photonics K.K., Sony Corporation, STMicroelectronics N.V., Infineon Technologies AG., ams AG, Texas Instrument Incorporated, to mention a few.
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