Optical Sensors Market size worth USD 30 billion by 2024
Optical Sensors Market size is expected to reach USD 30 billion by 2024; according to a new research report by Global Market Insights, Inc.
Strong demand for precise, environmental friendly and safety systems is likely to drive global optical sensors market size 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.
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.
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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.
Browse key industry insights spread across 163 Pages with 101 market data tables & 69 figures from the report, “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 (U.S., Canada, Germany, UK, France, Italy, Russia, China, India, Japan, Australia, South Korea, Brazil Mexico, Saudi Arabia, UAE, South Africa), Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024” in detail along with the table of contents:
Key insights from the report include:
- Image sensors market share accounted for more than 50% of the revenue in 2015. Increasing usage in in high-end smartphones coupled with applications such as restore recognition, 3D mapping, eye tracking etc. will drive growth across this segment.
- Ambient light sensors market was valued at USD 1.75 billion in 2015. This can be attributed to escalating integration of these devices in electronic devices such as mobile phones and tablets.
- Aerospace and defense sector is projected to grow at 8.2% CAGR from 2016 to 2024 due to rising demand for high detection and precision products.
- Healthcare sector accounted for over 12% of the optical sensors market share in 2015. Rising acceptance of healthcare platforms for targeting obesity, stroke, depression, cardiovascular and musculoskeletal disorders will drive the demand over the forecast timeline.
- 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.
- The industry expects major vendors to focus on technological innovation in order to consolidate share and gain a robust customer base. Major players are Sony, Samsung, Canon, and Omnivision. Mergers and acquisitions coupled with new product development are the main strategies adopted by these participants to gain competitive edge.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.