Optical Sensor Market to Observe Strong Development of 10.87% CAGR by 2023 | Global Key Players (On Semiconductor, Microchip Technology, Eaton Corporation, Hitachi, Honeywell International, Omnivision Technologies)

The optical sensor market is expected to register a CAGR of 10.87% during the forecast period, 2018 to 2023. The scope of the report is limited to technology and the type of sensors offered by the major players in the market. The regions considered in the scope of the report include, North America, Europe, etc. The study also focuses on various trends in the market, such as the advent of miniaturized versions, and the increasing proliferation of advance electronics products.

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The global optical sensor market is expected to grow at a steady pace over the forecast period, owing to the advancements in mobile technology, with new features and models. These advancements are expected to change the scenario for silicon technology as well. Moreover, the need for power-saving technologies is also changing the market, with companies shifting their focus toward silicon technology. The optical sensor market is also witnessing the development of sensors for niche, yet specific applications, including diffused device with intensity difference to detect the presence of filters in coffee capsules, and laser distance sensors for measuring thickness of medicinal capsules. In addition, the continuous persistence in innovation has improved investment opportunities in the optical sensors industry, to improve fabrication techniques and enhance the sensing abilities at significantly lower costs, thus, ensuring high profit margins and better sales.

Increasing Penetration of Automation Techniques across Industries

There has been an increase in automation across several industries, globally. This has further increased the demand for optical sensors across industry verticals. The latest technological breakthroughs have assisted the advancement of new optical sensors that can make the overall processes more efficient, and can significantly improve accuracy across various applications. There have been a series of new product launches, mergers, and acquisitions, globally, to take the advantages offered by optical sensors. The major driver behind the investments has been the continuous evolution and application of new technologies to unlock enormous volumes, which were previously considered non-commercial. With these series of investments, the automotive, power & utilities, and energy & mining applications are set to boom over the forecast period.

Key Developments in the Market
• October 2017 - AOMS Technologies Inc. announced the deployment of its patented Fiber Optic Sensing Technology (AOMS-FOS) for monitoring of soil and groundwater during In-Situ Thermal Remediation (ISTR) projects in Europe. It is the maiden deployment of AOMS-FOS technology in Europe after the adoption in North America, including Superfund remediation sites in the United States.
• February 2017 - ROHM announced the market availability of an optical sensor for heart rate monitoring optimized for wearable devices, such as sports bands and smart watches. The product BH1790GLC leverages proprietary analog circuit technology and optical sensor expertise to enhance sensitivity, allowing pulse waves to be detected with high accuracy, even with low LED brightness, resulting in low power consumption.

Major Players:

ON SEMICONDUCTOR, MICROCHIP TECHNOLOGY INC., EATON CORPORATION PLC, HITACHI LTD, HONEYWELL INTERNATIONAL INC., OMNIVISION TECHNOLOGIES INC., PEPPERL+FUCHS INTERNATIONAL, ROCKWELL AUTOMATION INC., SICK AG, STEINEL, STMICROELECTRONICS, AND TEXAS INSTRUMENTS INCORPORATED, amongst others.

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Advancements in Hyperspectral Imaging to Augment the Growth

Hyperspectral imaging integrates spectroscopy and digital imaging. A hyperspectral device helps in capturing a large number of spectral bands. Over the past few years, several technological advancements have led to the penetration of the hyperspectral technology, over a wide range of applications; these technologies include: satellite-based airborne sensing and target detection for military, along with the quality control processes for industrial applications. Owing to its ability in ensuring rich information content, the hyperspectral technology is widely accepted for automation in image processing techniques. These devices are capable of acquiring data that can be easily comprehended by human eye. In the recent years, these sensors have witnessed high penetration rate in the areas of research, to gain more accurate and reliable data for various applications

Growth in Fiber Optic Sensors Segment to Drive the Market

Over the past few years, optical fibers have seen significant in-roads across various sensors application, because of their small size and the ability to transmit huge amount of data without complexion, by consuming only a minimal or low electrical power for signal transmission. One of the key features of fiber optic sensors is that they do not face any interruption from electromagnetic waves and do not conduct electricity. Hence, they can be used in such places, where, high voltage current, along with flammable materials, are present.

Moreover, the technological advancements of photonics has been very fast, compared to other technologies. The photonics involvement in other potential technologies has grown enormously. Optical fibers have a major role in communication, as well as in the development of different types of sensors.

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