Optical sensor market was worth USD 17.42 billion in 2017 and is projected it to grow to USD 26.88 billion by 2023 at a CAGR of 7.50% over the forecast period 2018-2023| Key Players - HITACHI LTD, SICK AG, STEINEL, STMICROELECTRONICS, amongst others.

The global optical sensors market is expected to grow at a steady pace over the forecast period. This growth is due to the advancements in mobile technology resulting in new features and models. The need for power-saving technologies is also changing the market, with companies shifting their focus toward the silicon technology.

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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. Increase in automation across several industries, globally. This has further increased the demand for optical sensors, across industry verticals. Advancements in Hyper Spectral Imaging is driving the market

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Market Segments:
Optical sensor market is segmented by:
1. Technology: Hyperspectral Imaging, Near IR Spectroscopy, Photo-Acoustic Tomography, Optical Coherence Tomography
2. Sensor Type: Fiber Optic Sensors, Image Sensors, Position Sensors, Ambient Light and Proximity Sensors, Infrared Sensors, Others
3. Application: Commercial, Consumer Electronics, Medical, Automotive, Industrial, Aerospace & Defense, Others
4. Type of Optocouplers: 4-pin Optocouplers, 6-pin Optocouplers, High-speed Optocouplers, IGBT Gate Driver Optocouplers, Isolation Amplifier Optocouplers
5. Geography: North America, South America, Europe, Asia Pacific, Middle East & Africa

Key Developments in the Market
• 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.
• 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

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