Optical Sensors Market Size and Growth Analysis by 2024: Top Players are ABB, Analog Devices, Broadcom, Canon, Eaton, Hitachi, Honeywell, OmniVision, Panasonic, STMicroelectronics, SICK, Sony, TE Connectivity, Texas Instruments, Toshiba

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.

Growth drivers:

- Increasing applications in smart homes and electronics

- Growing demand from healthcare and oil & gas sector

Optical sensor find extensive applications in smart industry. These devices are integrated with surveillance systems to ensure movement detection, intrusion monitoring, and presence identification for smart homes. Ingrained with features such as UV detection, personnel distance, ambient background lighting, and LED color detection that help enhance heating and lighting systems, these devices also contribute toward optimum energy consumption. Additionally, these sensors are subject to periodic technical upgrades that are utilized in authentic mobile payment systems and for fingerprint recognition in security systems, providing a positive impetus to optimal sensors market over 2016-2024.

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Key companies operating in optical sensor market have, of late, shifted their focus toward strategic partnerships from secluded core competency, primarily to establish a stronger presence across the value chain. Owing to stiff competition, companies engage in mergers & acquisitions to manufacture products that boast of optimal performance, superior efficiency, and high quality. For instance, the year 2015 witnessed Avago Technologies, headquartered in San Jose, California, partner with Broadcom Incorporation to expand their product portfolio and accumulate a major share of semiconductors industry. Major biggies competing in optical sensor market include Baumer Group, STMicroelectronics, Sony, Finisar, Canon, Omron, Sick AG, Samsung, Eaton, Omnivision, ABB, Broadcom Inc., Robert Bosch, Coherent, Analog Devices, and Emcore. Pertaining to the extensive activities these companies are involved in, especially regarding novel product developments, optical sensor industry is likely to be valued at USD 30 billion by 2014, with a CAGR estimation 7.5% over 2016-2024.

Asia Pacific has a significant contribution toward global optical sensor market revenue. Back in 2015, APAC accounted for more than 30% of the overall share, with prime contributors being India, China, and South Korea. Surging demand in the region for consumer electronic portable devices such as cameras and smartphones is likely to propel Asia Pacific optical sensor market, projected to be worth more than USD 10 billion by 2024.

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The U.S. has always been on the progressive growth map with regards to the smart industry and automation. Increased demand for factory automation coupled with escalating demand for optical devices in smart appliances will fuel U.S. optical sensor market over 2016-2024.

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