Global Market Analysis of Optical Sensors Industry Focusing on Key Players Analog Devices, Broadcom, Canon, Eaton, Hitachi, Honeywell, OmniVision Technologies, Panasonic, STMicroelectronics, TE Connectivity, 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. Optical Sensors Market size is expected to reach USD 30 billion by 2024.

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Key Market Competitors:

1. ABB
2. Analog Devices
3. Broadcom Inc.
4. Canon, Inc.
5. Eaton
6. Hitachi
7. Honeywell
8. OmniVision Technologies, Inc.
9. Panasonic
10. Samsung Electronics
11. STMicroelectronics
12. SICK
13. Sony
14. TE Connectivity
15. Texas Instruments
16. Toshiba
17. Vishay Intertechnology, Inc.

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.

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Optical Sensors Market By Product

1. Image sensor
2. Fiber optic sensor
3. Position sensor
4. Ambient light sensor
5. Cadmium Sulfide (CdS)
6. Silicon (Si)
7. InGaAs Sensors
8. Extended InGaAs Sensors

Strong demand for precise, environmental friendly and safety systems is likely to drive global 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.

Aerospace & defense sector in optical sensors market is anticipated to grow at 8.2% CAGR from 2016 to 2024, due to rising demand for superior detection capability products. Rising adoption of personal electronics including smartphones and other portable devices across emerging economies such as India and China may drive the consumer electronics segment. Healthcare providers focus on advanced biomedical instrumentation in order to offer patients with precise diagnosis, treatments, and monitoring. The optical sensors market is forecast to witness tremendous growth potential owing to increasing integration in high tech imaging devices. For instance, fiber optic device helps in detecting fatal lung in case of critical care patients. It also monitors blood flow in critically ill adults as well as babies and thus eradicates blood sampling need.

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Industry News: - For instance, in May 2015, Avago Technologies acquired Broadcom Incorporation to extend its portfolio in diversified communications platform in the semiconductors industry.

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