Optical Sensors Market Opportunity By 2024 - ABB, Analog Devices, Broadcom Inc., Canon, Inc., Eaton, Finisar Corporation (NASDAQ: FNSR), Hitachi, Honeywell, OmniVision Technologies, Inc., Panasonic, Samsung Electronics, STMicroelectronics, SICK, Sony, TE

Optical Sensors Market is expected to reach USD 30 billion by 2024, Strong demand for precise, environmentally 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.

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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 trackingetc. 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.

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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.

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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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.

Major industry participants contributing to global optical sensors market share include ABB, Analog Devices, Baumer Group, Broadcom Inc., Canon, Inc., Coherent Inc., Eaton, EMCORE Corporation, Finisar Corporation (NASDAQ: FNSR), First Sensor, HAMAMATSU PHOTONICS UK LIMITED, Hitachi, Honeywell, Micron Optics, Inc., Newport Corporation, OmniVision Technologies, Inc., Omron Corp, Panasonic, Robert Bosch Ltd, Samsung Electronics, Smart Fibres Ltd, STMicroelectronics, SICK, Sony, TE Connectivity, Teledyne DALSA, Texas Instruments, Toshiba and Vishay Intertechnology, Inc.

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