Optical Sensing Market Share, Analysis, Trend, Size, Growth and Forecast to 2027|Top Key Players Hamamatsu Photonics K.K., ABB Ltd., Analog Devices Inc., STMicroelectronics N.V., and Texas Instrument Incorporated

Market Overview

Between 2017 and 2023, the overall optical sensing market is expected to grow at a CAGR of 15.47 percent, reaching USD 3.47 billion from USD 1.13 billion in 2016. To assess the present size of the market, the study took four basic steps. To gather information on the peer market, focused market, and parent market, extensive secondary research was undertaken. The next stage used primary research to validate these findings, sizes, and assumptions with industry professionals across the supply chain. To estimate the total market size, bottom-up and top-down methodologies were used. The market size of segments and subsegments was then estimated using market breakdown plus data triangulation processes.

Optical sensors function as transducers, transforming physical amounts of light into electrical signals that may be measured, examined, comprehended, and modified by instruments. They are meticulously developed to measure light wavelength variations. The optical sensor attached to the sensor acts to variations in light inside the sensor and displays the result.

Physical features favourable for sensing in severe conditions are projected to enhance the growth of the optical sensing market throughout the forecast period. Furthermore, the optical sensing market is expected to increase due to continual technical breakthroughs in optical sensors. On the other side, the low-cost alternative to optical sensors is expected to stifle the optical sensing industry's growth over the forecast period.

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Market Segmentation

The optical sensing industry is divided into extrinsic and intrinsic sensing. Flow measurement sensors, pressure sensors, temperature sensors, and others are all examples of extrinsic sensors. Intrinsic is further broken down into strain, rotation, acceleration, and other types of sensors.

The optical sensing market is divided into several industries, including aerospace and defence, oil and gas, utilities, medical, consumer electronics, construction, and others. Other subcategories include transportation, chemicals, and maritime.

The optical sensing market is divided into pressure and strain sensing, geological survey, biochemical, temperature sensing, biometric, ambience, and others based on application. Flow sensing, radiation sensing, and partial discharge detection are other subcategories.

Regional Classification

Because the number of smart home-linked devices is increasing, North America dominates the optical sensing industry. Furthermore, during the projected period, the expansion of IoT-connected devices will fuel the development of the optical sensing market in the area. The optical sensing market is expected to grow significantly because of an increase in the number of processing and manufacturing sectors in Asia-Pacific.

Industry News

Because of their excellent precision in detecting things, these sensors have been acknowledged for their long-term use in the industrial automation sector. These sensors are increasingly being integrated into various automated machinery, mostly for non–contact detection and measurements such as monitoring, counting, conveyor mechanisms, machine tools, transportation systems, and throughout assembly lines.

Because of the speedy and exact measurements that optical sensors provide, these are becoming a vital tool for manufacturers to power saving, saving time and money. Furthermore, because these sensors are used in intelligent lighting, they assist in saving energy by not relying on a manual on-off switch and instead of turning on lights based on the amount of natural light in the space.

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Optical Sensing Market: By Type (Fiber Optic Sensors, Ambient Light Sensors, Image Sensors, Position Sensors and Others), By Method (Extrinsic and Intrinsic), By Technology (Fiber Braggs Grating (FBG) based, Fabry-Perot Interferometers, Spectroscopy, Laser Doppler velocimetry and Others), By Application (Metrology, Pressure and Strain Sensing, Medical Instruments, Temperature sensing, Remote Sensing Satellite, Biometric and Ambience Sensing, Geographical Survey), By Vertical (Aerospace & Defense, Healthcare, Automotive, Consumer Electronics, Oil & Gas, Government & Utilities, Transportation, Construction and Others) - Forecast till 2027

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