“Optical Sensing Market by Industry (Aerospace & Defense, Utilities, Oil & Gas, Medical, Construction, and Consumer Electronics), Application, Method, and Geography-Global Forecast to 2023″, The optical sensing market is projected to grow from USD 1.12 Billion in 2016 to USD 3.46 Billion by 2023, at a CAGR of 15.47% between 2017 and 2023.
High accuracy and ability to withstand harsh environments are the key parameters that have increased the adoption of the optical sensing devices across various industries such as aerospace & defense; utilities; and oil & gas. Increasing research activities owing to increased investments, specifically in the medical industry is expected to drive the growth of this market.
Pressure and strain sensing application is expected to dominate the optical sensing market during the forecast period
The pressure and strain sensing application constituted the largest market share in the optical sneezing market in 2016 and is expected to grow at a considerable rate between 2017 and 2023. The pressure and strain sensing application is easy to devise using various intrinsic and extrinsic methods and have applications across various industries. The core industries rely on these robust sensors and the ability to deploy these sensors in point based or distributed network in order to achieve better visibility across vast infrastructure in these industries.
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Aerospace & defense industry held the largest market share in 2016
The aerospace & defense industry held the largest market share in the optical sensing market in 2016, and this trend is expected to continue through 2023. The industry readily adopts better sensors in its operations and is also aided by the increased investments through government budgetary allocations and other investors. The capability of the sensors to withstand harsh environments is a major reason for the adoption of optical sensors in this industry.
The major restraint for the growth of the optical sensing market is the availability of cheaper substitutes in the market. The upcoming industrial IoT surge is expected to considerably boost the market growth during the forecast period. The key players in the optical sensing market include ROHM Semiconductor (Japan), ABB (Switzerland), Hamamatsu Photonics K.K. (Japan), ams AG (Austria), and Fairchild Semiconductors (U.S.). These players adopted various strategies such as new product launches & developments, partnerships, collaborations, business expansions, and mergers to grow in the optical sensing market.
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