Optical Sensing System Market - Growth Factors, Key Players and Regional Forecast 2023

The global optical sensing market is expected to exhibit a robust 21.41% CAGR over the forecast period from 2018 to 2023, according to the latest research report from Market Research Future (MRFR). The global optical sensing market is mainly driven by the growing demand for optical sensing technology in diverse end-use sectors such as aerospace and defense, automotive, healthcare, and oil and gas.

Optical sensing works on the principle of an emitting diode emitting certain wavelengths of light and a virtual projection of the world being created in terms of how the light emitted from the sensor reacts and interacts with the objects around it. The reflection or interruption in the light beam can be detected and measured using optical sensors, and some advanced optical sensing devices also allow the detection of transparent objects and distinction between different colors, adding a further layer of refinement on optical sensing technology.

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The wide diversity of applications for optical sensing equipment is the major driver for the global optical sensing market. Optical sensors have become widely popular in the automotive and aerospace industries for RADAR and LiDAR devices as well as optical monitors for fuel tanks to enable more precise calculation as to the remaining fuel. This is likely to remain a major end use for the global optical sensing market over the forecast period, as the demand for more powerful and more precise optical detection equipment has grown rapidly in the automotive and aerospace industries in recent years. The physical durability and robust build of optical sensing equipment is also a key driver for the global optical sensing market, as it has enabled the use of optical sensors in harsh environments, including the chemicals industry and construction industry.

Competitive Analysis:

Leading players in the global optical sensing market include TE Connectivity Ltd., Infineon Technologies AG, Sony Corporation, Oxsensis Ltd., ROHM Company Ltd., ams AG, Texas Instrument Inc., Teledyne Technologies Inc., STMicroelectronics NV, ABB Ltd., Analog Devices Inc., and Hamamatsu Photonics K.K.

In June 2019, Opsens Solutions Inc. announced a partnership with Temai Ingenieros SL for the development of a new optical fuel monitoring system for a major aircraft manufacturer.

In May 2019, ams AG, Ibeo Automotive Systems GmbH, and ZF Friedrichshafen AG announced a collaboration to develop solid-state LiDAR technology for use in automotive applications.

Segmentation:

Optical Sensing System Market is segmented on the basis of type, method, technology, application, end-use vertical, and region.

By type, the global optical sensing market is segmented into fiber optic sensors, ambient light sensors, image sensors, position sensors, and others. The fiber optic sensors segment is likely to dominate the global optical sensing market over the forecast period, exhibiting a growth rate of 19.17% over the forecast period.

By method, the global optical sensing market is segmented into extrinsic and intrinsic, with the extrinsic segment accounting for the larger market share in 2017 and likely to exhibit rapid growth at a CAGR of 21.91% over the forecast period.

By technology, the global optical sensing market is segmented into fiber Bragg grating, Fabry-Perot interferometers, spectroscopy, laser Doppler velocimetry, and others.

By application, the global optical sensing market is segmented into metrology, medical instruments, pressure and strain sensing, temperature sensing, remote sensing satellite, biometric and ambiance sensing, and geographical survey. The metrology segment is likely to be the major application for the optical sensing market over the forecast period due to the widespread use of optical sensing in weather forecasting.

By vertical, the global optical sensing market is segmented into aerospace and defense, automotive, oil and gas, transportation, construction, government and utilities, consumer electronics, and healthcare. The aerospace and defense segment is likely to account for the largest share in the global optical sensing market over the forecast period due to the growing use of optical sensors in modern, digitalized aviation.

Regional Analysis:

North America is likely to dominate the global optical sensing market over the forecast period due to the strong development prospects of optical sensing technology in the region and the presence of several leading market players. The region accounted for more than 54% of the global optical sensing market in 2017 and is likely to remain similarly dominant over the forecast period, exhibiting a CAGR of 20.06% from 2018 to 2023.

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