Press release
Optical Sensors Industry to grow at 7.5% CAGR from 2016 to 2024
fractovia.org
Owing to some of its unique features like light weight, compactness, passivity, and easy accessibility, these sensors offer dynamic sensing range, which provides them with a competitive edge over other counterparts. Continuous upgradation of mobile technology that has resulted in an acceleration in consumer demand for featured smartphones that support 3D mapping, restore recognition, eye tracking etc., is further spurring the industry’s rapid propulsion.
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Superior sensitivity, amenability to multiplexing, and immunity against electronic interference are allowing optical sensors industry to be the most chosen sensor technology in various fields including aerospace and defense, healthcare, commercial surveillance, and industries. Medical space is actively partaking in optical sensors market.
Advancements in healthcare IT have resulted in the introduction of biomedical imaging sensors that are being extensively used in different medical units such as cardiovascular& intensive care, ophthalmology, gastroenterology, angiology, as well as in dentistry. Optical sensors industry share from medical applications is expected to spectate massive growth in the years ahead, having held 12% of the total share in 2015.
Based on various categories of sensors that are available in the market, ambient light sensors and image sensors are experiencing large-scale adoption across numerous end use industries. A noticeable upsurge in consumer demand for featured electronic devices that provide various unique facilities like ambient light sensing, proximity detection, gesture recognition, is catalyzing ambient light optical sensors market. As per estimation, this industry is poised to grow massively at a CAGR of 7.9% over the period of 2016-2024.
Image optical sensors industry accounted for a major share in 2015, and is slated to grow significantly at a projected annual rate of 7.3% over the coming seven years. These photo detectors are extensively in demand in various wearable electronics, that are used both in personal as well as in commercial applications.
Geographically, Asia pacific held a major chunk of optical sensors market in 2015 by covering more than 50% of the total volume. With increasing consumer electronics products demand across emerging regions such as India, China, and South Korea, APAC industry is expected to continue its dominance in the global landscape.
U.S. optical sensors industry is also anticipated to have substantial growth in the years ahead with the rising adoption of upgraded sensors for smart control system management and factory automation. Some of the prominent companies that are actively operating in optical sensors market include Canon, Samsung, Omnivision, and Sony.
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Based on the product trends, image optical sensors market accounted for a considerably larger share (more than half of the total revenue) in 2015 and is poised to grow lucratively with a CAGR estimation of more than 7.3% over the period 2016-2024. Image sensors or photo detectors are widely used in various wearable electronics equipment both in the commercial as well as the personal front.
The upsurge in consumer demand for electronic devices that will be able to provide proximity detection, ambient light sensing, and gesture recognition is fueling the ambient light sensors demand. It is estimated that ambient light optical sensors market will grow massively in the years ahead with an annual growth rate of 7.9% over 2016-2024.
Geographically, the global market is majorly driven by Asia Pacific optical sensors market, with prominent revenue contributions being from countries such as China, India, and South Korea. Accelerating demand for consumer electronics along with untapped potential is boosting the regional growth. Wide adoption of hi-tech sensors in factory automation and smart control systems is pushing U.S. optical sensors industry.
Extensive research is being continuously done by key players to enhance the product portfolio which would offer better connectivity even in harsh environmental conditions. Some of the industry participants are also involved in mergers to attain a competitive edge. For instance, Broadcom Incorporation is taken over by Avago Technologies to provide a diversified communication platform in semiconductors industry. players of the optical sensors market include Samsung, Sony, Omnivision, and Canon.
Browse key industry insights spread across 163 Pages with 101 market data tables & 69 figures from the report, “Optical Sensors Market Size By Product (Image Sensors, Fiber Optic Sensors, Position Sensors, Ambient Light Sensors [Cadmium Sulfide (CdS), Silicon (Si), InGaAs, Extended InGaAs]), By Application (Aerospace & Defense, Automotive, Consumer Electronics, Healthcare, Industrial), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Russia, China, India, Japan, Australia, South Korea, Brazil Mexico, Saudi Arabia, UAE, South Africa), Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024” in detail along with the table of contents:
https://www.fractovia.org/news/industry-research-report/optical-sensor-market
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