Optical Sensing Market Insights:
An additional Optical Sensing Market development driver might be the expanding use of optical sensing technologies in lighting systems for residential and commercial applications. Over 270,000 city lights will be replaced in Chicago over the next few years using intelligent controls and LEDs. Cities are saving enormous amounts of money on energy costs thanks to these kinds of initiatives. Other areas are following suit, which can only lead to an increase in demand for optical sensors in intelligent lighting systems in the near future as well as more accelerated market growth.
Because optical sensing technology provides accurate and speedy measurements, it has become an essential tool for manufacturers to save time, money, and energy. Since it is not dependent on a manual on/off switch, optical sensing technology applications in intelligent lighting also contribute to power savings. Instead, the light is adjusted in accordance with the ambient light. These qualities are highly desired and are to blame for the high market demand for the product.
In recent years, the number of smartphone users has surpassed that of home technology users. According to projections, there will be more than six billion cell phones in use worldwide by the year 2020. Given the demand for increased security features in smartphones, such as on-screen fingerprint scanning, these figures are pertinent to the market growth for optical sensing. The market for optical sensing will likely rise in the future years as more businesses implement on-screen fingerprint authentication.
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Optical Sensing Market Key Players:
Leading competitors identified are:
- Analog Devices Inc.,
- Teledyne Technologies Incorporated,
- Oxsensis Ltd,
- TE Connectivity Ltd.,
- ABB Ltd.,
- ROHM Company Ltd.,
- Hamamatsu Photonics K.K.,
- Sony Corporation,
- STMicroelectronics N.V.,
- Infineon Technologies AG.,
- ams AG,
- Texas Instrument Incorporated, to mention a few.
Optical Sensing Market Regional Analysis:
Europe, Latin America, the Middle East and Africa (MEA), Asia Pacific (APAC), and North America are the regions that make up the optical sensing market.
With a 54.44% share of the global market in 2017, North America holds the top position. In the same year, it was established that the regional market can expand at a rate of 20.06% over the course of the study period, with the United States (U.S.) serving as the engine of the growth in question. The nation is home to a thriving consumer electronics market, which will continue to grow in the coming years. The lucrative growth prospects for the optical sensing market are indicated by the rising smartphone penetration in the U.S. The expansion of the regional market is largely dependent on the regular technological and product advancements as well as the rising popularity of smart TVs due to its multifunctionality.
More and more suppliers are competing for market share in the APAC region by attempting to create effective and cutting-edge technologies that enable sensor miniaturisation. Additionally, the increasing use of optical sensors in a variety of non-traditional fields, such as automation, can spur market growth. Additionally, the region's growing need for electro-optical sensors for a variety of applications drives the Optical Sensing Market expansion for optical sensing technology.
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Optical Sensing Market Segmentation:
The report's primary segments for studying the optical sensing market are type, method, technology, application, and vertical.
There are many different kinds of optical sensing systems, including ambient light sensors, fibre optic sensors, position sensors, and image sensors. The segment for fibre optic sensors had the largest share in 2018 (44.05%, worth USD 728.69 million). Additionally, it is anticipated that the sector will grow at a rate of 19.17% over the timeframe.
Extrinsic and intrinsic approaches are the main ones covered in the paper. The Optical Sensing Market leader in 2018 was fibre optic sensors, which had a share of 44.05% and a valuation of USD 728.69 million. Additionally, the segment for fibre optic sensors has the potential to grow at a rate of 19.17% over the course of the evaluation period.
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Laser Doppler velocimetry, Spectroscopy, Fabry-Perot interferometers, Fiber Braggs Grating (FBG), and other segments are technology-dependent.
Applications for optical sensing include metrology, temperature sensing, pressure and strain sensing, biometric and environment sensing, remote sensing satellite, and more. Metrology was the largest segment in 2017 with a share of 28.07% and a market value of USD 464.33 million. The market has the potential to expand at a 20.80% rate over the next few years.
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