Where Will The Optical Sensors Market Be In 2024?

Global Market Insights claims the optical sensors market share will hit $30 Billion by 2024, a lofty number to say the least. The firm also claims optimum and real-time information in service sector integrity, the ultimate goal for every manufacturer, is pushing optical sensors market globally. Continuous evolution of technology is playing a pivotal role in the growth of optical sensors industry. These sensors are gaining popularity over conventional ones in smart homes owing to their integrated advanced features such as occupancy sensing, smart lighting, perimeter security, touchless control, etc.

 

The increasing proliferation of consumer electronics especially smartphones and tablets featured with restore recognition, eye tracking, and 3D mapping, is acting as a key propellant thriving the overall optical sensors industry. Image sensors are mostly integrated into today’s high-end use cell phones. As these sensors are highly compact, passive, and light weight, they can be easily multiplexed to offer extensive sensor arrays, thereby offering superior and a dynamic sensing range. Finger print recognition and mobile payment authentication are some of the recent additions, offering to the massive growth prospects of the market.

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Amenability to multiplexing, immunity against electromagnetic interference, and superior sensitivity make optical sensors the most preferred sensor technology in several fields, which include healthcare & aerospace and defense industries, as well as residential and commercial surveillance. Optical sensors market is set to witness massive growth from the medical fraternity, having held 12% of the market share in 2015.

 

With the technological advancements in the healthcare sector, biomedical imaging optical sensors are extensively used in different medical application such as gastroenterology, cardiovascular & intensive care, angiology, ophthalmology, oncology, and even in dentistry. Additionally, favorable healthcare platforms such as SPHERE, which targets patients suffering from depression, obesity, stroke, etc., is also expected to stimulate optical sensors industry from healthcare applications.

 

Optical sensors market from aerospace & defense sector applications will also exhibit an upward growth trajectory, with a projected annual rate of 8.2% over 2016 -2024. These upgraded sensor systems are expected to bring about a revolution in the military sector, as optoelectronics technology provides better communications, sensing, and even weaponry.

 

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.

 

For more details about these projections, pay Global Market Insights a visit.

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