Optical Sensing Market expected to reach USD 3.46 billion by 2023

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Jun 19, 2017, 14:51 ET

NEW YORK, June 19, 2017 /PRNewswire/ -- Highlights

· The aerospace & defense industry is the largest contributor towards the optical sensing market.

· The optical sensing market size, in terms of value, 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.

· Optical sensing devices have good accuracy and can withstand harsh environments.

· These factors make them a suitable to be deployed in major industries such as aerospace & defense; utilities; and oil & gas.

· The rising investments to develop more reliable sensing devices would significantly impact the growth of the market. On the other hand, the availability of cheaper non-optical sensors with lesser sensing capabilities would be a major restraint for the market growth.

· Rising applications in the medical industry are expected to boost the market growth.

· Biochemical sensing application is being adopted across different industries at a fast rate.

· The reducing prices and form factor of optical biochemical sensing devices are expected to boost the growth of the market.

· The increasing performance due to increased R&D spending in biochemical sensing applications is also expected to drive the growth of this subsegment.

· These devices have applications across different industries in varying capacities.

· Asia-Pacific market for optical sensing devices to grow at the highest rate during the forecast period.

"The aerospace & defense industry is the largest contributor towards the optical sensing market."
The optical sensing market size, in terms of value, 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. Optical sensing devices have good accuracy and can withstand harsh environments. These factors make them a suitable to be deployed in major industries such as aerospace & defense; utilities; and oil & gas. The rising investments to develop more reliable sensing devices would significantly impact the growth of the market. On the other hand, the availability of cheaper non-optical sensors with lesser sensing capabilities would be a major restraint for the market growth. Rising applications in the medical industry are expected to boost the market growth.

"Biochemical sensing application is being adopted across different industries at a fast rate."
The reducing prices and form factor of optical biochemical sensing devices are expected to boost the growth of the market. The increasing performance due to increased R&D spending in biochemical sensing applications is also expected to drive the growth of this subsegment. These devices have applications across different industries in varying capacities.

"Asia-Pacific market for optical sensing devices to grow at the highest rate during the forecast period."
The Asia-Pacific region is expected to grow at the highest CAGR in the optical sensing market. Growing urbanization and fast-growing economies in the region is expected to boost the market growth. Increasing investments to upgrade the infrastructure in key industries such as utilities and oil & gas would drive the market growth in the region.

In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key people. The break-up of the profiles of primary participants is given below:

• By Company Type: Tier 1 – 30 %, Tier 2 –45%, and Tier 3 – 25%
• By Designation: C-Level Executives – 45%, Directors – 35%, and Others – 20%
• By Region: North America – 45%, Europe – 30%, APAC – 20%, and RoW – 5%

Most companies have adopted the strategy of innovating new products to increase their market share. The companies have sought to improve the features of their products through extensive research. Some major players have also tried to strengthen their market position through mergers & acquisitions. Apart from these dominant strategies, some players focus on forging alliances in the value chain to expand their business in the optical sensing market.

The key players in the optical sensing market profiled in the report are as follows:
1. ROHM Semiconductor (Japan)
2. ABB (Switzerland)
3. Hamamatsu Photonics K.K. (Japan)
4. ams AG (Austria)
5. Fairchild Semiconductor (U.S.)
6. Analog Devices Inc. (U.S.)
7. Texas Instruments Inc. (U.S.)
8. STMicroelectronics N.V. (Switzerland)
9. Vishay Intertechnology, Inc. (U.S.)
10. Alphasense (U.K.)
11. Teledyne DALSA, Inc. (Canada)
12. Oxsensis, Ltd. (U.K.)
13. RJC Enterprises, LLC. (U.S.)

Research Coverage
The geographic segmentation in the report covers the four major regions of the world, namely, North America, Europe, Asia-Pacific, and RoW. The industry segment covers the market for aerospace & defense; utilities; oil & gas; medical; construction; consumer electronics; and others. The application segment covers pressure and strain sensing; temperature sensing; geological survey; biochemical sensing; biometric and ambience sensing; and others. The optical sensing market by methods is segmented into extrinsic and intrinsic.

Key Benefits of Buying the Report
The report will help the market leaders/new entrants in this market in the following ways:
1. This report segments the optical sensing market comprehensively and provides the closest approximations of the overall market size and that of the subsegments across the different verticals and regions.
2. The report helps stakeholders to understand the market and provides information on key market drivers, restraints, challenges, and opportunities.
3. This report would help stakeholders to better understand their competitors and gain more insights to enhance their position in the business. The competitive landscape section includes DIVE analysis of 25 industry players which are also benchmarked for their respective business strategy and product portfolio.
Read the full report: http://www.reportlinker.com/p04944758/Optical-Sensing-Market-by-Industry-Application-Method-and-Geography-Global-Forecast-to.html

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