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Extensive research carried out by the analysts at Technavio has shown that the global optical sensor market to grow at an impressive CAGR of nearly 10% over the forecast period. One of the critical factors driving the growth of this market is the increasing proliferation of smartphones and tablets. The global smartphone market has seen a massive upsurge in shipments in the last decade which is expected to directly impact the optical sensor market in a positive manner. With the increasing adoption of smartphones, manufacturers are focussing on adding new features and applications to differentiate their products from other manufacturers. Furthermore, the 4G rollout in leading countries like India, China, Germany, Japan, Singapore, the US, and the UK has resulted in the deployment of LTE technology in the market. This technology enables mobile devices to deliver premium-quality services, such as high-speed data traffic supporting Internet browsing, voice, and video, to smartphone users. With an increasing number of devices being integrated with additional features like gesture control, fingerprint scanners, image scanners, and GPS, the market for optical sensors is expected to witness profound growth in the coming years.
In this market study report, the analysts have estimated factors such as the increasing adoption of wearable technology to impel the growth prospects for this market over the predicted period. Wearable technology is primarily used to monitor daily activities and access smartphone functionalities. This category includes smart watches, smart fabrics, and heart rate monitors that are integrated with optical sensors to monitor daily physical activities. This technology is expected to gain significant momentum during the forecast period, thereby bolstering the growth prospects of the optical sensor until the end of 2020.
During 2015, the image sensors segment dominated the market and accounted for a market share of more than 44% in terms of revenue. Factors such as the augmented applications of CMOS image sensors in the automotive, healthcare, and consumer electronics segment to contribute to the growth prospects for this segment over the predicted period.
The Americas dominated this market and is expected to reach more than USD 14 billion by the end of 2020. The high-rate of industrial automation in the US is one the key factors driving this market’s growth in the Americas. Moreover, the increasing use of optical sensors such as fiber-optic sensors in the oil and gas industry is aiding in the growth of this market in the region. Also, governments in South America are increasingly focussing on urbanization and looking to improve healthcare sector with the integration of optical sensors, thereby spurring this market’s growth.
The global optical sensors market is highly fragmented because of the presence of well-diversified vendors that offer different types of sensors. These vendors compete on the basis of technical advances and innovate to capture the market of a particular customer segment. This competition will also bring about significant technological changes, as all the big vendors are investing in R&D to differentiate their products.
Top vendors in the market are –
Other prominent vendors in the market include Eaton, General Dynamics, Micron Optics, Samsung Semiconductor, Sick, Smart Fibres, and STMicroelectronics.
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A fiber optic sensor uses optical fibers either as the sensing element or as the medium of relaying signals from a remote sensor to the electronic devices that process such signals. Since these sensors are immune to electromagnetic interference, they can be used in places that are characterized by the presence of high voltage electricity or flammable materials like jet fuel. Fiber optic sensors can also be designed to withstand high temperatures.
The report, global optical sensors market, is part of Technavio’s hardware and semiconductor research portfolio. This portfolio provides a comprehensive market analysis along with the market share, market sizing, and market segmentations covering areas such as computing devices, displays, embedded systems, human machine interface, lighting, semiconductor equipment, and sensors. These market research reports provide a perspective on the various market opportunities and market threats along with the key trends that would influence the market growth during the forecast period. It presents insights into the changing competitive landscape and a detailed profiling and market analysis of the vendors. Also covered in the research are the key regions or countries that would have an impact on the market during the assessment years.
PART 01: Executive summary
PART 02: Scope of the report
PART 03: Market research methodology
PART 04: Industry overview
PART 05: Introduction
PART 06: Market landscape
PART 07: Market segmentation by end-user application
PART 08: Market segmentation by type
PART 09: Geographical segmentation
PART 10: Key leading countries
PART 11: Market drivers
PART 12: Impact of drivers
PART 13: Market challenges
PART 14: Impact of drivers and challenges
PART 15: Market trends
PART 16: Vendor landscape
PART 17: Appendix
PART 18: Explore Technavio
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