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.
Segmentation by type and analysis of the optical sensors market
Ambient light and proximity
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.
Geographical segmentation and analysis of the optical sensors market
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.
Competitive landscape and key vendors
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.
Key questions answered in the report include
What will the market size and the growth rate be in 2020?
What are the key factors driving the global optical sensors market?
What are the key market trends impacting the growth of the global optical sensors market?
What are the challenges to market growth?
Who are the key vendors in the global optical sensors market?
What are the market opportunities and threats faced by the vendors in the global optical sensors market?
Trending factors influencing the market shares of the Americas, EMEA, and APAC.
What are the key outcomes of the five forces analysis of the global optical sensors market?
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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.