Optical Sensors Market Projected to Witness Modest Growing over Next Five Years
The global optical sensors market is growing at a high CAGR because of the increasing production of consumer electronics and health monitoring devices owing to the expanding global demand?
A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global optical sensors market is estimated to grow at a CAGR of 7% during the forecast period 2022-2028. The market is flourishing owing to factors such as the increasing production of smartphones and other electronic items, such as smartwatches, Fitbit, etc. Furthermore, the rising demand for health monitoring devices is also influencing the growth of the optical sensors market in the medical industry. However, the presence of low-cost alternatives of optical sensors may act as a huge restraining factor for the global optical sensors market growth during the forecast period.
Increasing Integration in Healthcare Devices Propelling the Global Optical Sensors Market Forward
The rising demand for remote patient monitoring devices, especially after the COVID-19 pandemic, is presenting lucrative growth opportunities for the global optical sensors market. Health devices, such as pulse oximeters, heart rate monitoring devices, etc., use optical sensors to track a patient’s vitals. This type of optimized sensor is used in hospitals, laboratories, and portable equipment to detect media and cartridges, as well as fluid levels and contamination. Such applications are anticipated to fuel the growth of the optical sensors market during the forecast period.
Rising Research and Development Activities is Anticipated to Provide Lucrative Growth Opportunities to the Market
Despite significant developments, the global optical sensors market is said to be very rudimentary. Therefore, the research institutes are significantly focusing on exploring the wider potential of optical sensors, which is projected to drive market growth during the forecast period. For instance, an international team led by the Biophotonics@Tyndall group at Ireland’s Tyndall National Institute (TNI) devised a new strategy for integrating optical sensing into orthopaedic surgical devices, published in the Journal of Biomedical Optics (JBO) journal.
Optical Sensors Market - By Sensor Type
Based on sensor types, the global optical sensors market is grouped into fiber optic sensors, image sensors, photoelectric sensors, ambient light and proximity sensors, and others. The fiber optical sensor segment holds the largest market share. These types of sensors are mainly used for sensing quantities, such as temperature, pressure, vibrations, rotations, or concentration of chemical species. Therefore, fiber optic sensors are most prominently used in industrial and medical applications. Additionally, the rising demand for various sensor-based medical devices, such as pulse oximeters is anticipated to propel the growth of the optical sensors market.
Optical Sensors Market - Regional Insights
Geographically, the global optical sensors market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. Among these regions, North America dominates the global optical sensors market. However, the Asia-Pacific region is projected to witness the highest CAGR during the forecast period. The expanding electronic manufacturing industry in emerging economies including China, India, Japan, South Korea, etc., is significantly propelling the demand for optical sensors. China is the leading producer of smartphones worldwide, with over one billion output every year. India and Japan are also significantly investing in the production of health monitoring devices, which is anticipated to fuel Asia Pacific’s sensors market during the forecast period.
Impact of COVID-19 on the Global Optical Sensors Market
The growth of the global optical sensors market was hindered by the unprecedented COVID-19 pandemic outbreak. The restrictions imposed by the countries to mitigate the virus spread halted the manufacturing and production activities of electronic devices, including smartphones. This resulted in a sharp downfall in the demand for optical sensors, incurring huge losses to the market. However, the market remained positive in the medical industry with the increasing demand for remote health monitoring devices, including pulse oximeters. With expanding production of these health monitoring devices globally, the demand for optical sensors is projected to surge during the forecast period.
Global Optical Sensors Market-Competitive Landscape
The leading players in the optical sensors market are Keyence Corporation, TE Connectivity, ON Semiconductors, Panasonic Corporation, Omron Corporation, Vishay Intertechnology, ROHM Co., Ltd., Texas Instruments Incorporated, Sick AG, Fotech Solutions Ltd., Fairchild Semiconductor International, Inc., Intelligent Fiber Optic Systems Corporation, Sony Corporation, OptaSense, Infineon Technologies AG, Silixa Ltd, Hamamatsu Photonics K.K., Teledyne Technologies Incorporated, AlphaSense, Analog Devices, Inc., and other prominent players.
The global optical sensors market is highly competitive due to the presence of several multinational and regional industry players. The companies significantly invest in R&D activities to improve their products and bring innovations to gain a competitive edge. They are also focusing on improving their distribution channel to expand their business footprint beyond geographical boundaries and boost their revenue. Furthermore, the adoption of competitive strategies, such as partnerships, mergers, acquisitions, joint ventures, etc., is also prominent in this market.
Don’t miss the business opportunity of the global optical sensors market. Consult our analysts to gain crucial insights and facilitate your business growth.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global optical sensors market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global optical sensors market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.