The
report "Optical
Sensing Market by Industry (Aerospace & Defense, Utilities, Oil
& Gas, Medical, Construction, and Consumer Electronics), Application,
Method, and Geography - Global Forecast to 2023", The optical sensing
market 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.
High
accuracy and ability to withstand harsh environments are the key parameters
that have increased the adoption of the optical sensing devices across various
industries such as aerospace & defense; utilities; and oil & gas.
Increasing research activities owing to increased investments, specifically in
the medical industry is expected to drive the growth of this market.
Pressure
and strain sensing application is expected to dominate the optical sensing
market during the forecast period
The
pressure and strain sensing application constituted the largest market share in
the optical sneezing market in 2016 and is expected to grow at a considerable
rate between 2017 and 2023. The pressure and strain sensing application is easy
to devise using various intrinsic and extrinsic methods and have applications
across various industries. The core industries rely on these robust sensors and
the ability to deploy these sensors in point based or distributed network in
order to achieve better visibility across vast infrastructure in these
industries.
Aerospace
& defense industry held the largest market share in 2016
The
aerospace & defense industry held the largest market share in the optical
sensing market in 2016, and this trend is expected to continue through 2023.
The industry readily adopts better sensors in its operations and is also aided
by the increased investments through government budgetary allocations and other
investors. The capability of the sensors to withstand harsh environments is a
major reason for the adoption of optical sensors in this industry.
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North
America expected to hold the largest market share, whereas Asia-Pacific is
expected to grow at the highest rate through 2023
North
America is expected to hold the largest market share and dominate the optical
sensing market between 2017 and 2023. A considerable number of optical sensing
device vendors are based in the U.S., and there is an increase in investments
to upgrade infrastructure across various industries, which would contribute
towards market growth in the region. However, the optical sensing market in the
Asia-Pacific region is expected to grow at the fastest rate growth owing to the
growing urbanization in the region and increasing investments to deploy
improved sensing technologies to monitor the infrastructure in industries such
as utilities and oil & gas.
The
key players in this market are ROHM Semiconductor (Japan), ABB (Switzerland),
Hamamatsu Photonics K.K. (Japan), ams AG (Austria), and Fairchild
Semiconductors (U.S.).
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