Optical Sensing Market Forecast to Reach $4.2 Billion by 2026

(IT-NEWSWIRE.COM, August 13, 2021 ) The Optical Sensing Market forecast to reach $4.2 billion by 2026, growing at a CAGR of 9.4% from 2021 to 2026. The Optical Sensing Market is estimated to witness a sustainable growth over the forecast period majorly because of the increasing priorities on building automation. Along with this rising demand from the automotive, industrial, consumer electronics and defense sector, the government regulations on safety measures have also been increasing in recent years. These factors are expected to enhance the market growth of Optical Sensing in forecast period. An optical sensor converts light rays into an electronic signal.

The purpose of an optical sensor is to measure a physical quantity of light and, depending on the type of sensor, then translates it into a form that is readable by an integrated measuring device. The rising adoption of technological innovations such as fiber braggs grating, fabry perot interferometers based optical sensors have driven the applications in spectroscopy marketOptical Sensing Market Segment Analysis - By Type

Extrinsic Sensors have dominated the Optical Sensing Market as compared to the Intrinsic sensors with a share of 69.0% in 2020. When light beam leaves the fibre cable and the path gets changed due to object before it reaches to the optical detector end then it is known as extrinsic optical sensor. Extrinsic sensors are adopted widely in various end-use industries as compared to Intrinsic sensors because they are easy to multiplex, less expensive and are easier to use in various applications such as temperature, pressure, liquid level, flow and other measurements. The implementation of new technologies such as fiber braggs grating, fabry perot interferometers will also drive the market growth. These advantages uplift the market growth of Extrinsic Optical Sensors globally. On the other hand, Extrinsic sensors are less sensitive and are more prone to connection problems at entering and exit points which tend to hinder its market growth.

Optical Sensing Market Segment Analysis - By End Use Industry

Optical Sensors are widely used in Automotive industry and the sector is growing at 11.8% CAGR through 2026. One of the major reasons for boost in market of Optical sensors in Automotive industry is because the optical sensors are used in several camera-enabled systems such as autonomous driving, advanced safety systems, and in-vehicle infotainment (IVI) systems and others. These sensors offer various in-built features such as 3D gesture recognition, vehicle-to-everything (V2X) communications, and interior lightening control applications and many others. These wide applications of Optical sensors in Automotive industry propel its market growth globally. Optical sensors are also used in Defense sector. Various temperature sensors, Electric field sensors, Motion sensors are used by Defense sector in different operations. Optical sensors are also used in Material Handling Industry, where the warehouse management system is of large scale, optical sensors plays a very important role in monitoring and controlling logistic processes. This wide range of applications in different industries enhances its growth in global market.

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Optical Sensing Market Segment Analysis - By Geography

North America accounts for being the highest market with a share of 32.9% in 2020. The market growth in this region is predominantly rising due to leading economies such as United States, Canada and Mexico. Due to the growing demand for automation across various industries and rising adoption of Optical sensors in different industrial sector has brought a major pace in the Optical Sensing Market growth. With the increasing industrialization in Automotive sector in North America, the demand for Artificial Intelligent automobiles has increased rapidly which has further uplifted the adoption of optical sensors in automobiles. This has brought a major pace in uplifting adoption of Optical Sensing, especially those based on fiber braggs grating, fabry perot interferometer technology. During the Covid-19 pandemic, North America remained at the top in balancing its economic status in global market. North America is closely followed by Asia-Pacific and Europe in the Optical Sensing Market.

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Optical Sensing Market Drivers

Rise in Technology Advancement drives market growth

With the increasing demand for automation across various industries, there has been a rapid adoption of Optical Sensors of different measurands such as Temperature sensors of wide range of temperatures and different environments, Motion sensors with latest technology of human detectors, wide range of Pressure sensors and Electric field sensors of different electric fields. Amkor, the world leader in optical sensor packaging technology and the largest OSAT for sensor packages aims to increasingly rely on developments in optical sensors to enhance reliable and fast sensing applications for the future. The rising adoption of technological innovations such as fiber braggs grating, fabry perot interferometers based optical sensors have driven the applications in spectroscopy market. Optical sensors convert various wavelengths into electrical signals for enhanced sensing applications. Ambient, infrared (IR) and ultraviolet (UV) light are some wave types that optical sensors measure to create applications for autonomous cars, in-display fingerprint scanners, secure facial recognition, and many others.

Increasing adoption of Genetic encoded Optical Sensors in Healthcare

Optical sensors are powerful tools for live cell research as they permit to follow the location, concentration changes or activities of key cellular players such as lipids, ions and enzymes. Most of the current optical sensors probes are based on fluorescence which provides great spatial and temporal precision. This high-end microscopy is used and that the timescale of the event of interest fits the response time of the sensor. These developments in Healthcare sector enhance the growth of Optical Sensors in global market. Genetically encoded sensors began to emerge after the discovery of fluorescent proteins, This brought a major development in improving the optical properties and the study of their structure through application of circular permutation. Genetically encoded biosensors, including those for intensiometric and ratiometric sensors are based on single fluorescent proteins. These rising adoptions Optical sensors tend to drive the market growth of Optical sensing Market globally.

Optical Sensing Market Challenges

Rising Substitutes of Optical Sensors

One of the major challenges faced by Optical Sensing Market globally is the rising substitutes of Optical Sensors. Many applications of Optical sensors, primarily for those in the Healthcare and Manufacturing industries of semiconductors cannot be solved with optical sensors or miniature photoelectric sensors because they are physically too large to fit in the instruments. Additionally, these sensors are typically not flexible enough to be routed through these instruments. Nowadays, highly flexible and miniature sensors are being incorporated in other industries due to recent demands of smaller machines and tools. These rising demands and manufacturing of miniature sensors tends to hinder Optical Sensing Market growth in forecast period. Recently launched, MICROmote sensors are miniaturized photoelectric sensors with separate amplifiers that are also available with a variety of functionalities. It is highly flexible, electric sensor cables which makes them a genuine technical alternative to conventional optical sensors.

Optical Sensing Market Landscape

Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Optical Sensing Market. The Optical Sensing Market is dominated by major companies such as Hamamatsu Photonics K.K, Baumer Electric Ag, Sofradir Ec Inc., Vigo System S.A., Carlo Gavazzi Automation Spa, Teledyne Dalsa, Aptina Imaging, ROHM Company Ltd, Oxsensis Ltd, Sony Corporation, Infineon Technologies AG. And TE Connectivity Ltd.

Acquisitions/Technology Launches/Partnerships

In June 2019 Hamamatsu Photonics launched InGaAs, an area image sensor for hyperspectral cameras which are capable of detecting short-wavelength-infrared light up to 2.55 μm. It is the world’s longest wavelength detectable by this type of area image sensor.

Key Takeaways

The Optical Sensing Market is estimated to witness sustainable growth over the forecast period because these sensors offer several features such as high accuracy, compact size, electromagnetic radiation free and offer operation at difficult sites which are not accessible to humans. These features at various industries uplifts its market growth.

With the growing demand of safety and adoption of high-grade wearable devices for the operators at majority of industrial sites has enhanced the Optical Sensing Market growth.

Optical Sensors are resistant to electromagnetic interference due to which they are suitable to implement in high frequency microwave applications.

Optical sensors are capable of working in a dynamic wavelength range and are resistant to high temperatures and chemically reactive environments. They are highly sensitive and have a high optical resolution. These features propel their applications in various industries thus enhancing its market growth.

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Optical Sensing Market Forecast to Reach $4.2 Billion by 2026