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This study intends to unfurl the multiple facets of global optical sensor market. The insights offered in the report aid in market growth examination during the forecast period.
Increasing Adoption of Wearable Devices to Complement Optical Sensor Market Growth
Growing penetration of technology has transformed every sector giving businesses new opportunities to grow. The advent of wearable technology is one such example of that is being leveraged by companies encouraging them to develop wearable devices for customers and tech enthusiasts. There has been a rise in the adoption of wearable medical devices such as pulse oximeters, Fitbit, and smart watches among others. These devices are integrated with optical sensor that provides real-time monitoring of patient health, and tracking all vitals of the human body. Optical sensors such as photoelectric sensors and fibre optical sensors offer high accuracy, facilitate compact size, and have resistance against electromagnetic waves thus making them ideal for medical-grade applications. That said, the growing demand and sales of wearable devices worldwide is expected to bode well for the optical sensor market.
Fibre Optical Sensors to Gain High Traction in Global Optical Sensor Market
Fibre optical sensors have been gaining high steam on the back of increasing use in different applications. They are widely used in sensing parameters such as vibration, pressure, displacement, temperature, concentration of chemicals, and rotation. Furthermore, fibre optical sensor comes with various benefits such as increased stability, easy adoption and deployment, improved safety during data transmission, light weight due to small size, low maintenance, high resistance towards high voltages and high reliability. This is driving their demand across multitude of applications including development of interferometric sensors like fibre-optic gyroscopes, which have been used in Boeing 767. That said, companies are investing in innovations around the fibre optics space. For instance, in February 2021, Intelligent Dynamic Fibre Optic Kit was developed by Scientific Bioprocessing Inc. This kit is all in one dissolved oxygen and pH sensing solution which provides a non-invasive and a real time highly adaptable data from minute cell culture systems. in this backdrop, the demand for fibre optical sensors is expected to increase thus contributing towards the growth of the optical sensor market.
North America to Slate Significant Revenue Share in Optical Sensor Market
Region-wise analysis of the market foresees that North America will account for a significant share in the optical sensor market. This can be attributed towards increasing use of optical sensors in different applications such as material processing, medical imaging, testing and measurement, authentication and visualization, indoor and outdoor lighting, and static signalling. In addition, rising digitalization and urbanization backed by penetration of new age technology such as Internet of things (IoT) continue to influence the growth of the optical sensor market in the region. Furthermore, dependence on fibre optic communication for modelling and simulation purposes and advanced factory automation are few other aspects boosting the growth of the optical sensor market.
In addition, the sales of consumer electronics have been rampant in developed economies in the region. For instance, according to Consumer Technology Association, the consumer technology sector in the United States is expected to grow significantly generating more than US$505 Bn revenue with regards to retail sales of consumer electronic products in 2022. This growth represents a 2.8% increase in revenue as compared to 2021 and an impressive 9.6% growth in revenue as compared to 2020. This is expected to prove ample opportunities apropos to adoption of fibre optic sensors, and other types in the manufacturing of electronic devices. This factor remains instrumental in driving the growth of the optical sensor market in North America.
Moreover, the use of smartphone in the region continues to grow owing to product innovations and rising inclination of customers towards adoption of advanced technology. Similarly, use of other wearable gadgets such as smart watches, smart glasses and fitness trackers among other smart wearables is increasing significantly. Optical sensor is embedded in such gadgets to detect reflected light among other purposes. This aspect coupled with rising adoption of Internet of Things in wearable consumer electronics has transformed the consumer electronics space in the region, in turn paving potential avenues of growth for the optical sensor market.
Optical Sensor Market: Competitive Landscape
New product launches, and innovations have been witnessed in the optical sensor market. For instance, in January 2021, new optical calliper sensor was launched by Honeywell. This optical sensor is designed to optimize the manufacturing of lithium ion batteries. The new optical sensor offers high efficiency in the measurement of true thickness of the electrode material at the time of coating and at pressing station during lithium ion battery production. This can result in optimum battery performance as accurate thickness reading is crucial factor in deciding the operational efficiency of lithium ion battery. Similarly, research universities are also involved in the development of innovative optical sensors. For instance, in April 2022, researchers in the Pohang University of Science and Technology of South Korea developed an innovative optical sensor that can carry out sensing of humidity on a real time basis at ultrafast speed.
A few of the major players in the optical sensor market include ROHM Co. Ltd., Honeywell International Inc., Rockwell Automation Inc., Vishay Intertechnology Inc., SICK AG, Hamamatsu Photonics, Omron Corporation, Analog Devices Inc., and Panasonic Corporation.
The Global Optical Sensor Market is segmented as below:
By Sensor Type
By Measurement Range
By End Use Industry
By Application
By Region
Key Elements Included In The Study: Global Optical Sensor Market
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Considering the volatility of business today, traditional approaches to strategizing a game plan can be unfruitful if not detrimental. True ambiguity is no way to determine a forecast. A myriad of predetermined factors must be accounted for such as the degree of risk involved, the magnitude of circumstances, as well as conditions or consequences that are not known or unpredictable. To circumvent binary views that cast uncertainty, the application of market research intelligence to strategically posture, move, and enable actionable outcomes is necessary.
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