Market Research Future (MRFR) reveals that the optical sensing market 2020 can possibly achieve a striking growth rate of 21.41% between 2018 and 2023 (evaluation period). It is also likely that the market, by 2023, can touch a valuation of more than USD 4 billion, adds MRFR.

Market Segmentation

Optical sensing system types are Ambient Light Sensors, Fiber Optic Sensors, Position Sensors and Image Sensors, and others. In the year 2018, the fiber optic sensors segment held the biggest share of 44.05% at a value of USD 728.69 million. The segment is also presumed to attain a growth rate of 19.17% in the given timeline.

The primary methods discussed in the report are extrinsic as well as intrinsic. In 2018, fiber optic sensors had clinched the top position with a share of 44.05%, and had reached a valuation of USD 728.69 million. Additionally, the fiber optic sensors segment can also advance at a rate of 19.17% during the appraisal period.

Optical sensing application areas are Pressure and Strain Sensing, Metrology, geographical survey, Temperature sensing, Medical Instruments, Biometric and ambience sensing, Remote sensing satellite and more. In 2017, metrology was the leading segment with share of 28.07% and its size had reached USD 464.33 Million. Over the upcoming period, the segment holds the potential to procure a growth rate of 20.80%.

The verticals outlined are Aerospace & Defense, Consumer Electronics, Transportation, Construction, Automotive, Healthcare, Government & Utilities, Oil & Gas, and others. In 2017, the share of 22.73% in Optical Sensing Market Size was seized by the aerospace & defense segment, with its value estimated at USD 376.05 million. MRFR expects the segment to record a growth rate of 20.81% over the evaluation period. The popularity of the optical sensing technology in the aerospace & defense industry is quite high, given its applications in light detection and ranging (LiDAR), navigation & sensing, weapon systems, structural health monitoring and free space communication, and more.

Leading Competitors

Leading competitors identified in the report are Analog Devices Inc., Teledyne Technologies Incorporated, Oxsensis Ltd, TE Connectivity Ltd., ABB Ltd., ROHM Company Ltd., Hamamatsu Photonics K.K., Sony Corporation, STMicroelectronics N.V., Infineon Technologies AG., ams AG, Texas Instrument Incorporated, to mention a few.

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