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Optical Sensing Market by Industry, Application, Method, and Geography - Global Forecast to 2023

Optical Sensing Market: Global Forecast until 2023

  • June 2017
  • 160 pages
  • ID: 4944758
In this report:
THE OPTICAL SENSING MARKET FOR THE AEROSPACE AND DEFENSE INDUSTRY WAS VALUED AT USD ##.## MILLION IN 2016 AND IS EXPECTED TO REACH USD ##.## MILLION BY 2023, GROWING AT A CAGR OF ##.##% DURING THE FORECAST PERIOD.
THE OPTICAL SENSING MARKET FOR THE OIL AND GAS INDUSTRY WAS VALUED AT USD ##.## MILLION IN 2016 AND IS EXPECTED TO REACH USD ##.## MILLION BY 2023, GROWING AT A CAGR OF ##.##% DURING THE FORECAST PERIOD.

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"The aerospace & defense market is the biggest contributor towards the optical sensing market."

The optical sensing market size, in terms of value importance, is forecasted to grow from ~$1.1B in 2016 to ~$3.5B by 2023, at a compound annual growth rate (CAGR) of ~15.5 percent between 2017 and 2023. Optical sensing devices have good accuracy and can withstand harsh environments. These factors make them a suitable to be deployed in main industries including aerospace & defense; utilities; and oil & gas. The growing investments to expand more reliable sensing devices would significantly impact the market increase. On the other hand, the availability of cheaper non-optical sensors with lesser sensing capabilities would be a main restraint for the market rise. Increasing applications in the medical sector are anticipated to boost the market increase.

"Biochemical sensing application is being adopted across distinct markets at a quick rate."

The reducing prices and form factor of optical biochemical sensing devices are anticipated to boost the increase of the market. The growing performance due to increased R&D spending in biochemical sensing applications is also anticipated to drive the increase of this subsegment. These devices have applications across various sectors in varying capacities.

"Asia-Pacific market for optical sensing devices to grow at the maximal rate during the outlook period."

The Asia-Pacific area is forecast to grow at the highest compound annual growth rate (CAGR) in the optical sensing market. Increasing urbanization and fast-growing economies in the area is forecast to boost the market rise. Rising investments to upgrade the infrastructure in top industries including utilities and oil & gas would drive the market increase in the territory.

In the process of finding out and checking the market value for various segments and sub-segments collected by secondary research, extensive primary audit sessions have been managed with main people. The break-up of the profiles of primary members taking part is presented below:

• By Company category: Tier 1 - 30 %, Tier 2 -45.0 percent, and Tier 3 - 25.0 percent

• By Description: C-suite executives - 45.0 percent, Directors - 35.0 percent, and Others - 20.0 percent

• By Area: North America (NA) - 45.0 percent, EU - 30.0 percent, Asia-Pac - 20.0 percent, and rest of the world - 5.0 percent

Most firms have adopted the strategy of innovating new products to rise their share of market. The firms have sought to improve the features of their products through extensive research. Some main actors have also tried to strengthen their market position through mergers & acquisitions. Apart from these dominant strategies, some actors focus on forging alliances in the value chain to extend their business in the optical sensing market.

Segment Research

The geographic segmentation in the study includes the four main regions of the world, that is, North America continent, Europe (EU), Asia Pacific (APAC), and RoW. The industry segment contains the industry for aerospace & defense; utilities; oil & gas; medical; construction; consumer electronics; and others. The application segment includes pressure and strain sensing; temperature sensing; geological survey; biochemical sensing; biometric and ambience sensing; and others. The optical sensing market by methods is broken down into extrinsic and intrinsic.

Main highlights

This study will help the industry leaders (and new entrants) in the following aspects:

1. This document breaks down the optical sensing market comprehensively and offers the closest approximations of the global market size and that of the sub-segments across the distinct verticals and localities.

2. The market research benefits partners to comprehend the sector and offers info on main market drivers, market restraints, opportunities, and alternatives.

3. This industry report would benefit partners to better find out their players and obtain additional insights to improve their rank in the business sector. The competitive outlook section includes DIVE review of 25 industry actors which are also benchmarked for their respective business strategy and product portfolio.

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