In an era fueled by cutting-edge technology and automation, optical sensing market seems to have discovered profound growth avenues that range from automobiles and home appliances to medical and space science. Merely a few years back, the expanse of optical sensing industry was rather limited, since the devices found applications only in restricted areas like maintaining safety in the production line. However, with the advent of smart homes, appliances that can function by movement detection and gestures are becoming more popular, providing the optical sensors market with wider scope and improved growth opportunities.
Research and development programs that are delving deeper into the deployment of these devices have indeed proved to be rather beneficial for optical sensing industry. Indeed, it is through the benefaction of such programs that components such as bio resorbable devices have been developed. These devices that completely break down within the body, can be used to monitor in-body healings and observe the functioning of sensitive organs like the brain. Research has also helped develop devices that can use optical sensing to measure the amount of impurities in milk, thus facilitating an expansion in the scope of optical sensing industry.
The report titled “Optical Sensors Market Size By Product, By Application, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024” has been published in August 2016. To understand the industry better, request a sample of this report @ https://www.gminsights.com/request-sample/detail/755
Unveiling the application landscape of optical sensing market
Optical sensors find tremendous applications in varied fields like oil and gas, aerospace, defense, healthcare, and consumer goods, impelling the revenue graph of optical sensing industry. In fact, endorsed by a such a diverse application spectrum, it is not surprising that optical sensors market is set to witness a fairly commendable growth rate of 7.5% between 2016 and 2024. Surging implementation of optical sensors in the oil and gas industry due to the operational convenience offered by the product in deeper level maneuvers has massively driven optical sensing market from the O&G domain. Optical sensors indeed, are a major help when it comes to maximizing oil extraction rate by permanent monitoring of oil reservoirs.
Optical sensors have emerged as a preferred product in the medical sector due to the flexibility, small size of the product and imperviousness to electromagnetic field. In fact, wearable sensor technology, in recent years, has evolved as a major field of research, bearing evidence to numerous R&D activities. Companies have been developing wearable sensors equipped with optical sensors to measure volumetric changes in blood flow, with the help of which one can conveniently measure blood pressure, blood sugar, heart rate, and even the wearer’s mood. As obesity, depression, cardiovascular and musculoskeletal diseases are on a rise, optical sensors will come to be used more widely. In addition, technological advancements are sure to add to the profitability of optical sensing market in the future. Driven by extensive demand and deployment, the healthcare sector accounted for 12% of the revenue share in this business space in 2015 and is projected to grow steadily in the ensuing years.
Optical sensors are widely used in handheld and personal electronics sectors, especially due to the rising use of smartphones. In this regard, China, India and South Korea are noteworthy contributors toward optical sensing market size. In 2015 alone, Asia Pacific accounted for over 30% of the revenue garnered by the optical sensing industry. In the U.S. however, the optical sensing industry has witnessed steady demand primarily due to the upsurge of factory automation and smart control systems.
High cost of installation, susceptibility to damage and vulnerability to environmental effects are some of the factors that have restricted the growth of the optical sensing market. Despite the drawbacks, the advantages of using optical sensors like suitability to remote sensing, chemical inertness, immunity to electromagnetic fields, wide dynamic range and compact design are predicted to positively affect the optical sensing market. As per estimates, optical sensors industry is estimated to exceed $30 billion by 2024.