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.
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Primary Boosters and Main Barriers
Optical sensing technology has emerged as an indispensable technique for manufacturers to save time, money and power, on account of the precise and quick measurements offered by them. Also, the applications of optical sensing technology in intelligent lighting help save power, since it is not dependable on a manual on-off switch. Instead, the light is turned depending on the natural light around it. These characteristics are highly desirable and are responsible for the high product demand in the market.
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The number of smartphone users has managed to outpace the number of home gadget users in recent years. Estimations reveal that by 2020, over six billion cell phones are going to be in use around the globe. These statistics are relevant to the market growth for optical sensing, given the demand for more security features in smartphones like on-screen fingerprint scan. Also, with more and more companies deploying on-screen fingerprint authentication, the market growth for optical sensing is imminent in the coming years.
The mounting deployment of optical sensing technology in residential and commercial applications in lighting systems can be an important growth booster in the market. Chicago is striving to use intelligent controls and LEDs in the next few years, replacing close to 270,000 city lights. These kinds of initiatives are helping cities save colossal amount of energy costs. Various other regions are following suit, which can only mean hike in the demand for optical sensors in intelligent light systems in the approaching period and better market growth as well.
Type, method, technology, application and vertical are the primary segments as per which the optical sensing market has been studied in the report.
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.
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