New York, Oct. 12, 2023 (GLOBE NEWSWIRE) -- The global Optical Sensing Market size is estimated to attain at 16.50% CAGR from 2023 to 2035. The market is expected to garner a revenue of USD 11 billion by the end of 2035, up from a revenue of USD 2 billion in the year 2022. The reason behind the growth is impelled by the growing electronics sector. This would significantly increase the demand for optical sensing technologies since optical sensors can be easily miniaturized which makes them suitable for miniaturized electronics. The global consumer electronics industry is anticipated to increase by more than 2% between 2023 and 2028, reaching a market size of over USD 1150 billion. The growing adoption of minimally invasive procedures are believed to fuel the optical sensing market. As a safe and efficient procedure and owing to several technical developments, minimally invasive surgery first gained popularity among surgeons and patients. Moreover, the major advantages of minimally invasive surgery include smaller and fewer incisions, a less painful recovery, and more accuracy than open surgery. Optical sensing technologies assist doctors in reducing patient recovery time and performing procedures accurately by providing real-time visualization of internal structures.
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Optical Sensing Market: Key Takeaways
- Market in North America to propel highest growth
- The image sensor segment to garner the highest growth
- Market in Europe to grow at a highest rate
Increasing Industrial Activities across the Globe to Boost Market Growth
The manufacturing process now heavily relies on optical sensors for various purposes such as process monitoring and quality control in manufacturing processes. Global industrial production in 2023 increased by more than 0.1% from the same month in the previous year, excluding the United States. It is expected that the rise in demand for power generation is expected to drive optical sensing market growth. Optical sensing technologies are used for monitoring and controlling solar energy. For instance, fiber Bragg grating (FBG) sensors are a popular and emerging optical sensing technique to track the temperature of solar panels. More than 250 TWh of electricity was generated by solar PV in 2022, an increase of over 25% from 2021. Continuous advancements in optical sensing technologies have led to the development of more accurate, reliable, and cost-effective sensors. Innovations such as silicon photonics, fiber optics, and integrated optics have expanded the capabilities of optical sensors, making them suitable for a wide range of applications.
Optical Sensing Market: Regional Overview
The global optical sensing market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Expanding Demand for Fiber Optic Communication to Drive the Market Growth in North America Region
The optical sensing market in North America region is estimated to garner the largest revenue by the end of 2035. Fiber optic communication is a critical driver of the market in North America. The region's increasing reliance on high-speed internet and data transmission for businesses and consumers alike fuels the demand for optical sensing components used in fiber optic networks. The Internet of Things (IoT) ecosystem is expanding rapidly in North America, with applications ranging from smart homes to industrial automation. Optical sensors are vital for IoT devices, enabling them to collect and transmit data, which is propelling the growth of the optical sensing market. It is estimated that the number of IoT connected devices in North America will reach 5.3 billion by 2025. The North American defense and aerospace sectors heavily rely on optical sensors for navigation, surveillance, and targeting. Substantial investments in defense and aerospace technologies drive the development and adoption of advanced optical sensing solutions.
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Expanding Telecommunications Infrastructure to Propel the Growth in the Europe Region
The Europe optical sensing market is estimated to garner the highest CAGR by the end of 2035. Europe's commitment to building robust telecommunications infrastructure is boosting the optical sensing market. Fiber optics, a core component of modern high-speed networks, relies heavily on optical sensing technologies for efficient data transmission. According to the European Commission, the deployment of high-capacity networks, including fiber optics, is part of the European Union's Digital Agenda, with over USD 1 billion allocated to support broadband development. Europe's automotive sector is increasingly embracing optical sensing technologies for Advanced Driver Assistance Systems (ADAS), autonomous vehicles, and LiDAR applications. The growth of ADAS in the region is driving demand for optical sensors. The healthcare industry in Europe is witnessing significant growth, with optical sensors playing a crucial role in diagnostic and monitoring devices. The continuous innovation in medical technology is driving the adoption of optical sensing solutions. Environmental concerns are at the forefront of European policies and agendas. Optical sensors are essential for environmental monitoring, air quality assessment, and pollution control, aligning with the region's sustainability goals.
Optical Sensing, Segmentation by Type
- Image Sensors
- Fiber Optic Sensors
- Ambient Light Sensors
- Position Sensors
Amongst these segments, the image sensor segment is anticipated to hold the largest share over the forecast period. The proliferation of smartphones with advanced camera systems is a major driver for image sensors. As consumers demand higher resolution, better low-light performance, and enhanced imaging features, manufacturers are investing in image sensor technology. Global smartphone shipments are projected to reach nearly 1.38 billion units by the year 2023. The automotive industry relies on image sensors for applications such as advanced driver-assistance systems (ADAS), autonomous vehicles, and parking assistance. The increasing focus on safety and automation in automobiles is fueling the demand for image sensors. Image sensors are integral to surveillance cameras and security systems. The rising concerns about security and the need for high-resolution, real-time monitoring are driving the growth of image sensors in this sector. Medical imaging, including X-rays, CT scans, and endoscopy, relies heavily on image sensor technology. The continuous advancements in healthcare diagnostics and imaging are propelling the image sensor market.
Optical Sensing, Segmentation by Technology
- Laser Doppler Velocimetry
- Fiber Braggs Grating
- Fabry-Perot Interferometers
- Spectroscopy
Amongst these segments, the laser doppler velocimetry segment is anticipated to hold a significant share over the forecast period. The automotive industry relies on LDV technology for aerodynamic studies, engine performance analysis, and vehicle design optimization. As automotive R&D intensifies, the demand for LDV systems is on the rise. LDV systems play a crucial role in aerospace research, aiding in the analysis of airflow, structural integrity, and engine performance. The aerospace industry's focus on fuel efficiency and performance is driving LDV adoption. In bioengineering and biomedical research, LDV technology is used for applications such as blood flow analysis, tissue biomechanics, and medical diagnostics. The increasing intersection of technology and healthcare is boosting LDV's role in bioengineering. LDV technology is increasingly applied in microfluidics and nanotechnology for precise fluid flow analysis and particle manipulation. As these fields gain prominence, LDV's role continues to grow. The global microfluidics sales are expected to reach nearly USD 44 billion by the year 2027.
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Optical Sensing, Segmentation by Operations
- Displacement Sensing
- Temperature Sensing
- Pressure Sensing
- Vibration Sensing
Optical Sensing, Segmentation by Application
- Military and Law Enforcement
- Night Vision Cameras
- Biometrics
- Partial Discharge Detection
- Biological Sensing
- Chemical Sensing
Optical Sensing, Segmentation by End-User
- Aerospace and Defense
- Utilities
- Construction
- Chemical
- Oil and Gas
- Consumer Electronics
Optical Sensing, Segmentation by Method
- Extrinsic Sensors
- Intrinsic Sensors
Few of the well-known market leaders in the global market that are profiled by Research Nester are Enfucell Oy, STMicroelectronics International N.V., LG Chem, Ltd., Cymbet Corporation, Imprint Energy Inc, Jenax Inc., Samsung SDI Co., Ltd., Excellatron Solid State, LLC., and other key market players.
Recent Developments in the Market
- TE Connectivity Ltd. acquired First Sensor AG to provide an even broader product range that supports the growth goal of TE's sensors business and TE Connectivity as a whole, including cutting-edge, market-leading sensors, and to deliver superior product innovation and customer service.
- AMS AG introduced CMOS Global Shutter Sensor (CGSS) Near Infrared (NIR) image sensor CGSS130 which enables 3D optical sensing applications, and also enables manufacturers to extend battery run-time in mobile devices.
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