The global market for optical sensors is expected to more than triple in value from 2015-2020. BCC Research reveals in its new report that chemical sensing, a key segment of the global market, should reach CAGRs of 25% and higher in key regions around the world.
The global market for optical sensors is projected to reach almost $315.9 million and $971.8 million in 2015 and 2020, respectively, reflecting a five-year compound annual growth rate (CAGR) of 25.2%. By end-user, the aerospace and defense segment holds the largest market share while the fastest-growing segment is the chemical sensing market with a five-year CAGR of 26.3%.
The optical sensor market should see robust growth over the forecast period, spurred by the gradual advent of technological advancement and the increased number of applications available in the military, automotive, and industrial sectors. Rapid growth of the telecommunications industry and the large number of upcoming business utilities are key factors boosting the demand for sensors, as well.
Miniaturization and improved communication capabilities, which enables the integration of optical sensors into various devices and machines without compromising other functionalities, are key market drivers. Additionally, advancements in Internet connectivity, growing investments in new information technology, and developments in the telecommunications sector in developing countries such as India, China, and South East Asian countries should spur big growth.
The application of optical sensors in the chemical sensing segment should drive big growth. A key driver includes the continued rebound of light vehicle production, which is driving demand for improved fuel efficiency and vehicle performance. The growing demand for universal exhaust gas oxygen (UEGO) sensors is spurring market growth, in turn.
"The application of optical sensors in the chemical sensing segment is expected to reach $195.2 million by 2020, growing at a CAGR of 25.3% from 2015 to 2020," says BCC Research analyst Sinha G. Gaurav. "By region, the application of optical sensors in chemical sensing in North America held the largest market share, valued at $22.7 million in 2014 and expected to reach $75 million by 2020, growing at a CAGR of 25% between 2015 and 2020. However, the application of optical sensors in chemical sensing in Asia-Pacific represents the fastest-growing segment, growing at a CAGR of 25.6% between 2015 and 2020."
Optical Sensing: Technologies and Global Markets (PHO021A) examines application areas, end-users, and factors influencing and inhibiting demand for in vitro diagnostics (IVD) products. The report also identifies market dynamics, growth drivers, opportunities, and forecasts trends and revenue globally and regionally through 2020.