Optical Sensing Market by Industry (Aerospace & Defense, Utilities, Oil & Gas, Medical, Construction, and Consumer Electronics), Application, Method, and Geography - Global Forecast to 2023
Seattle, WA -- (SBWIRE) -- 06/08/2017 -- Optical sensing devices have been adopted across a number of industries such as aerospace & defense; utilities; and oil & gas. These devices use light sources such as visible light, ultraviolet light, and infrared light to detect environmental parameters such as pressure and temperature.
The optical sensing market size, in terms of value, is projected to grow from USD 1.12 Billion in 2016 to USD 3.46 Billion by 2023, at a CAGR of 15.47% between 2017 and 2023.
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Case study is based on, "Optical Sensing Market by Industry (Aerospace & Defense, Utilities, Oil & Gas, Medical, Construction, and Consumer Electronics), Application, Method, and Geography - Global Forecast to 2023"
The key feature of these devices is their accuracy in sensing and ability to withstand high temperature and electromagnetic interference.
Growing investments in R&D activities in the market are expected to boost the market in the coming years.
The aerospace & defense industry is expected to hold the largest market share during the forecast period while the medical industry is expected to demonstrate significant growth during the forecast period.
Optical sensing devices for pressure and strain sensing applications accounted for the largest market share in the market in 2016. The sensors have accurate measurement capability and ability to withstand harsh environments and are suitable for industries such as aerospace & defense; utilities; and oil and gas.
North America is expected to hold the largest market share and dominate the optical sensing market between 2017 and 2023, whereas the Asia-Pacific region is expected to grow at the highest rate during the forecast period.
The key players in the optical sensing market include ROHM Semiconductor (Japan), ABB (Switzerland), Hamamatsu Photonics K.K. (Japan), ams AG (Austria), and Fairchild Semiconductors (U.S.). These players adopted various strategies such as new product launches & developments, partnerships, collaborations, business expansions, and mergers to grow in the optical sensing market.
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