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Optical Sensors Market in Aerospace & Defense Sector is Anticipated to Grow at 8.2% CAGR by 2024

Author : Ronak Bora | Published Date : 2019-03-11 

Optical Sensors Market share is predicted to witness substantial growth prospects owing to its surging implementation in the oil & gas sector. These devices offer substantial convenience by reducing the operational challenges at deeper levels. Features such as permanent reservoir monitoring provided by these products help in increasing oil extraction rates. As the products are compact, passive and lightweight, it can be easily multiplexed to interrogate extensive sensor arrays, enabling higher sensing range accompanied by high sensitivity as well as dynamic range. This in turn assists in higher return on investments coupled with low cost of ownership.

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Strong demand for precise, environmental friendly and safety systems is likely to drive global market from 2016 to 2024. Escalating device implementation across various applications such as consumer electronics, military & defense, industrial and automotive may catalyze growth. Considerable efforts to make the products more environmentally friendly is also set to positively impact the business landscape. Optimal flexibility across numerous devices such as heads-up terminals as well as smartwatches may fuel demand.

Fiber optic sensors are preferred over mechanical and electrical counterparts in the healthcare sector due to small size and flexibility, good metrological properties and immunity from electromagnetic field. Smart textiles are used in supervision of cardiac output, respiration, blood flow & its saturation with hemoglobin and blood pressure as well as oxygen, temperature and electrolyte balance. Research interest is growing in integrating the devices in textiles, giving rise to a single structure to develop wearable sensors.

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Optical sensors market from aerospace & defense sector applications will also exhibit an upward growth trajectory, with a projected annual rate of 8.2% over 2016 -2024. These upgraded sensor systems are expected to bring about a revolution in the military sector, as optoelectronics technology provides better communications, sensing, and even weaponry.

Based on the product trends, image optical sensors market accounted for a considerably larger share (more than half of the total revenue) in 2015 and is poised to grow lucratively with a CAGR estimation of more than 7.3% over the period 2016-2024. Image sensors or photo detectors are widely used in various wearable electronics equipment both in the commercial as well as the personal front. The upsurge in consumer demand for electronic devices that will be able to provide proximity detection, ambient light sensing, and gesture recognition is fueling the ambient light sensors demand. It is estimated that ambient light optical sensors market will grow massively in the years ahead with an annual growth rate of 7.9% over 2016-2024.

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Geographically, the global market is majorly driven by Asia Pacific optical sensors market, with prominent revenue contributions being from countries such as China, India, and South Korea. Accelerating demand for consumer electronics along with untapped potential is boosting the regional growth.

The industry expects major vendors to focus on technological innovation in order to consolidate share and gain a robust customer base. Major players are Sony, Samsung, Canon, and Omnivision. Mergers and acquisitions coupled with new product development are the main strategies adopted by these participants to gain competitive edge.

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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