Defense, aerospace expected to hold greatest share of global optical sensing market through 2023News
June 12, 2017
SEATTLE. The global optical sensing market is projected to grow from $1.2 billion in 2016 to $3.46 billion by 2023 -- a combined annual growth rate of 15.47% between 2017 and 2023 -- according to a report published by MarketsandMarkets, "Optical Sensing Market by Industry (Aerospace & Defense, Utilities, Oil & Gas, Medical, Construction, and Consumer Electronics), Application, Method, and Geography - Global Forecast to 2023."
The largest market share in the optical sensing market in 2016 was held by the defense and aerospace industries, and this trend is expected to continue through 2023, according to the study. These industries dominated for several reasons, the study found: First, they readily specify and adopt better-quality sensors in their operations; moreover, market share is also benefited by the increased investments through government budgetary allocations and other large investors. Adoption of optical sensors in the defense and aerospace industries is due to the capability of the sensors to withstand harsh environments.
The report also found that North America is expected to hold the largest market share in the optical sensing market between 2017 and 2023, with one reason being that a great deal of the world's optical sensing device vendors are based in the U.S. In addition, the study found that the U.S. plans to increase investments to upgrade infrastructure across various industries, which would also contribute towards market growth in the region.
The optical sensing market in the Asia-Pacific region is expected to have the highest rate of growth during the period 2017-2023, the study found, owing to the growing urbanization in the region and increasing investments to deploy improved sensing technologies to monitor the infrastructure in such industries as utilities and oil and gas.
The study also identified key global players in the optical sensing market, including Analog Devices, Texas Instruments, and Fairchild Semiconductors (U.S.); ROHM Semiconductor and Hamamatsu Photonics K.K. (Japan); ABB (Switzerland); and ams AG (Austria).
For more information on the optical sensing market study please visit ASD Reports.