by Mathew Dirjish |
Jun 8, 2017 11:20am
The MarketsandMarkets report "Optical Sensing Market by Industry (Aerospace & Defense, Utilities, Oil & Gas, Medical, Construction, and Consumer Electronics), Application, Method, and Geography - Global Forecast to 2023" sees the optical sensing market growing from $1.12 Billion in 2016 to $3.46 Billion by 2023, at a CAGR of 15.47% between 2017 and 2023.
High accuracy and ability to withstand harsh environments are the key parameters that have increased the adoption of the optical sensing devices across various industries such as aerospace & defense; utilities; and oil & gas. Increasing research activities owing to increased investments, specifically in the medical industry is expected to drive the growth of this market.
- Pressure and strain sensing application is expected to dominate the optical sensing market during the forecast period
- Aerospace & defense industry held the largest market share in 2016
- North America expected to hold the largest market share, whereas Asia-Pacific is expected to grow at the highest rate through 2023
- The key players in this market are ROHM Semiconductor (Japan), ABB (Switzerland), Hamamatsu Photonics K.K. (Japan), ams AG (Austria), and Fairchild Semiconductors (U.S.).
http://www.sensorsmag.com/components/optical-sensing-market-ogles-3-46-billion-by-2023
