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The progression of technology and innovation in the optics sensors technology and business has presented an ocean of opportunities to the various segments and sub-segments of the technology; namely fiber optic sensors, image sensors, position sensors, ambient light and proximity sensors and infrared sensors. Some of the characteristics of the device that make it suitable for application are its small size, its ability to operate without electrical power, its ability to be multiplexed along the length of the fibers and its ability to sense time delay as light passes through each sensor.
These Optical sensors can be utilized in a wide range like aerospace, medical, industrial, telecommunications due to their ability to be non-conductive and withstand hash environmental conditions.
Some of the factors driving the market are the rapid technological developments in the domain, its rising applications in healthcare/medical sector and the oil and gas segment. Investment in the healthcare sector has led to an increase in the demand of high-tech imaging devices and equipment in hospitals and healthcare centres. Another prominent factor driving the market is the affordability of mobile phones, smartphones and tablets today. A crucial driving force of the technology is the intrinsic role for military uses.
Market research suggests that the Optical Sensor Market will grow in the developing regions of APAC and Latin America and a relatively slow growth will be observed over the African Subcontinent on account of the low 4G LTE (Long-Term Evolution) deployment in the region.
The market has also tremendously benefitted from the new growth of LED Lightings and the fast adoption of sensors for factory automation and smart systems.
Though the technology has increased several possibilities and scope for application, the cost of adopting the technology is a primary barrier in the segment. Another factor hindering the growth of the industry is the reluctance from the end-users in employing the new innovations in the Optical Sensors Market. Substantial opportunity gets lost in the compromise between the quality of the images/products and the price of the sensors. A major obstruction to the growth of the industry is the high organizational expenses. This hurdle is fast being solved due to the high governmental subsidies being provided to boost R&D in the optical sensing field.
The use of optical fibers around the world has undoubtedly increased with a rise in the demand for endoscopic imaging, leading to the emergence and application of the technology across diverse domains such as R&D, manufacturing, defense, healthcare, process control etc.
The growth of technologies that can help build a compact electrical circuit will continue in the next few years as well. The Optical Sensing technology has also yet to achieve its optimum potential in the oil, gas and wind sector. Firms, by and large, are working on technological innovations with respect to improving the pixel size, pixel resolution, pixel count and the performance of these devices to maintain a competitive edge in the industry. The industry indeed leaves tremendous scope for Research and Development (R&D) in the near future.
