The optical sensing devices have applications across a number of industries such as aerospace & defense; utilities; and oil & gas. Optical sensing devices are preferred in these core industries for their robustness, accuracy, and ability to withstand harsh environments. North America dominated the market in 2016 and is expected to maintain its apex position during the forecast period. However, the Asia-Pacific market is expected to grow at the highest rate during the forecast period of 2017 to 2023. A number of major vendors for optical sensing devices are based in these regions. Continuous R&D activities backed by high investments are expected to drive the growth of the market.
New product development through innovations has been the key strategy for the optical sensing market. Established and emerging players focus on innovating cost-effective products to cater to major industries and to gain a competitive advantage in the market. Mergers and acquisitions are also key strategies adopted by the top players in the market to consolidate their market share and reduce competition. Contracts, agreements, alliances, and expansions have also been adopted as key strategies by the companies to increase their client base.
ROHM Semiconductor (Japan) is over 60 years old and has expansive product offerings catering to the optical sensing market. It has invested significantly in R&D activities and has consistently tried to grow through acquisitions and expansions, as well as new product developments. It employs a number of growth strategies in its market segments. For the optical sensing market, the company has adopted the new product development as a key growth strategy in recent years. For instance, in February 2017, the company launched a new optical sensor for heart rate monitoring which would cater to the healthcare industry. The company has a global presence, with Asia being the dominant market. It also has an expansive global distribution network.
ABB (Switzerland) operates in a number of industries and promotes its products in various applications. It has a global presence and has strong relations with industry players through alliances and agreements among others. It has invested in the optical sensing market, especially in the manufacturing and construction sector. The high growth anticipated of this market would benefit the company considerably. The company continues to grow through organic and inorganic means in the optical sensing market. In September 2016, the company launched a new optical sensor which measures dissolved oxygen. The end applications of the optical sensing devices cover several sectors such as construction, aerospace & defense, and power. The company has a global outreach with distributaries in over 100 countries throughout the world. It has also invested considerably in other companies who have shown promise of good growth.
Hamamatsu Photonics K.K. (Japan) primarily focuses on optical sources and measuring devices. The company has diverse product offerings for the market and invests considerably in new product development. The geographical outreach of the company is also extensive, and it has subsidiaries in the major markets. The company predominantly adopts new product developments as a key strategy in the optical sensing market. It has invested a significant amount in the research & development of new and efficient systems for measurement. It has a good industrial coverage and caters to scientific, industrial, and commercial applications. It has expanded its operations which helped increase its presence in the Asian and European Markets. For instance, in October 2016, the company expanded its manufacturing plant to meet the increasing demand of opto-semiconductor devices. It operates through its subsidiaries in over 12 countries in North America, Europe, and Asia. The sales offices of the company are also present in the major geographical markets.
Optical Sensing Market by Industry (Aerospace & Defense, Utilities, Oil & Gas, Medical, Construction, and Consumer Electronics), Application, Method, and Geography - Global Forecast to 2023
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