are devices which work both in the presence and the absence of visible or infrared rays, converting the radiations into electronic signals, usually part of a bigger system that analyse and interpret these electronic signals. The market primarily driven by the rise and popularity of smartphones and tablets is estimated to be growing at 6.33% CAGR. The market can be categorized on the basis of type as Image sensors, ambient light sensors, infrared sensors and proximity sensors. Using these electronic devices, activities can be monitored and data transmission can be performed for various verticals such as Oil and Gas, Medical, Defense and Manufacturing etc.
The current market demand indicates an inclination towards miniaturized and energy-efficient devices. Rising demand for better features in the industrial sector require the deployment of these ultra-miniaturized devices. These sensors are becoming more robust and dependable than its previous prototypes. The Internet of Things (IoT) revolution with governmental incentives and pro-industrial policies has boosted the sector considerably.
Additionally it has been observed that investment is being pumped into the development of smart sensors over the period of 2016-2019. Such an investment will encourage investors to increase innovation and develop more technologically advanced sensors with added features and functionalities; resulting in an increase in the overall consumer base.
The market however has some major restraints of high costs and lack of standards, all of which lead to a lack of end-user awareness and difficulty in adapting. Also such a high-tech technology requires long and segregated Research and Development (R&D) cycles. The cost-to-performance ratio in the technology still remains a limitation. The market must work on the idea of offering products of high flexibility at lower costs.
Though the market size of these sensing devices
is high in Europe and North America, the European Market enjoys the largest market size in the domain. The European market has been flourishing in the sector through the 1980's, 1990's and now even in the 2000's; this is likely to continue till the end of the decade. It has been estimated that the Fiber Optic Market is to grow substantially in the European context. The technology so far extends in its applications to traditional applications as well as niche domains like infrastructural health management where the health and stability of any given structure, like buildings, bridges and towers are monitored with the help of these devices. For the segment to move from a niche space to a regular space, it is essential to drop its prices significantly.
The demand in the developing countries of Asia Pacific region, primarily for fiber optics, is being propelled by the growth in the network operators and their efforts to expand their consumer base and improve the telecommunication connectivity in these economies. Another driver in the APAC region is the demand for the usage of 3G/4G spectrum. Prominent market players in the APAC region are Sterlite Technologies Limited in India, Cable Co. Ltd. in China and Fujikura Limited in Japan to name a few.