SEATTLE--(BUSINESS WIRE)--According to Worldwide Market Reports, the global photodiode sensor market is projected to exhibit a CAGR of 7.51% over the forecast period (2019-2027).
Key Analysis of the Global Photodiode Sensor Market:
A photodiode sensor is a semiconductor device that converts light into an electrical current. The extensive use of photodiode sensors in medical products for use in medical imaging, spectroscopy, and pulse oximetry among various other medical and scientific instrumentations are expected to drive growth of the global photodiode sensors market during the forecast period. Moreover, growing demand of photodiode sensors in various end use industries such as healthcare, telecommunication, consumer electronics, aerospace and defense, automotive, and others is expected to significantly boost the market growth. Furthermore, increasing use of portable barcode scanners in the retail industry is expected benefit the market growth in the coming years. However, photodiode sensors require high operating voltage and have a low response time over large distances which may hamper growth of the photodiode sensors market. Moreover, adoption of photodiodes in the automotive sector, as well as innovations and developments in optical sensing are projected to create lucrative opportunities for the global photodiode sensors market over the forecast period.
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The global photodiode sensor market is segmented on the basis of type, application, and region. Among type, the avalanche photodiode segment held the dominant position in the market in 2018, and is expected to retain its dominance throughout the forecast period. This is owing to increasing use of optical fiber technologies for data transmission across different end-use verticals such as IT & telecommunication, and military applications. Avalanche photodiodes are widely used in applications such as laser-based fiber optic systems to convert optical data into electronic form. As a result, the avalanche photodiode segment in the global photo diode sensor market is likely to expand significantly during the forecast period.
On the basis of geography, the global photodiode sensor market has been segmented into North America, Europe, Asia Pacific, Latin America, Middle East and Africa. Asia Pacific is estimated to be a lucrative region for the photo diode sensor market, owing to growing consumer electronics and telecommunication industries in the Asia Pacific region. According to China Information Technology Industry, China’s electronics production volume’s growth rate has grew from 10% in year of 2016 to 14.5% in April 2017, the highest in over the past five years.
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Key Market Takeaways:
- The market is expected to witness a CAGR of 10.3% during the forecast period (2019–2027), owing to growing application of photodiode sensors in consumer electronics, and increasing smartphone penetration across the world.
- Increasing automation across different end-use industries, and growing demand for barcode scanners in the retail sector are key factors driving growth of the photodiode sensors market. Moreover, increasing awareness about fast and quick processing time for transaction of purchase & billing, in order to enhance better customer experience in the retail sector is propelling demand for barcode scanners, which is a major factor driving the market growth. In addition to this, barcode scanners help stores to keep track of a large volume of data of the transactions performed.
- Moreover, increasing demand for optical sensors used in pulse oximetry, spectroscopic analysis, and medical imaging and rapidly rising demand for portable barcode scanners in the retail industry are the another factors aiding the growth of the global photodiode sensors market. However, all the photodiodes are temperature dependent and their performance may face issues such as dark current, shunt resistance, sensitivity, breakdown voltage, and junction capacitance, due to fluctuating temperature.
- Some of the major players operating in the global photodiode sensor market include Edmund Optics, Everlight, Excelitas Technologies Corp, First-sensor AG, Hamamatsu Photonics Deutschland GmbH, Kyosemi Corporation, ON Semiconductor, OSI optoelectronics, Rohm Semiconductor, and Thorlabs, Inc. among others.
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Global Photodiode Sensors Market, By Type:
- PN Photodiode
- PIN Photodiode
- Avalanche Photodiode
- Schottky Diode
- Consumer Electronics
- Rest of Europe
- South Korea
- Rest of Asia Pacific
- Rest of Latin America
- GCC Countries
- South Africa
- Rest of Middle East & Africa
- North America