The global photodiode sensor market is expected to witness significant growth during the forecast period of 2019–2027.
Seattle, WA -- (SBWIRE) -- 09/23/2019 -- The global photodiode sensor market is expected to witness significant growth during the forecast period of 2019–2027. Factors contributing to growth of the market include increasing use of smartphones and adoption of photodiode sensors in consumer electronics. Moreover, growing use of wearable technology is also expected to propel the photodiode sensors market growth. Photodiodes also find application in optical heart rate detection in wearable devices such as fitness trackers and smart watches. Therefore, increasing use of wearable technologies in remote health monitoring and other industrial applications is expected to contribute to the market growth. Rapid growth in the healthcare sector and increasing use of smart watches and wearable monitors is propelling growth of the market.
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Increasing preference for new technologies such as wearable health devices (WHDs) that aid in monitoring user's health status and activity or fitness level for self-health tracking is expected to boost the market growth. WHDs can also be used by healthcare professionals to offer early diagnosis and treatment to patients.
Asia Pacific Photodiode Sensor Market accounted for largest share in 2018
Asia Pacific is expected to be the largest and fastest growing market during the forecast period. Growth of the market in Asia Pacific is attributed to rapid growth in consumer electronics and telecommunication industries in emerging economies of the region. According to Coherent Market Insights' analysis, in 2018, countries such as China, Taiwan, South Korea, India, Japan, and India held more than 90% market share in the consumer electronics market. According to China Information Technology Industry, China's electronics production volume's growth rate has grown from 10% in 2016, to 14.5% in April 2017, which is the highest growth rate over the past five years.
Presence of major players such as Opto Tech, Tyntek, ON Semiconductor, and Kyoto Semiconductor Co., Ltd. is expected to help the market in Asia Pacific to maintain its dominance over the forecast period. Furthermore, growing electronics and electrical sector in Asia Pacific is expected to contribute to the market growth. For instance, according to fact sheet released by ZVEI in July 2017: Die Elektroindustrie, the production of electrical and electronic goods in Asia Pacific was US$ 3.38 Trillion in 2015, which accounted for 73% of the total electronics and electrical production in the world. China, Japan, and South Korea were among one of the top producers of electrical and electronics goods, with sales revenue of US$ 2.35 trillion, US$ 315.45 billion, and US$ 283.09 billion, respectively. These factors are expected to boost growth of the market in Asia Pacific.
On the basis of application, the global photodiode sensor market is segmented into telecommunication, healthcare, consumer electronics, defense, and automotive. The consumer electronics segment is expected to be the largest and fastest growing segment in the global photodiode sensor market during forecast period, owing to increasing use of smartphones in emerging economies and significant growth in the retail sector. According to Coherent Market Insights, in India, the smartphone shipments reached 145 million units in 2018 which was around 44% of the total world's smartphone shipments. Photodiodes are used in smartphones in components such as proximity sensors and cameras to detect physical presence of objects and for features such as camera focus. Moreover, in the retail sector, increasing adoption of barcode scanners is also aiding growth of the segment.
Furthermore, increasing use of photodiode-based, ambient light sensors for applications such as cameras, CD/DVD players, TVs, and remote controls, as well as high demand for these products is expected to boost growth of the consumer electronics segment over the forecast period.
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Some of the key players operating in the global photodiode sensor industry 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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