Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Global Photodiode Sensor Market - Insights
Global photodiode sensors market is expected to witness significant growth during the forecast period of 2019–2027. The market growth is majorly attributed to increasing smartphone penetration across the world and growing adoption of photodiode sensors in consumer electronics. Increasing adoption of wearable technology is one of the key trends aiding in growth of the photodiode sensors market. Photodiodes are also used for optical heart rate detection in wearable devices such as fitness trackers and smart watches. Furthermore, increasing adoption of wearable technologies for remote health monitoring and industrial applications is another key factor driving growth of the global photodiode sensors market. The growing healthcare industry and adoption of new technologies such as smart watches and wearable monitors for health monitoring is also propelling growth of the market.
Moreover, changing approach in health monitoring, owing to development of new technologies such as wearable health devices (WHDs), which helps to monitor the user’s health status and activity or fitness level for self-health tracking, is expected to facilitate the market growth. WHDs also help healthcare professionals to provide early diagnosis and treatment to patients.
Figure 1. Global Photodiode Sensor Market Share (%), by Region (2018 & 2027)
Source: Coherent Market Insights, 2018-19
Asia Pacific photodiode sensors market accounted for the largest share in 2018
Asia Pacific is expected to be the largest and fastest growing market in the photodiode sensors market during the forecast period (2019-2027), owing to growing consumer electronics and telecommunication industries in emerging economies in 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 by volume had witness a growth rate of 10% in 2016, which increased to 14.5% in April 2017, which was the highest growth rate over the past five years.
Asia Pacific also has presence of key industry participants such as Opto Tech, Tyntek, ON Semiconductor, and Kyoto Semiconductor Co., Ltd., which will help the market to retain its dominance over the forecast period. Furthermore, Asia Pacific is projected to witness significant growth during the forecast period, owing to growing electronics and electrical sector in the region. For instance, according to the 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. Such factors are expected to ensure steady growth of Asia Pacific market.
Figure 2. Global Photodiode Sensor Market Share (%), By Application (2018 & 2027)
Source: Coherent Market Insights, 2018-19
On the basis of application, the global photodiode sensors 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 sensors market during the 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 in 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.
Some of the key players operating in the global photodiode sensors 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.