The Global Photodiode Sensors Market was valued at US$ 477.96 million in 2018, and is projected to reach US$ 901.89 million by 2027, exhibiting a CAGR of 7.51% over the forecast period, according to the Global Photodiode Sensors Market Report, by Type (PN Photodiode, PIN Photodiode, Avalanche Photodiode, and Schottky Photodiode), by Application (Telecommunication, Healthcare, Consumer Electronics, and Automotive), and by Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa), published by . The global photodiode sensors market is likely to expand significantly during the forecast period, owing to increasing demand for optical sensors in various medical industry and growing adoption of wearable technology. Photodiode sensors have properties such as integrated functionality, speedy response, enhanced performance, and high reliability. Photodiodes are similar to regular semiconductor diodes and the only difference between the two is that the former can detect vacuum UV rays or X-rays, and can be packaged with a window or optical fibers, allowing light to reach the sensitive part of the device. To know the latest trends and insights prevalent in Global Photodiode Sensors Market, click the link below: https://www.coherentmarketinsights.com/market-insight/photodiode-sensors-market-2823 Key Trends and Analysis of the Global Photodiode Sensors Market:
- Photodiode sensors are used for optical heart rate detection in wearable devices such as fitness trackers & smart watches. Furthermore, increasing adoption of wearable technologies for remote health monitoring and industrial applications is another key trend driving growth of the photodiode sensor market. The growing healthcare industry, and adoption of new technologies such as smart watches and wearable monitors for health monitoring are the major factor propelling growth of the global photodiode sensors market.
- Moreover, changing health monitoring approach by professionals owing to development of new technologies such as wearable health devices (WHDs), which help to track the user’s health, activity, and fitness, is also driving the market growth. WHDs also help healthcare professionals to provide early diagnosis or guidance to patients. This trend has created intense competition among manufacturers of WHDs, which, in turn, is expected to result in increasing demand for photodiode sensors during the forecast period.
- Among application, the consumer electronics segment is expected to be the fastest growing segment compared to the aftermarket segment, owing to the expanding consumer electronics sector in emerging economies such as India and China. For instance, according to the India Brand Equity Foundation (IBEF), the consumer electronics sector in India reached US$ 31.5 billion in 2017, and is expected to grow at a rate of 9% to reach US$ 48.4 billion in 2022.
- Moreover, increasing automation in the healthcare industry is leading to high demand for sensors-based medical devices and equipment, which is expected to drive growth of the healthcare segment in the photodiode sensors market.
Key Takeaways of the Market:
- On the basis of geography, the global photodiode sensors market has been segmented into North America, Europe, Asia Pacific, Latin America, Middle East and Africa. According to analysis, Asia Pacific dominated the global photodiode sensors market in 2018, owing to growing use of handheld devices such as tablets and smartphones and wearable devices in emerging economies. For instance, India is the second largest smartphone market in the world, and had over 430 million smartphone users in 2018. Also, the number of smartphone users is steadily increasing in India, which is expected to increase demand for photodiode sensors across Asia Pacific region.
- Some of the major players operating in the global photodiode sensors market are 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.