New York, USA, March 02, 2023 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global optical detector market is envisioned to garner a revenue of $9,827.00 million and grow at a noteworthy CAGR of 11.82% during the forecast period from 2022 to 2030.
As per our analysts, with the rising use of optical detector sensors in various sectors, the global optical detector market is predicted to witness remarkable growth over the estimated timeframe. Besides, the increasing adoption of photoelectric sensors in the industrial sector due to the increasing focus of manufacturers on increasing productivity and reducing manual work is expected to fortify the growth of the market throughout the forecast period. Moreover, the growing application areas of optical detectors such as in aerospace & defense, healthcare, and others are expected to create wide growth opportunities during the analysis period. However, the price competitiveness of the market may hinder the growth of the market over the estimated period.
Request an Exclusive PDF Sample of the Optical Detector Market (Including Tables, TOC, and Figures)
Segments of the Optical Detector Market
The report has divided the market into segments based on type, sensor type, end-use, and region.
Type: Extrinsic Optical Detector Sub-Segment to be Productive
The extrinsic optical detector sub-segment is predicted to generate a revenue of $7,103.10 million during the analysis timeframe. The increasing use of extrinsic optical detectors in a wide range of applications due to their inaccessibility feature is expected to bolster the growth of the market sub-segment over the forecast period.
Sensor Type: Image Sensor Sub-Segment to be Most Profitable
The image sensor sub-segment is expected to garner a revenue of $5,553.00 million throughout the estimated period. This is mainly due to the increasing number of cameras used in various mobile devices such as smartphones, and tablets. Moreover, the increasing use of sensor technology in automobiles is expected to foster the growth of the market sub-segment during the analysis timeframe.
End-Use: Medical Sub-Segment to be Most Lucrative
The medical sub-segment is predicted to generate a revenue of $2,475.3 million during the forecast timeframe. The increasing use of sensing devices in smart healthcare heart variance, biosensors extrinsic for continuous heart-rate monitoring, and many more are expected to uplift the growth of the market sub-segment over the estimated timeframe.
Ask an Expert Analyst or Schedule a call to Get the Latest Trends on Optical Detector Market
Region: Asia-Pacific Region to Have Expansive Growth Opportunities
The Asia-Pacific region is expected to garner a revenue of $3,278.3 million over the analysis period. This is mainly because of the strong presence of consumer electronics in this region. Moreover, the rising implementation of various measures by the government of this region to develop and expand local manufacturing industries is expected to drive the regional growth of the market during the estimated timeframe.
Covid-19 Impact on the Optical Detector Market
Initially, the outbreak of the Covid-19 pandemic has had a negative impact on the optical detector market. This is mainly due to the imposed international trade restrictions, decreased consumer demand, and disrupted supply chains during the pandemic period. However, the increasing use of photo sensors in video imaging, biomedical imaging, gas sensors, and many more as they precisely convert light into electrical signals has increased the growth of the market throughout the crisis.
Key Players of the Market
The major players of the optical detector market include
- Vishay Intertechnology Inc.
- STMicroelectronics
- Excelitas Technologies Corp.
- Analog Devices Inc.
- Leuze electronic GmbH + Co. KG
- Hamamatsu Photonics K.K.
- Semiconductor Types Industries LLC
- ROHM Semiconductor
- Fotech Extrinsics Limited
- ams AG.
These players are widely working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to acquire a leading position in the global industry.
For instance, in August 2021, Analog Devices, Inc., an American multinational semiconductor company announced its acquisition of Maxim Integrated Products, Inc., a leading manufacturer of mixed-signal integrated circuits for the automotive, industrial, and communication sectors. With this acquisition, the companies aimed to develop high-performance analog semiconductors for cutting-edge optical sensing devices.
Further, the report also summarizes other crucial aspects including SWOT analysis, the financial performance of the key players, the product portfolio, and the latest strategic development.
More about Optical Detector Market:
- A Quick Explainer on Optical Detectors: Their Types and Applications
- Why Optical Detectors are Highly Imperative in Autonomous Cars
- Product Launches and Company Acquisition by Market Players such as Omron Corporation and STMicroelectronics to Amplify the Growth of the Global Optical Detector Market
