New York, USA, Nov. 24, 2021 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global optical detector market is expected to garner a revenue of $8,259.3 million by 2028, growing exponentially at a CAGR of 12.4% during the forecast period 2021-2028. The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
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Dynamics of the Market
- Drivers: Surging demand for sensors that offer accurate output in various industries is expected to stimulate the growth of the market during the forecast period. In addition, increasing use of photoelectric sensors for determining the size and faults in the products is expected to further bolster the growth of the optical detector market during the forecast period.
- Restraints: High cost of sensors is expected to hinder the growth of the market during the forecast period.
- Opportunities: Extensive application of optical detector in biological applications, food & beverage, logistics and material handling, and various other industries is expected to create massive opportunities for the growth of the market during the forecast period.
COVID-19 Impact on the Optical Detector Market
The outbreak of COVID-19 has had a negative impact on the growth of the global optical detector market, owing to the occurrence of lockdowns in numerous countries across the globe. Lockdowns led to the closure of various industries including logistics, automotive and packaging. In addition, stringent restrictions imposed by the government on international trade further aggravated the impact. Thus, the pandemic has had a negative impact on the growth of the global optical detector market.
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Segments of the Market
The report has divided the market into various segments based on type, sensor type, end-use and region.
- Type: Extrinsic Sub-segment to be Most Profitable
The extrinsic sub-segment is expected to generate a revenue of $5,859.3 million during the forecast period. Optical health sensor ICs for body-wearable applications significantly helps in measuring health and wellness. This factor is expected to drive the growth of the optical detector sub-segment during the forecast period. - Sensor Type: Image Sensor Sub-segment to be Most Beneficial
The image sensor sub-segment is projected to generate a revenue of $4,715.6 million during the forecast period. Subsequent increase in the number of cameras in upcoming mobile phones is expected to bolster the growth of the sub-segment during the forecast period. - End-Use: Consumer Electronics Sub-segment to be Most Lucrative
The consumer electronics sub-segment is expected to garner a revenue of $3,029.9 million during the forecast period. Rising adoption of smart devices and increasing prevalence of LED street lighting across the globe is expected to accelerate the growth of the optical detector market during the forecast period.
Wise Use of Optical Detector Sensors in Numerous Industries to Propel the Growth of the Global Optical Detector Market by 2028 - Analyst Review by Research Dive
- Region: North America Region Expected to Dominate the Market
The North America Region is expected to generate a revenue of $3,246.7 million during the forecast period. Surging demand for innovative products and modern sensors are expected to stimulate the growth of the market. In addition, presence of illustrious players of the market in this region is further expected to accelerate the growth of the regional optical detector market during the forecast period.
Prominent Key Players of the Optical Detector Market Are -
- STMicroelectronics
- ams AG.
- ROHM Semiconductor
- Fotech Extrinsics Limited
- Hamamatsu Photonics K.K.
- Analog Devices Inc.
- Vishay Intertechnology, Inc.
- Excelitas Technologies Corp.
- Semiconductor Types Industries, LLC.
- Leuze electronic GmbH + Co. KG
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth. Inquire and Get Quick Access to Top Companies Development Strategies Summary Report
For instance, in August 2021, Ansys, an Engineering simulation software company, acquired Zemax, optical system simulation software company, in order to strengthen Ansys’ portfolio to provide comprehensive, end-to-end solutions for simulating sophisticated optical- and photonics-enabled products.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
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