Optical Detector Market Size to Attain USD 9,510 Million Revenue by 2030 Propelled By Growing Adoption of Optical Detectors in IoT Devices

BERLIN, July 26, 2022 (GLOBE NEWSWIRE) -- The Global Optical Detector Market size accounted for USD 3,774 Million in 2021 and is projected to reach the value of USD 9,510 Million by 2030, with a significant CAGR of 11.3% from 2022 to 2030.

The increasing number of smartphone and wearable device users is the primary factor driving the global optical detector market revenue from 2022 to 2030. According to Data Reportal, the number of smartphone users reached more than 5.2 billion in 2020, accounting for 66 percent of the world's population. 2020 saw an increase of 93 million users, a 1.8 percent increase over the previous year's total. In addition, a recent estimate says that there are more than 860 million wearable device users present across the world and this number is expected to hit 1 billion very soon. The advent of industry 4.0 is one of the significant optical detector market trends that is fueling the industry demand and is likely to do so in the coming years.

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COVID-19 Impact on the Global Optical Detector Market

The COVID-19 pandemic significantly harmed optical detector market companies' growth prospects in the first half of 2020. In 2020, numerous manufacturing plants went out of business, counting those in the automotive, logistics, and packaging industries. As per the Semiconductor Industry Association, global semiconductor sales fell by 3.6% in the first quarter of 2020 as a result of main distractions in global supply-chain activities rooted by the COVID-19 outbreak. Automobiles and transportation are two other important end-use sectors for industrial sensors. As a result of the COVID-19 epidemic, many countries, such as the United States, Japan, China, and South Korea, have delayed automotive production. This is required to reduce optical sensor demand and have a negative impact on financial forecasts for optical detectors.

Global Optical Detector Market Growth Aspects

According to our optical detector industry analysis, the growing demand for optical detectors in widespread industries is driving the market growth. Currently, the demand for sensors that offer precise output is continuously increasing in different industries. As manufacturers sought to improve production efficiency without compromising product quality, the popularity of these photoelectric sensors is growing. Massive losses can result from a defect in the manufacturing process. Producers are combining photoelectric sensors into their manufacturing assembly lines as a result. Photoelectric sensors, for example, are used in the food and beverage industries to detect the size of products, detect flaws in them, count small objects, and check misaligned caps on bottles.

Photoelectric sensors are utilized in the transportation industry to determine the distance and position of objects. These sensors are used by automatic pickers and trucks in the logistics and materials handling industries to ensure efficient and safe operations. BMW Group, Volkswagen, Audi AG, Daimler, and other major OEMs in the region are emphasizing advanced driver-assistance systems (ADAS) and self-driving cars.

Optical sensing gadgets that can endure severe environments while also offering high accuracy are needed in a variety of industrial sectors, such as healthcare, aerospace and defense, and others. Optical sensors provide all of these benefits, resulting in an incredibly rapid optical detector market value over the anticipated period.

However, some of the constraints in the market include the high cost of optical detectors and the concerns about precise light detecting. On the other hand, the robust demand from Industry 4.0 and the surging applications of these devices in the aerospace and defense sectors are expected to create numerous growth opportunities for the market in the coming years.

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Optical Detector Market Segmentation

The global market has been segmented based on sensor type, type, end-use, and region. Based on the type, the market is bifurcated into intrinsic and extrinsic. Extrinsic detectors will have a sizable market share by 2021. An extrinsic detector sends modulated light from a standard sensor, including a resistance thermometer, over a multimode fiber-optic cable.

Based on sensor type, the market is categorized into the photoelectric sensor, image sensor, ambient light and proximity sensor, and fiber optic sensor. According to our optical detector market forecast, the fiber optic sensor will grow at a substantial growth rate from 2022 to 2030. However, the image sensor segment accounted for a noteworthy market share during the same period.

Furthermore, based on end-user, the market is segmented into automotive, industrial, consumer electronics, medical, and others. During the forecast period, consumer electronics held a considerable amount of market share, while industries like automotive and medical are anticipated to register a notable growth rate in the coming future.

Optical Detector Market Regional Outlook

North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa are the regional classification of the global optical detector market. North America among all the regions generated a substantial market share in 2021 and is expected to continue its trend in the coming years. Asia-Pacific on the other hand registered a noteworthy growth during the projected years.

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Optical Detector Market Players

Some key optical detector companies covered in the industry include Hamamatsu Photonics K.K., ams-OSRAM AG, Excelitas Technologies Corp., Rohm Semiconductor, Analog Devices Inc., STMicroelectronics, Fotech, Leuze electronic GmbH + Co. KG, Vishay Intertechnology, Inc., and Extrinsics Limited.

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