Photodiode Sensors Market is Predicted to Accelerate at a CAGR of 7.1% to top a Market Size of US$ 1.1 Billion by 2031: TMR Report

Wilmington, Delaware, United States, July 20, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global photodiode sensors market was estimated to be worth US$ 566.5 million in 2022, according to TMR. The market is expected to grow at a CAGR of 7.1% by 2031.

The global photodiode sensor market is expected to reach US$ 1.1 billion by 2031. Mobile barcode scanners are increasingly used by retailers across the globe, driving the photodiode sensors market growth.

Sensors based on photodiodes are widely used in a variety of fields, including optical communication, automotive, industrial automation, medical devices, consumer electronics, and more.

An electrical current is generated by these semiconductor devices by converting light into electricity. Light detection and measurement are made possible by their high sensitivity and fast response times.

Increasing investment and research activities in the photodiode sensors market are expected to boost the demand in the coming years. For instance, Sheffield University researchers developed an avalanche photodiode (APD) capable of low photon detection.

Infrared (IR) APDs like the separate absorption and multiplication avalanche photodiode (SAM-APD) made out of gallium arsenide antimonide and aluminum gallium arsenide antimonide (GaAsSb/AlGaAsSb), have an extremely low level of noise, thus making them very competitive with conventional detectors.

High-performance sensors are used in aerospace and defense to track targets, guide missiles, and take pictures. Advanced aerospace and defense systems can benefit from photodiode sensors with enhanced sensitivity and low noise characteristics.

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Market Snapshot:

Key Findings of the Market Report

• High demand for electric and hybrid cars, along with the increasing development of connected vehicles, will result in substantial growth for the photodiode market in the automotive sectors.

• The global photodiode sensors market is expected to experience rapid growth due to an increased demand for advanced medical devices for accurate real-time diagnosis.

• As photodiode cameras become more popular, the market for avalanche sensors will continue to grow.

• Photodiodes based on silicon are the best suited for the industry of photodiode sensors.

• New technologies enable improved photodiode sensors with higher sensitivity, faster response times, and lower noise properties. As a result, the market for photodiode sensors is experiencing rapid growth.
  

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Global Photodiode Sensors Market: Growth Drivers

• With the growing popularity of smartphones, along with the widespread adoption of photodiode sensors in consumer electronics, and the expansion of medical imaging, pulse oximetry, and spectrometers, the market is expected to grow rapidly in the coming years.

• With fiber optic networks expanding around the world, the photodiode sensor market size is expected to grow. The development of autonomous vehicles, augmented reality, virtual reality (AR/VR), and the Internet of Things (IoT) are expected to increase the demand for photodiode sensors.

• Sensors with photodiodes can be used to detect UV radiation, measure light intensity, and detect proximity. As environmental regulations and safety regulations become more important, such sensors may become more popular.

• Increasingly innovative devices and consumer demand for smart appliances and wearables are driving the need for photodiode sensors. Sensors like these are used in ambient light sensors, proximity sensors, gesture recognition systems, and optical heart rate monitors.

• Due to growing environmental concerns, environmental monitoring sensors are in greater demand. Light intensity, ultraviolet radiation, and pollution levels can be measured with photodiode sensors in environmental monitoring systems
  

Global Photodiode Sensors Market: Regional Landscape

• Due to the increasing demand for photodiode sensors from IT, healthcare, and transportation, North America is predicted to dominate the global market during the forecast period.

• China, Taiwan, Japan, India, and South Korea are expected to lead the photodiode sensor market in Asia-Pacific, especially with the increase in mobile broadband and consumer electronics market.

• Due to the introduction of 5G and IOT, the use of photodiode sensors for various applications is becoming increasingly prevalent in the Asia Pacific.

• Online learning and remote working have led to an increase in electronic devices that use photodiode sensors, leading to their market growth in the European region.

• Middle Eastern and African countries will experience a growth in commercial buildings, which will increase the demand for photodiode sensors in the market.
  

Global Photodiode Sensors Market: Key Players

Using product portfolios, financial overviews, competition landscapes, business segments, business strategies, and company profiles, the report profiles these key players in the global photodiode sensors market forecast report.

• In June 2023, Kyoto Semiconductor Co. Ltd., known for its world-class technology and Japanese quality manufacturing, introduces 14 SWIR-type reflective sensors. A wide range of applications was expected to be served by the SWIR-type reflective "KPR series," including medical and healthcare sectors, industrial measurement and analysis, and office electronics.

• In July 2023, Marktech Optoelectronics, a company that fabricates standard and custom optoelectronic components and assemblies, won the Best of Sensors 2023 award for its hermetically sealed ATLAS photodiode. InGaAs PIN photodiodes packaged in ATLAS offer unmatched performance and compactness in the photonics industry.

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Global Photodiode Sensors Market: Segmentation

• Photodiode Type
  • PN Photodiode
  • PIN Photodiode
    • Silicon
    • Germanium
    • Others
  • Avalanche Photodiode
  • Schottky Photodiode
• Wavelength
  • Ultra Violet (UV) Spectrum
  • Near Infrared (NIR) Spectrum
  • Infrared (IR) Spectrum
  • Visible Spectrum
• Material
  • Silicon (Si)
  • Germanium (Ge)
  • Gallium Phosphide (GaP)
  • Indium Gallium Arsenide (InGaAs)
  • Others (InAsSb, MCT, HgCdTe, etc.)
• Application
  • Consumer Electronic Devices
  • Medical Equipment
  • Safety Equipment
  • Communication Devices
  • Others (ADAS Systems, Analytical Instruments, etc.)
• End-use Industry
  • IT & Telecommunication
  • Healthcare
  • Consumer Electronics
  • Automotive & Transportation
  • Aerospace & Defense
  • Others (Research, Industrial, etc.)
• By Region 
  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • South America

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