Global Optical Detector Market Estimated to Reach $9,827.00 Million by 2030 and Grow at 11.82% CAGR in the 2022-2030 Timeframe [250-Pages] | Research Dive
The global optical detector market is expected to grow by 2030 due to extensive demand for optical detectors. Image sensor sub-segment is expected to be highly profitable. Market in the Asia-Pacific region is expected to be the fastest growing.
NEW YORK, June 6, 2022 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Optical Detector Market by Type (Extrinsic and Intrinsic), Sensor Type (Fiber Optic Sensor, Image Sensor, Photoelectric Sensor, and Ambient Light & Proximity Sensor), End-use (Automotive, Medical, Consumer Electronics, Industrial, and Others), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022–2030".
According to the report, the global optical detector market is expected to gather a revenue of $9,827.00 million by 2030, growing at a CAGR of 11.82% during the 2022-2030 timeframe.
Dynamics of the Optical Detector Market:
Drivers: Technological advancements, especially in the last few years, in the form of smartwatches, pulse oximeters, etc. are expected to boost the market in the analysis timeframe. Along with this, strategic alliances between key market players of the optical detector market such as partnerships and collaborations are expected to drive the market further.
Opportunities: Extensive use of optical detectors by various industries is predicted to offer huge growth opportunities to the market in the 2022-2030 timeframe. Moreover, growing application areas of optical detectors is anticipated to create massive investment opportunities for the market in the forecast period.
Restraints: Price competitiveness of the market, may hamper the growth trajectory of the optical detector market.
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Covid-19 Impact on the Optical Detector Market:
The Covid-19 pandemic has had a negative impact on several businesses and industries, including the optical detector market. The main reason behind this is the lockdowns that were imposed in various countries. These lockdowns disrupted the global supply chains, thereby hampering the supply of raw materials as well as delivery of manufactured products. Also, a halt in the photoelectric sensor manufacturing and a shortage of semiconductor devices across the world worsened the situation for the market.
However, opportunities for the optical detectors were created by the pandemic itself. The pandemic surged the need for the manufacturing of medical devices for the detection of antibodies in a vaccinated entity. This has helped the market gain its lost ground to some extent. It is expected to further help the market grow in the forecast timeframe.
Segments of the Optical Detector Market:
The report has divided the optical detector market into a few segments based on type, sensor type, end-use, and regional analysis.
- By type, the extrinsic optical detector sub-segment of the optical detector market is estimated to have a dominating share and garner $7,103.10 million by 2030. An extrinsic optical detector transmits modulated light, which allows it to reach places that are otherwise inaccessible. Hence, extrinsic optical detectors are in a huge demand which is expected to help the sub-segment grow in the analysis period.
- By sensor type, the image sensor sub-segment is expected to have a dominating share and register $5,553.00 million by 2030. Increasing number of cameras used in mobile phones, smartphones, and tablets is expected to be the primary growth driver of this sub-segment in the forecast period.
- By end-use, the medical sub-segment is anticipated to have a stunning growth rate and surpass $2,475.3 million by 2030, owing to the wide applications of photo detectors in the medical field for image sensing in spectrometry, continuous heart rate monitoring, heart variance, etc. The growing demand for optical detectors is, thus, expected to drive the sub-segment forward.
- By regional analysis, the optical detector market in the Asia-Pacific region is predicted to be the fastest growing sub-segment and garner a revenue of $3,278.3 million by 2030. Asia-Pacific region has some of the biggest manufacturers and customers of consumer electronic products which extensively employ different kinds of photodetectors. As a result, huge growth is expected in the market in this region.
Significant Market Players:
Some prominent market players in the global optical detector market are
- ams AG.
- STMicroelectronics
- Leuze electronic GmbH + Co. KG
- ROHM Semiconductor
- Vishay Intertechnology, Inc.
- Semiconductor Types Industries, LLC.
- Hamamatsu Photonics K.K.
- Excelitas Technologies Corp.
- Fotech Extrinsics Limited
- Analog Devices Inc., among others.
These players are developing various business strategies like product development and enhancement, merger and acquisition, partnerships, and collaborations to gain a commanding position in the market. – Grab Full Research Report of Optical Detector Market - $2999(Read-Only)
For example, in May 2021, MKS Instruments, a measuring and controlling device manufacturing company, announced the acquisition of Photon Control Inc., a Canadian developer of optical sensors. This acquisition is expected to help MKS Instruments to increase its foothold in the optical detector market by catering to the demands of an enlarged customer base.
The report also sums up various crucial facets including SWOT analysis, product portfolio, the financial performance of the key market players, and the latest strategic developments.
Frequently Asked Questions
Q1. What is the size of the global optical detector market?
Q2. Which are the major companies in the optical detector market?
Q3. Which region, among others, possesses greater investment opportunities in the near future?
Q4. What will be the growth rate of the Asia-Pacific optical detector market?
More about Optical Detector Market:
- Product Launches and Company Acquisition by Market Players such as Omron Corporation and STMicroelectronics to Amplify the Growth of the Global Optical Detector Market
- A Quick Explainer on Optical Detectors: Their Types and Applications
- Why Optical Detectors are Highly Imperative in Autonomous Cars
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