Growing demand for optical detectors across numerous industries is fueling the global optical detector market growth. The COVID-19 pandemic has negatively impacted the market. The Asia-Pacific market is likely to lead the market in the near future.
NEW YORK, Nov. 17, 2021 /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, 2021–2028".
The Global Optical Detector Market is expected to garner $8,259.3 millionby 2028, growing at a CAGR of 12.4% from 2021 to 2028. The report delivers comprehensive insights into the current condition and future prospective of the industry by meticulously examining market drivers and restraints, opportunities, major segments, and regions.
The market is segmented based on type, sensor type, end-use, and region.
The extrinsic sub-segment of the type segment is anticipated to hold highest share of the market and surpass $5,859.3 million in the estimated period. This growth is mainly because of the rise in the applications of extrinsic optical detectors across various industries.
The fiber optic sensor sub-segment of the sensor type segment is anticipated to observe speedy growth and collect a revenue of $1,403.4 million in the estimated period. This growth is mainly because fiber optic sensors are passive, lightweight, and unobtrusive, with a thickness similar to a human hair.
The medical sub-segment of the end-use segment is anticipated to witness augmented growth by gathering $1,961.2 million in the estimated period. This growth is mainly because of the increasing usage of optical sensors in the healthcare sector in areas such as bio-sensing extrinsic for nonstop tracking of heart-rate, heart variability, and oxygen saturation.
Among region, the Asia Pacific region market is projected to observe significant growth and garner $2,637.2 million in the estimated period. The growth of this region market is mostly owing to the growing production of several consumer electronic products, particularly tablets and smartphones, which use of optical detectors.
The key factor fueling the growth of the global optical detector market is a significant rise in the application of optical detectors across various industrial sectors. In addition, increasing technological advances in optical detectors by key market players is expected to open doors to innovative opportunities for the market growth in the projected period. However, as several industrial sensors are customized, there is increased price volatility in the market. This is projected to hinder the market growth during the forecast period.
Impact of the COVID-19 Pandemic on the Optical Detector Market
The COVID-19 pandemic has made a negative impact on the growth of the global optical detector market in 2020. In the pandemic period, the automobile companies and other industries that produce optical detectors have been greatly impacted owing to the steep fall in the sales as well as halt in production cycles. The stoppage of many industries during the lockdown period has greatly reduced the demand for optical detectors across the globe, which is hampering the market growth.
Numerous business strategies, such as acquisitions, mergers, R&D activities, new product developments, and much more, are implemented by these players to attain a strong position in the global market. For instance, in October 2018, CEA-Leti, a research institute for electronics and information technologies, launched REDFINCH consortium to develop the next-generation portable, miniaturized, optical sensors for chemical detection in gases as well as liquids, with initial applications in the dairy and petrochemical industries.
Moreover, the report offers other key details of leading players such as business tactics, financial performance, and product/service range of these players along with Porter's five forces analysis and SWOT analysis.
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