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Global Photodiode Sensors Market to Reach US$1.3 Billion by the Year 2026

Photodiode sensors are light sensors that convert light energy into electrical energy. Photodiodes accept light energy as input to produce an electric current. Also known as light detectors, photosensors, or photodetectors, photodiodes are semi-conducting devices with PN junctions. The market growth of photodiodes is spurred by the increasing use of smartphones and other consumer electronics. Proximity sensors and cameras in smartphones use photodiodes to detect objects or focus on the object. Wearable health devices (WHDs) that are used for monitoring health and optical heart rate detection such as fitness tracking devices or smart watches will further boost the market for photodiodes. Devices such as detecting blood pressure or diabetes also use photodiodes propelling further market growth of photodiodes in the near future. Barcode scanning is another area propelling the use of photodiodes as these codes are used to improve the productivity and efficiency of myriad businesses as barcodes help businesses in tracking a large amount of information. Even medical apparatuses such as spectroscope, pulse oximetry, beat oximetry and medical imaging use photodiodes, leading to a further increase in this market segment. With increasing adoption of photodiodes, new optical detectors with better properties, miniaturization and lower price are being explored by photodiode manufactures, especially in new applications such as optical sensing and optical communication. It is also expected that highly efficient photodiode sensors will witness increasing demand as the demand for portable barcode scanners for retail industry also increases. Other sectors that are driving the growth of the photodiode market are telecommunication, aviation, customer hardware, aerospace and defense.

Amid the COVID-19 crisis, the global market for Photodiode Sensors estimated at US$1 Billion in the year 2022, is projected to reach a revised size of US$1.3 Billion by 2026, growing at a CAGR of 6.9% over the analysis period. Avalanche Photodiode, one of the segments analyzed in the report, is projected to grow at a 7.3% CAGR to reach US$596.2 Million by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Pin Photodiode segment is readjusted to a revised 8% CAGR for the next 7-year period. This segment currently accounts for a 28.8% share of the global Photodiode Sensors market. An avalanche photodiode (APD) exploits the photoelectric effect to generate electricity from light. APD applications range from long-range fiber-optic telecommunication and quantum sensing for control algorithms to laser rangefinders. They are also used in particle physics and positron emission tomography too. PIN photodiodes are usually used in high-bandwidth applications due to additional sensitivity features.

The U.S. Market is Estimated at $237 Million in 2022, While China is Forecast to Reach $235.6 Million by 2026

The Photodiode Sensors market in the U.S. is estimated at US$237 Million in the year 2022. The country currently accounts for a 23.57% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$235.6 Million in the year 2026 trailing a CAGR of 8.5% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 5% and 6.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 6.3% CAGR while Rest of European market (as defined in the study) will reach US$53.9 Million by the end of the analysis period. The growth of telecommunications and consumer electronics in Asia-Pacific, especially in countries such as India, Japan, South Korea, Taiwan and China is expected to propel the growth of photodiode sensors in the near future.

PN Photodiode Segment to Reach $236 Million by 2026

In the global PN Photodiode segment, USA, Canada, Japan, China and Europe will drive the 5.02% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$133.9 Million will reach a projected size of US$191 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$25.4 Million by the year 2026, while Latin America will expand at a 5.9% CAGR through the analysis period.