PORTLAND, Oregon, June 3, 2020
- Use of optical technology in industrial sector, increase in demand for diagnostic devices in healthcare, and surge in digitalization in developing economies drive the growth of the global avalanche photodiode market
PORTLAND, Oregon, June 3, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Avalanche Photodiode Market By Material (Silicon Materials, Germanium Materials, InGaAs Materials, and Others), and End User (Industrial, Aerospace & Defense, Telecommunication, Healthcare, Commercial, and Others): Global Opportunity Analysis and Industry Forecast, 2020-2027" According to the report, the global avalanche photodiode industry was pegged at $151.2 million in 2019, and is expected to hit $202.5 million by 2027, registering a CAGR of 3.5% from 2020 to 2027.
Drivers, Restraints, and Opportunities
Use of optical technology in industrial sector, increase in demand for diagnostic devices in healthcare, and surge in digitalization in developing economies drive the growth of the global avalanche photodiode market. On the other hand, technical issues with avalanche photodiode curtail down the growth to some extent. However, adoption of optics in R&D in the field of science is expected to create multiple opportunities in the industry.
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The Silicon Materials Segment to Retain Its Dominance By 2027
Based on material, the silicon materials segment contributed to nearly half of the global avalanche photodiode market revenue in 2019, and is expected to lead the trail by the end of 2026. This is due to increase in the adoption of Si-avalanche photodiode in automobile, chemical, medical, manufacturing, aerospace & defense, textile industry, and others industry verticals which drives the growth of the segment. On the other hand, the InGaAs material segment would register the fastest CAGR of 6.2% throughout the forecast period. The rise in adoption of InGaAs avalanche photodiode in medical & healthcare, aviation, transportation & logistics, security, and surveillance, among other industrial vertical propels the growth of the segment.
The Web Apps Segment to Rule the Roost
Based on end user, the telecommunication segment accounted for around one-third of the global avalanche photodiode market share in 2019, and is anticipated to lead the trail till 2027. The adoption of latest technology such as 4G drives the growth of the segment. At the same time, the healthcare segment would manifest the fastest CAGR of 5.0% during the study period. The use of laser scanners, X-ray scanners, and other equipment increases the demand for avalanche photodiodes which further augments the growth of the segment.
Asia-Pacific to Dominate in terms of Revenue, North America to Grow Significantly
Based on geography, Asia-Pacific held the lion's share in 2019, generating nearly half of the global avalanche photodiode market. In addition, the region is also projected to portray the fastest CAGR of 4.6% during the estimated period. This is due to its high demand in sectors such as mining & extraction, food processing, automobiles, aerospace, naval, electronics & semiconductors, and textile in this region. Furthermore, North America is anticipated to register the CAGR of 1.8% during the forecast period.
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