NEW YORK, Nov. 17, 2021
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 million by 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.
Key Segment Findings of the Market
The market is segmented based on type, sensor type, end-use, and region.
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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.
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Top 10 Key Players of the Optical Detector Industry Include-
1. Semiconductor Types Industries, LLC.
2. ams AG.
3. Excelitas Technologies Corp.
4. ROHM Semiconductor
5. Hamamatsu Photonics K.K.
6. Analog Devices Inc.
7. Fotech Extrinsics Limited
9. Leuze electronic GmbH + Co. KG
10. Vishay Intertechnology, Inc.
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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