Optical Detector Market to Reach Valuation of USD 7.01 Billion by 2028 – High Usage of Optical Detector Sensors in Different Industries Drives the Market

Vantage Market Research

Jul 01, 2022

In terms of revenue, the Global Optical Detector Market is expected to reach USD 7.01 Billion by 2028, executing a Compound Annual Growth Rate (CAGR) of 11.7% from 2022 to 2028.

Using Optical Detector sensors in different industries and technological advancements are expected to drive market growth in the coming years.

Key Highlights from Report:

  • The extrinsic detector sub-segment dominated the market in 2021. An Extrinsic Detector uses a fiber-optic cable typically multimode to transfer modulated light from a conventional sensor, like a resistance thermometer. The Extrinsic Detector's strength to reach otherwise inaccessible places is an important feature that makes it more useful in a wide range of applications. One of the best examples demonstrating this is the installing the fiber-optic cables into aircraft jet engines. This is extensively used to measure temperature by transmitting radiation to a radiation pyrometer that is located far away from the engine.

  • The Image Sensor sub-segment is the most dominant segment in 2021. This dominance is owing to the growing use of cameras in portable electronics like smartphones and tablets. In addition, increased use of cameras in artificial intelligence (AI), augmented reality (AR), virtual reality (VR), and autonomous vehicles are set to offer up new revenue streams for image sensor makers as camera functionality. Furthermore, image quality become increasingly crucial in smartphones.

  • Asia Pacific is expected to grow at the fastest Compound Annual Growth Rate (CAGR) during the forecast period. This growth is owing to the increasing use of Optical Detectors in various industries, including healthcare, metrology, imaging & remote sensing, robotics, and cars to name a few. Photo sensors read and report data using lasers, imaging systems, and optical fibers. The region manufactures many consumer electronics, especially smartphones and tablets, which involves restoring recognition and 3D mapping. Sensors are designed to be incredibly small, passive, and light to support large sensor arrays and a broad dynamic sensing range.

Market Dynamics:

The growing use of photodetectors across several industries is projected to drive the market. The need for precision output sensors is increasing steadily across various sectors. These sensors are capable of detecting things of different sizes and materials. They are affordable, have a long lifespan, and have a wide detecting range. The demand for these photoelectric sensors is constantly rising as firms strive to increase production efficiency without compromising product quality. Huge losses could result from a production process flaw. As a result, manufacturers include photoelectric sensors in their assembly or production lines.

Photoelectric sensors used in the printing and packaging industries can identify colors by separately detecting red, green, and blue light. They employ light grids to scan significant areas. Photoelectric sensors are used in transportation to assess an object's position and gauge its distance. Robotic pickers or vehicles in the logistics and materials handling sector rely on photoelectric sensors for effective and secure functioning. The market is anticipated to develop shortly because of the wide range of applications for these detectors.

North America held the most significant shares in 2021. This share is due to the most prominent manufacturers and customers of consumer electronic products in the region employ different kinds of photodetectors. Further, the increasing rate of partnerships and acquisitions among the major players in this region is also expected to suffice the regional growth of the market.