Optical detector is a device that is used to detect radiation or optical signal and convert ii into an electrical signal. Its change in state or its response under the influence of a flux of optical radiation can effectively determine the amount of light received. Optical detectors are one of the most significant types of an optical fiber communication system, and hence they deduce the implementation of a fiber optic communication link.
COVID-19 Impact on the Optical Detector Market
The outbreak of COVID-19 has had an adverse impact on the growth of the global optical detector market, owing to the prevalence of lockdowns in various countries across the globe. Lockdowns led to the large-scale disruption in the supply chains due to the closure of manufacturing plants of various industries including packaging, automotive, logistics, and many more. Consumer demand declined and the international trade restrictions were imposed, limiting market potential even further. Thus, the COVID-19 pandemic has had a negative impact on the growth of the optical detector market.
Optical Detector Market Trends and Developments
The key companies operating in the industry are adopting various growth strategies & business tactics such as partnerships, collaborations, mergers & acquisitions, and launches to maintain a robust position in the overall market, which is subsequently helping the global optical detector market to grow exponentially. For instance:
- In October 2020, Omron Corporation, the leading manufacturer of control equipment, electronic components, factory automation systems, ticket vending machines, automotive electronics, and medical equipment, announced the launch of E3AS-HL CMOS Laser Sensor for optical sensing applications. The new optical sensor helps industrial automation equipment to detect the opacity, pattern, or color changes bu using image array technology.
- In November 2020, Synopsys, an American electronic design automation company that focuses on silicon design and verification, silicon intellectual property and software security and quality, acquired Light Tec, a global provider of optical scattering measurements and measurement equipment, in order to extend customer access to precision light scattering data for materials and media used in optical systems.
- In October 2021, Precision Optics, a developer of advanced optical instruments for the medical and defense industries, acquired Lighthouse Imaging Corporation, a medical device manufacturer that specializes in medical optics design and assembly, in $2.9M cash and share deal so as to increase Precision Optics’ ability to assist their customers in developing next generation applications which are helping to change the future of healthcare.
- In March 2022, STMicroelectronics, a French-Italian electronics and semiconductors manufacturer, announced the launch of a new high-resolution Time-of-Flight (ToF) sensors that brings advanced three-dimensional depth imaging to smartphones and other devices. The VD55H1 is a sensor that maps 3D surfaces by measuring the distance to over half a million points.
Forecast Analysis of the Optical Detector Market
Rising use of photodetectors and photosensors in numerous industrial sectors across the globe is expected to drive the growth of the optical detector market during the forecast period. In addition, the long sensing range, extended life, and cost-effective features of optical detectors are further expected to bolster the growth of the market during the forecast period. Furthermore, persistent technological breakthroughs in the optical detectors are expected to create ample opportunities for the growth of the optical detector market in the near future. However, extortionate cost of optical detectors is expected to impede the growth of the market during the forecast period.
According to the report published by Research Dive, the global optical detector market is expected to generate a revenue of $9,827.00 million by 2030, growing rapidly at a CAGR of 11.82% during the forecast period 2022-2030.The major players of the market include ams AG, Hamamatsu Photonics K.K., ROHM Semiconductor, Analog Devices Inc., Vishay Intertechnology, Inc., STMicroelectronics, Excelitas Technologies C`orp., Semiconductor Types Industries, LLC, Leuze electronic GmbH + Co. KG, and Fotech Extrinsics Limited.
Most Profitable Region
The Asia-Pacific region is predicted to grow at the fastest rate, and generate a revenue of $3,278.3 million during the forecast period. Optical detectors are majorly used in a variety of industries in the region, including metrology, healthcare, imaging & remote sensing, cars, and robotics. In addition, the Asia-Pacific region is a leading producer of consumer electronics, especially tablets and smartphones, which contain 3D mapping and restore recognition. All these factors are expected to bolster the growth of the Asia-Pacific region in the optical detector market.