The global photodiode sensors market is expected to reach value of US$ 867.7 Mn by 2026, expanding at a CAGR of 7.7% from 2018 to 2026. According to the research study, Asia Pacific held approximately 28.2% share of the global market in 2017.
Increasing demand for optical sensors in medical products and in the automation sector in several developing countries and rising trend of using handheld devices such as tablets and smartphones are augmenting the global photodiode sensors market.
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Furthermore, there has been increasing adoption of wearable technology, especially in remote health monitoring and industrial applications. Photodiode sensors have unique features such as integrated functionality, improved performance, high reliability, and high speed of response. Also, growing use of automation in day-to-day life provides new growth opportunities to the photodiodes sensors market.
Based on end-use industry, the global photodiode sensors market has been divided into telecommunication, health care, consumer electronics, aerospace & defense, and others (such as research, automotive). The telecommunication segment is anticipated to hold a significant market share, as photodiode sensors are widely used in optical communication systems and optical remote controls. The consumer electronics segment accounts for a major market share. It is projected to expand at a CAGR of 7.8% during the forecast period.