The global photodiodes market is set to vouchsafe a spry growth rate of around 8% CAGR from 2021 to 2031. Over the past half-decade, demand has gradually increased by virtue of transcendent requirements from the telecommunications and consumer electronics industry. Moreover, the inception of 5G will further complement market expansion. Demand for photodiodes is expected to rise exponentially with advancements in technologies in terms of packaging of photodiodes, profound smartphone penetration, and intensifying automation in almost every industry vertical.
Furthermore, demand for hyperspectral imaging and low-light imaging solutions is on a roll. Focus of market goliaths has now shifted on camera applications to provide solutions that could capture low-light images. Increasing use of highly advanced petite cameras has surged the need for photodiodes. Across verticals and regions, demand for avalanche photodiodes is expected to dominate and remain high through 2031.
COVID-19 posited a downfall with the market witnessing sharp fall in revenues. However, owing to the cyclic nature of the photodiodes market, the drop has not been highly upsetting, and growth is expected to revive gradually over the coming months.
Key Takeaways from Market Study
- The global photodiodes market is anticipated to add 2.1X value by 2031.
- By type, the avalanche photodiodes segment is expected to expand at an impressive CAGR of 9% over the forecast period.
- East Asia is the supreme market with a value of US$ 196 Mn in 2020, and is subjected to bloat at a spry CAGR of close to 9% through 2031.
- Indium gallium arsenide photodiodes are destined to exhibit a high growth rate of 9% CAGR, while silicon photodiodes are projected to add 1.9X value over the forecast period.
- By end-use industry, automotive is poised to confer courteous opportunity for photodiode manufacturers, owing to increasing use in ADAS (automated driving assistance systems) and LiDAR sensors. Owing to these factors the aforementioned industry is poised to expand at a robust rate of over 9% in this market.
- The market in the U.S. is slated to expand at a steady CAGR of around 7% through 2031.
- China is expected to witness impressive growth of over 9% CAGR, while Japan is expected to rise even faster at close to 10% CAGR over the next ten years.
“Brawny R&D to unclutter novel landscapes, fostered by zeroing in on strategic acquisitions,” says an analyst.
Novel Product Offerings and Earmarked Acquisitions a Green Pasture for Manufactures
Business opportunities are like buses, there’s always another one coming. Same is the case with photodiodes. Key players such as Hamamatsu Photonics K.K. and ON Semiconductors are pivoting their emphasis on novel product offerings by investing heavily in research & development and earmarking their acquisitions to capture substantial market presence.
- Hamamatsu Photonics K.K successfully started mass-producing opto-semiconductors that detect mid-infrared light to a wavelength of 14.3 μm.
- ON Semiconductors, in 2019, acquired Quantenna, which will further help the company in providing a strong base for connecting solutions for industrial IoT applications.
- In 2020, Kyosemi Corporation launched the industry’s smallest photodiode with a broad range of sensitivity wavelengths ranging from 400 nm to 1700 nm. It is a surface mounted model to measure light in two wavelengths along the same light axis.
These insights are based on a report on Photodiodes Market by Fact.MR.