As indicated by Acumen Research and Consulting, the global light sensor market size is evaluated to reach around US$ 2 billion with a CAGR over 8% over the estimate time frame. Increasing technological advancements, growing advancements in transportation, smart homes, consumer electronics and automotive applications, different types of electronic products, increasing implementation of light sensors in various consumer electronics such as tablets, smartphones and escalating adoption of portable smart devices are some of the key factors that are fueling the light sensor market growth across the globe Light sensor is an electronic device used for the detection of light. The Asia Pacific market is likely to grow at highest CAGR due to the rising usage of advanced electronics equipment in medical devices, manufacturing and other applications, availability of wide range of various electronic products, and ongoing technological advancements.
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Automotive Segment is Also Anticipated to Witness a Noticeable Demand over the Forecast Period
On the basis of end use industry, the light sensor market is segmented into consumer electronics, aerospace and defense, automotive, healthcare, energy and power and transportation. Automotive segment is anticipated to grow at high growth rate over the forecast period owing to the increasing adoption of light sensors in automotive vehicles and rising awareness towards user friendly interface with light sensors for driver safety. Light sensors are broadly adopted by automotive sector owing to growing need to reduce road accidents. Growing technological innovations in the automotive industry is also propelling the overall growth of the segment. The demand for various types of light sensors is increasing rapidly in automotive sector as light sensors offer advanced safety and vehicle reliability and also help driver from getting distracted while driving. Additionally, different automotive manufacturers are implementing light sensors in their vehicles in order to improve the safety level of passengers and reduce the number of road accidents. This factor is forecasted to boost the global light sensor market growth in the next few years. The light sensors helps to detect the brightness ahead of the vehicle and the headlights are turned on and turned off automatically and allow the driver to control the turning on and turning off of the headlights with more accurate timing, thereby increasing the implementation of light sensors in vehicles.
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Asia Pacific to Dominate the Overall Market during the Forecast Period
Geographically, the global Light Sensor market has been divided into North America, Europe, Asia Pacific, Latin America and Middle East and Africa. Asia Pacific is anticipated to contribute uppermost market share in the global light sensor market. Asia Pacific is expected to grow at substantial growth rate over the forecast period owing to the growing usage of advanced electronics equipment in various applications, ongoing technological advancements and huge population base in the region. Rising demand for smart electronic equipments and increasing popularity of smartphones and tablets are playing the major role in the growth of regional light sensor market. Rapid growth in the automotive and healthcare industry and ongoing technological advancements in the healthcare industry in the region are also helping the growth of the regional market. Growing automotive expenditure and inclination towards more advanced electronic products are supplementing the regional market growth. Large numbers of small and large scale consumer electronics manufacturers from the region are rapidly investing in research and development activities in order to offer more advanced products to consumers. North America is also anticipated to growth at significant rate during the forecast period owing to the rapid growth in the automotive and healthcare industry. Additionally, early adoption of smart technologies and continuous technological advancemnets is anticipated to boost the regional market growth throughout the forecast period.
Texas Instruments, Maxim Integrated, ROHM Semiconductor and On Semiconductor are Likely to Continue to Lead the Global Light Sensor Market
The light sensor market is consolidated with limited number of manufacturers. The company profiling of key players in the market includes company overview, major business strategies and revenues. The key players of the market are Vishay Intertechnology Inc., Texas Instruments, Broadcom, Sharp Corporation, On Semiconductor, STMicroelectronics, AMS AG, Everlight Electronics Co., Ltd., Osram Opto Semiconductors GmbH, Maxim Integrated, and ROHM Semiconductor.
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