Photodiode Market Soars to US$ 1,372.38 Million By 2030, Strong Expansion and Growth

New York, July 07, 2023 (GLOBE NEWSWIRE) -- According to the research report “Global Photodiode Market” published by Consegic Business Intelligence, the market was worth USD 738.37 Million in 2022 and is anticipated to reach over USD 1,372.38 Million by the year 2030, growing at a CAGR of 8.2%.

A photodiode also referred to as a photo-detector is a semiconductor device that converts light energy into an electrical current. Photodiodes are sensitive to light across a specific range of wavelengths, depending on the construction and material of the photodiode. Additionally, photodiodes are manufactured from a variety of materials including Indium gallium arsenide (InGaAs), silicon, germanium, and gallium phosphide. Moreover, photodiodes are employed in various applications including optical communication systems, light detection and ranging (LiDAR), barcode readers, and optical sensors, among others to accurately measure the intensity of light.

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The increasing demand of photodiodes from the consumer electronics industry to be used as ambient light sensors to measure the surrounding light conditions, enabling the device to automatically adjust the display brightness is driving the growth of the market. Additionally, the ability of photodiodes to exhibit high responsivity and quantum efficiency to convert light into electrical signals with high sensitivity is also accelerating the market growth. Moreover, the increasing adoption of photodiodes in laser power monitoring applications owing to the high-energy detection capabilities of photodiodes is further contributing significantly in propelling the market growth. For instance, in November 2020, Opto Diode Corporation launched an ultraviolet-enhanced detector with a 5.5 mm active area, UVG20S. The photodiode is appropriate for UV detection and features 100% internal quantum efficiency from 200 to 400nm and is ideal for laser power monitoring applications.

Moreover, the increasing demand of photodiodes for LiDAR applications in autonomous vehicles is expected to create opportunities for market growth. Photodiodes are essential components in LiDAR systems, to detect and measure the reflected light to create detailed maps and detect obstacles. However, the presence of alternatives including phototransistors to offer higher sensitivity and enhanced signal-to-noise ratio as compared to photodiodes is hampering the market growth.

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Photodiode Market Growth Drivers:

• Growing adoption of smartphones raises the demand of photodiodes for ambient light sensing and gesture recognition.
• Increasing demand of photodiodes from the automotive industry for performing tasks including object detection, distance measurement, and ambient light sensing is driving the market growth.
• Increasing application of photodiode in long-range optical communication systems including fiber optic networks for the detection of optically weak signals is propelling the market growth.

Restraints

• Poor temperature stability of photodiode leading to measurement errors, reduced sensitivity, and decreased signal-to-noise ratio is hampering the market growth.
• Presence of alternatives including phototransistors to offer higher sensitivity and enhanced signal-to-noise ratio in comparison to photodiodes is hampering the market growth.

Opportunities

• Increasing demand of photodiodes for LiDAR applications in autonomous vehicles to detect and measure the reflected light for detecting obstacles is expected to create opportunities for market growth.

Global Photodiode Market Segmentation Details:

Based on Type, the PIN photodiode segment contributed the largest shares to the market growth in 2022. The growth is attributed to the ability of the PIN photodiode to exhibit high sensitivity to light to detect low levels of light accuracy. In addition, the PIN photodiode detects a broad range of wavelengths, including visible, near-infrared, and ultraviolet light, thus contributing significantly in driving the market growth. The versatility offered by PIN photodiodes is applicable in diverse fields including telecommunication, industrial sensing, medical devices, and scientific research. Moreover, PIN photodiodes have a faster response time to detect rapid changes in light intensity and are relatively more cost-effective in comparison to other photodiodes, further contributing to the growth of the PIN photodiode segment.

Based on Material, the silicon segment offered substantial shares to the global photodiode market in the year 2022. The growth is attributed to the ability of silicon material to offer a moderate bandgap, allowing for efficient absorbance of visible light and a portion of the near-infrared spectrum. The moderate bandwidth allows silicon photodiodes to be utilized for a wide range of applications including consumer electronics, industrial automation, and optical communications, thus contributing considerably in bolstering the market growth.

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Based on Mode of Operation, the photovoltaic mode holds the maximum share of the market growth in the year 2022. Photovoltaic mode photodiodes generate current directly proportional to the incident light intensity eliminating the need for an external bias voltage. Additionally, photovoltaic mode photodiodes also exhibit a linear response over a wide range of light intensities. Linearity is advantageous in applications that require accurate and reliable measurements including optical sensing and imaging, thus contributing significantly in driving the growth of the photovoltaic mode of operation.

Based on End-User, the telecommunication segment offered substantial shares to the global photodiode market in the year 2022. The growth is attributed to the increasing adoption of photodiodes in optical communication systems to convert optical signals into electrical signals. Additionally, the emergence of 5G technology to provide faster data speeds and higher network capacity is also contributing to the market growth. Photodiodes play a critical role in receiving and converting the high-speed optical signals used in 5G networks and for transmitting data between the cell towers and the central network infrastructure, hence contributing remarkably in boosting the market growth.

Based on region, Asia Pacific has been a major contributor to the growth of the photodiode market. The growth is attributed to the well-developed electronics manufacturing industries in countries including China, Japan, South Korea, Taiwan, and Singapore. The expanding electronics manufacturing industry increases the demand of photodiodes for ambient light sensing in consumer electronic devices such as smartphones, tablets, and televisions. Consequently, the expansion in the electronics manufacturing industry is contributing notably in promoting the growth of the photodiode market in the Asia Pacific.

Recent Developments

• In March 2022, Marktech Optoelectronics, Inc. launched advanced silicon photodiode photodetectors to provide high quantum efficiency, high sensitivity, improved durability, and low noise along with improved longevity at a reasonable cost.
• In May 2020, Kyoto Semiconductor Co., Ltd. introduced the industry’s smallest-in-class photodiode KPMC29 with high sensitivity. The product is extensively utilized in the healthcare and medical fields for applications including pulse oximeters, wearable devices, biological monitoring, and activity trackers.

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Key Market Highlights

• Globally, the photodiode is divided based on the type into PIN photodiode, PN photodiode, Schottky photodiode, and avalanche photodiode.
• In the context of the material, the market is separated into germanium, silicon, indium gallium arsenide, gallium phosphide, and others.
• The mode of operation segment of the photodiode is classified into photoconductive mode (reverse bias) and photovoltaic mode (zero-bias).
• In the context of end-user, the market is categorized into telecommunications, aerospace & defense, healthcare, automotive, consumer electronics, and others.
• The market is geographically divided into five regions: North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa.
• Asia Pacific is estimated to support the market growth during the forecast period in terms of the large presence of market players combined with high expenditures on technological advancements in photodiodes.

List of Major Global Photodiode Market Players

The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new machines. The following are major market players operating in the market environment —

• Edmund Optics
• Excelitas Technologies Corp
• First-sensor AG
• Marktech Optoelectronics, Inc.
• Hamamatsu Photonics Deutschland
• Panasonic Corporation
• Kyoto Semiconductor Co., Ltd.
• Kyosemi Corporation
• OSI optoelectronics
• OSRAM Optoelectronics
• Rohm Semiconductor
• Semtech Corporation

Global Photodiode Market Segmentation: 

• By Type
  • PIN Photodiode
  • PN Photodiode
  • Schottky Photodiode
  • Avalanche Photodiode
• By Material
  • Germanium
  • Silicon
  • Indium Gallium Arsenide
  • Gallium Phosphide
  • Others
• By Mode of Operation
  • Photoconductive Mode (Reverse Bias)
  • Photovoltaic Mode (Zero-Bias)
• By End-User
  • Telecommunications
  • Aerospace & Defense
  • Healthcare
  • Automotive
  • Consumer Electronics
  • Others

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Key Questions Covered in the Photodiode Market Report

• What will be the potential market valuation for the photodiode market by 2030?

- The market valuation for the photodiode is expected to be approximately USD 1,372.38 Million by 2030 owing to the increasing adoption of the photodiode in smartphones to provide ambient light sensing and gesture recognition.

• Based on current market trends and future predictions, which geographical region will have the largest impact on the photodiode market's growth in the coming years?

- Asia Pacific is anticipated to register the largest impact on the photodiode market owing to the expanding electronics manufacturing industry.

• Which segment is anticipated to witness the highest CAGR during the forecast period, 2023-2030?

- The InGaAs photodiodes are expected to witness the fastest CAGR as InGaAs photodiodes exhibit high responsivity and quantum efficiency in the NIR range, to convert light into electrical signals with high sensitivity.

• What specific segmentation details are covered in the photodiode market report, and how is the dominating segment impacting the market growth?

- Telecommunication dominates the market as photodiodes are extensively employed in optical communication systems to convert optical signals into electrical signals and vice versa. Additionally, the emergence of 5G technology to provide faster data speeds and higher network capacity is also contributing to the market growth.

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