LOS ANGELES, March 28, 2019 (GLOBE NEWSWIRE) -- According to Acumen Research and Consulting the global light sensor market is forecasted to grow at a stable CAGR around 8% during the forecast period 2018 to 2026. According to the report named “Light Sensor Market - Global Industry Analysis, Growth, Share, Size, Trends and Forecast, 2018-2026”.
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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, smart phones 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. These sensors are available in various types. Light sensors are also used in energy conservation solutions as well as power and energy saving. Asia Pacific is anticipated to witness the highest growth rate over the forecast period owing 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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Ever Increasing Demand for Consumer Electronics Products and Continuous Technological Advancements to Drive the Global Light Sensor Market Growth
Escalating demand for light sensors in various applications such as smart building and homes, automotive and outdoor lighting applications is driving to the growth of global light sensor market. Growing implementation of light sensors in electronic consumer products such as tablets, smartphone, digital displays and televisions and ongoing technological advancements in the consumer electronics industry are some of the factors boosting the market growth. Light sensors also help to reduce power consumption in mobile devices. Rising awareness for selecting smart lighting solutions among people is further fueling the growth in global light sensor market. Light sensor saves power used in mobiles phones as it help in optimizing the backlight operation under different lighting for devices. This factor is anticipated to boost the demand for light sensors in coming years. Moreover, the growing need for ambient light sensing, precise detection and gesture recognition in electronic equipment are also playing significant role in the growth of light sensor market. On the other hand, growing popularity of portable smart devices is boosting the demand for light sensors and also expected to propel the market growth throughout the forecast period. Due to the rapid growth in the demand for smart electronics and wearable applications, the global light sensor market is witnessing huge growth. Ever-increasing adoption of the smart home technology is projected to spur the growth of global light sensor market during the forecast period. Additionally, smart home appliances manufacturers are using different types of light sensors in order to minimize the power consumption of smart home devices.
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Asia Pacific to Grow at Highest Rate in Light Sensor Market
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 accumulate the highest revenue share and grow at highest CAGR during the forecast period owing 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. Ever growing demand for consumer electronics products in various countries such as China, Japan, India and South Korea is anticipated to boost the growth of the regional light sensor market. Growing inclination towards more advanced electronic devices and rapid growth in the automotive and healthcare industry are supplementing the regional market growth. North America is also expected to show substantial growth over the forecast period due to presence of large number of market players and continuous technological innovations. Infrastructural development and early and adoption of recent technologically advanced products are some of the key factors fueling the regional market growth.
Market Players
The light sensor market is consolidated with large number of manufacturers. The company profiling of key players in the market includes major business strategies, company overview 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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