According to a new market research report pertaining to the light sensor market, published by Transparency Market Research the global light sensor market is expected to reach value of US$ 2,435.9 Mn by 2027, expanding at a CAGR of 8.2% from 2019 to 2027. According to the report, the market would continue to be influenced by a range of macroeconomic and market-specific factors. In terms of demand, Asia Pacific would continue to lead the global market, with the market in the region expanding at a CAGR of 9.4% from 2019 to 2027. China, India, Japan, and South Korea are anticipated to be major contributors to the light sensor market in Asia Pacific during the forecast period.
Rising adoption of smart home technology driving the global light sensor market
Light sensors convert light input into the corresponding electric output. Light sensors are used in different types of end-use applications such as automatic brightness control in electronic devices, automatic street lighting, signal control system, and smart home devices. Use of light sensors helps in minimizing the power consumption of devices. The light sensors market is recently gaining traction, due to increasing demand for consumer electronics products such as mobile phones, tablets, smart watches, and televisions worldwide.
Moreover, smart home devices are increasingly adopting light sensors. This is likely to fuel the global light sensor market in the next few years. Across the globe, light sensor manufacturers are increasing their investments in the light sensor market in order to meet the increasing demand from various industry verticals such as consumer electronics, smart homes, automotive, health care, agriculture, and transportation.
The global light sensor market has been broadly segmented in terms of type, application, end-use industry, and geography. Based on type, the global light sensor market has been segmented into photo conductive cells, photo voltaic cells, and photo junction diodes. In terms of revenue, the photo conductive cells segment accounted for a major market share of more than 40% in 2018. The segment is anticipated to expand at a CAGR of 9.0% during the forecast period. In order to fulfill the global demand, various manufacturers of light sensors are focusing on research and development activities on a regular basis in order to find advanced applications of light sensors. Light sensors are used in different types of power- and energy-saving applications as well as energy conservation solutions. Increasing population and rising demand for smart electronics devices are expected to propel the demand for light sensors during the forecast period. Light sensors are cost effective and easy to operate. They have low maintenance costs.
Based on application, the light sensor market has been segregated into placement detection, brightness control, security, planning & agriculture, and others. In terms of revenue, the brightness control segment held the maximum market share in 2017. In addition to this, in terms of both value and volume, the brightness control segment is expected to expand at the maximum CAGR during the forecast period. Based on end-use industry, the light sensor market has been classified into consumer electronics, automotive, aerospace & defense, energy & power, healthcare, transportation, and others. In terms of revenue, the consumer electronics segment accounted for a major market share of more than 30.0% in 2018 and it is anticipated to expand at a CAGR of 8.9% during the forecast period.
As per TMR analysis, Asia Pacific accounted for a leading i.e. more than 35% share of the global light sensor market, in terms of both revenue and volume, in 2018. The Asia Pacific light sensor market is primarily driven by increased investments in modernizing of the infrastructure and risen urban population, especially in developing economies such as China and India. The global light sensor market is expected to witness further modifications, innovations, and advancements in light sensors in the near future, as several leading manufacturing companies are investing in research and development activities.
The research study includes profiles of leading companies operating in the global light sensor market. Market players have been profiled in terms of attributes such as company overview, financial overview, business strategies, and recent developments.
Some of the key players operating in the light sensors market are Vishay Intertechnology Inc., STMicroelectronics, Texas Instruments, AMS AG, On Semiconductor, Broadcom, Maxim Integrated, Everlight Electronics Co., Ltd., Osram Opto Semiconductors GmbH, Sharp Corporation, and ROHM Semiconductor. Various business strategies are being adopted by market leaders. Companies are focusing on expanding their business by developing strategic partnerships and offering innovative solutions.