Photodiode Sensor Market to Reach US$ 1,151.16 Mn by End of 2030

 

According to Coherent Market Insights, The global photodiode sensor market was valued at US$ 640.67 Million in 2022 and is estimated to account for US$ 1,151.16 Million, in terms of value by the end of 2030.

Increasing automation across different end-use industries and rising usage of barcode scanners for billing of products in sectors such as retail sector are key factors driving growth of the photodiode sensors market.

Moreover, increasing awareness about speedy processing time for transaction of purchase & billing and improvement in the impact of customer experience in retail stores is propelling the demand for barcode scanner across the retail sector, which is another major factor driving growth of photodiode sensor market. In addition to this, barcode scanners help stores to keep track of large volume of data of the transactions performed.

As the automotive industry will gain significant traction in coming future owing to the increasing demand for electric vehicles, hybrid electric vehicles, and rapid growth in the development of automotive and connected vehicles across the world. This rapid growth in automotive industry will in-turn boost the demand of photodiode sensors, as these diodes are widely installed in various automotive vehicle modules, which includes LiDAR systems, load levelers in luxury cars, security warning systems, and smart parking systems.