Ultraviolet (UV) Sensor Market Growth Analysis | Trends, Drivers and Vendor Forecasts for 2021-2025
Market Growth and Forecasts for 2021-2025
Accelerating at a CAGR of almost 20.64%, the ultraviolet (uv) sensor market is expected to grow by post an incremental growth of $ 2.14 bn over the next five years. The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers to provide growth projections and insights. This analytical examination of the market will enable businesses to plan and set the path for future growth prospects.
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Ultraviolet (UV) Sensor Market: Market Segments and Key Trends
The Ultraviolet (uv) sensor market is segmented by End-user (industrial, automotive, consumer electronics, medical, and Others) and Geography (APAC, North America, Europe, South America, and MEA). APAC led the market with 38% of the market growth set to originate from this region during the forecast period. Technical challenges with uv sensors is one of the challenges that will need to be overcome to drive growth. The research report provides market share projections of each segment along with a detailed analysis of all the factors that are likely to boost growth within specific regions as well as global markets.
Ultraviolet (UV) Sensor Market: What are the Growth Drivers?
The Increasing investments in the global smartphone market is one of the primary factors driving the growth of the ultraviolet (uv) sensor market. The report provides a detailed study of all the factors that are likely to boost the market. An understanding of the key drivers will enable clients to leverage growth opportunities to their advantage with a view to short-term and long-term business goals.
Ultraviolet (UV) Sensor Market: Vendor Analysis
The market is fragmented. The research report provides insights into the top market player and their product portfolio along with pipeline analysis of upcoming developments and growth opportunities. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. Broadcom Inc., Davis Instruments Corp., LAPIS Semiconductor Co. Ltd., Panasonic Corp., Silicon Laboratories Inc., Skye Instruments Ltd., Solar Light Co. Inc., STMicroelectronics NV., and Vishay Intertechnology Inc. are some of the major market participants.
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Ultraviolet (UV) Sensor Market: Key Highlights of the Report for 2021-2025
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Technavio has been monitoring the global UV sensor market, which is expected to grow by USD 2.69 billion accelerating at a CAGR of almost 23% during the forecast period. The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking. Download latest version with COVID-19 analysis Free Sample Report
UV Sensor Market: Segmentation by End-user
During 2019, the industrial segment accounted for a major share of the UV Sensor Market. UV sensors play a pivotal role in industrial applications as they help to detect heat and provide alerts in hazardous and dangerous conditions. Thus, they help in increasing productivity and ensuring the safety of the employees. This report provides an accurate prediction of the contribution of all the segments to the growth of the UV sensor market size.
The growth of the IoT industry will be one of the primary factors fueling the growth of the UV sensor market during the next few years. Internet of Things (IoT) aids in the connection of electronic devices to the Internet, which in turn, reduces the need for human intervention. To ensure the efficient performance of this technology and to aid in mobile sensing, devices connected to an IoT network use a number of sensors and actuators. In the coming years, IoT will find significance in several applications including wearable devices, smart homes, industrial automation, and automated cars. With the growth of the IoT industry, the demand for sensors will subsequently increase, fueling the growth of the UV sensor market.
UV Sensor Market: Segmentation by Geography
APAC was the largest UV Sensor Market in 2019, and is expected to contribute 38% growth share during the forecast period. China and Japan are the key markets for UV sensors in APAC. Market growth in this region will be faster than the growth of the market in other regions.
UV Sensor Market: Vendor Analysis
The market is fragmented due to the presence of several players who offer a diverse range of products to the consumers, primarily to the growing industrial segment. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. Broadcom Inc., Davis Instruments Corp. and LAPIS Semiconductor Co. Ltd. are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.
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