The Optoelectronics, Sensors and Discretes report by IC Insight showed that the market fell by 19 per cent last year to $8.5 billion (£5.66 billion), but it is set to rally during 2010 and will top all previous best results for a 12-month period.
Indeed, 2009 saw the worst decline in the market since 2001 - when it fell by 24 per cent - but with a projected 31 per cent increase in 2010 forecast, this year is set to a bumper one for the industry.
The uptake of new technologies such as smartphones, camera phones and mobile applications has been credited with much of this surge in demand, with charge-coupled devices proving to be particularly popular.
Elsewhere, Massachusetts-based company Analog Devices recently won a Best of Sensors Expo award for its iSensor product.
Melanie Martella, executive editor of Sensors magazine, stated: "We believe this year's winners will be leaders in the sensors marketplace."
