Photonic Sensors Market Overview
Photonic Sensors Market Size was valued at USD 22.6 billion in 2022. The photonic sensors market industry is projected to grow from USD 26.5 Billion in 2023 to USD 95.0 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 17.30% during the forecast period (2023 – 2032).
The global photonic sensors market is growing rapidly, mainly due to innovations in the fiber optics field. Besides, the need for enhanced safety and security solution drives the photonic sensors market. There has been a considerable rise in wireless sensing technologies, propelling the growth in the photonic sensors market. Moreover, the benefits that photonic sensors offer to increase cost-effective production with great functionality and less energy escalate market growth.
According to Market Research Future (MRFR), the global photonic sensors market is projected to create a valuation of approximately USD 96 BN by 2030, growing at 17.3% CAGR throughout the forecast period (2021-2030). Augmented uses of photonic sensors in burgeoning industries, such as consumer electronics, oil & gas, defense, energy, and transport, boost market growth.
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Furthermore, the spurting rise in demand from healthcare, industrial manufacturing and consumer electronics substantiate market growth. Additionally, rising usages of fiber optics in telecom and data management sectors (internet Service providing companies) increases the photonic sensors market share.
Increasing demand for high bandwidth, allowing more data at the lighting speed, fosters photonic sensor market size. Growing opportunities in the healthcare industry, such as biomedical sensing applications and endoscopic imaging applications, boost market growth.
Global Photonic Sensors Market – Competitive Analysis
Highly competitive, the photonic sensors market appears fragmented due to the presence of several well-established players. To gain a larger competitive share, industry players incorporate strategic initiatives such as mergers & acquisitions, collaborations, expansion, and product/ technology launch.
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Global Photonic Sensors Market – Segments
The report is segmented into four dynamics;
By Type: Fiber Optic Sensors, Image Sensors, Bio Photonic Sensors, and others.
By Technology: Fiber Optic Technology, Imaging Technology, Bio Photonic Technology, and others.
By End-User: Consumer Electronics, Oil & Gas, Defense, Transport, Energy, Healthcare, Industrial Manufacturing, Consumer Electronics, and others.
By Regions: Americas, Europe, APAC, and Rest-of-the-World (RoW).
Global Photonic Sensors Market – Regional Analysis
North America leads the global photonic sensors market. The largest market share attributes to advances in sensing technology and the spurting growth in end-user industries. Besides, the rising usages of photonic sensors in the consumer electronics sector and autonomous devices drive the growth of the regional market. Moreover, stringent government regulations for safety technologies and the steady rise in electric vehicle production & sales boost the regional market growth.
Furthermore, growing application areas of photonic sensors in the manufacturing sector foster market growth in the region. The US possesses the largest share in the regional market. The North American photonic sensors market is projected to retain its dominance throughout the estimated period.
Europe stands second in the global photonic sensors market. The market is driven by the vast developments in sensing technology and improvements in healthcare standards. Additionally, the extensive uptake of photonic sensors in some of the burgeoning end-use industries pushes the regional market growth. Italy, France, Germany, and the UK are the major markets for photonic sensors in the region. Furthermore, the rising demand from the automotive, aerospace, and defense sectors and the resurging economy in the region foster market growth.
The Asia Pacific photonic sensors market is proliferating. Factors such as the rising uptake of smart sensing technology and government initiatives influence regional market growth. Moreover, the rapidly growing economy in the region increases the size of the photonic sensors market, increasing consumer purchasing power and consumer inclination towards high-end luxury cars. Furthermore, increasing photonic sensors’ applications in medical device manufacturing, logistics, transportation, and consumer electronics positively impact regional market growth.
Players leading the global photonic sensors market include Intevac, Inc. (US), Oxsensis (UK), Prime Photonics (US), Mitsubishi Electric Corporation (Japan), Smart Fibres (UK), Samsung Electronics Co. Ltd.(South Korea), General Electric Company (US), Toshiba Corporation (Japan), Banpil Photonics, Inc (US), and NP Photonics, Inc.(US), among others.
Industry/ Innovation/ Related News
August 31, 2020 —– Allegro MicroSystems (Allegro- the US), a global leader in sensing and power semiconductor technology, announced the acquisition of a US-based advanced photonic and 3D imaging technology company – Voxtel, Inc. This acquisition would enable Allergo to bring the next generation of Advanced Driver Assistance Systems (ADAS), combining Voxtel’s significant laser and imaging expertise with Allegro’s automotive leadership.
1 MARKET INTRODUCTION
1.2 SCOPE OF STUDY
1.2.1 RESEARCH OBJECTIVE
1.3 MARKET STRUCTURE
2 RESEARCH METHODOLOGY
2.1 RESEARCH NETWORK SOLUTION
2.2 PRIMARY RESEARCH
2.3 SECONDARY RESEARCH
2.4 FORECAST MODEL
2.4.1 MARKET DATA COLLECTION, ANALYSIS & FORECAST
2.4.2 MARKET SIZE ESTIMATION
3 MARKET DYNAMICS
3.2 MARKET DRIVERS
3.3 MARKET CHALLENGES
3.4 MARKET OPPORTUNITIES
3.5 MARKET RESTRAINTS