According to the Future Market Insights (FMI), the global photonic sensors & detectors market is expected to grow from US$ 38.0 Bn in 2022 to US$ 83.5 Bn by 2032, with overall sales rising at a healthy CAGR of around 8.2% throughout the forecast period (2022-2032).
Rising penetration of 4.0 industrial revolution and increasing application in healthcare, defence & security, factory automation, oil & gas, and consumer electronics are some of the key factors driving demand for photonic sensors & detectors in the market.
Several technologies or technology-enabled environments like fiber optics and many others are helping to drive the fourth industrial revolution. As more businesses continue their journey toward digitalization, photonics is playing a crucial role in every sector, improving performance and holding huge potential.
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When it comes to sensors for robotics and automation as well as instruments for the production processes, lasers and optics are playing a crucial role. They help businesses to increase agility and productivity, improve customer experience, and reduce costs.
Key Takeaways: Photonic Sensors and Detectors Market
- By product type, the photonic detectors segment is expected to grow at the highest CAGR of around 4% between 2022 & 2032.
- By application, the healthcare & medical segment is projected to grow at the fastest CAGR of around 1% during the forecast period.
- North America held around 4% share of the global photonic sensors and detectors market in 2021.
- The East Asia photonic sensors and detectors market is estimated to grow at a CAGR of around 6% over the forecast period.
- The U.S. accounted for around 2% share of the North American photonic sensors & detectors market in 2021.
- The overall photonic sensors & detectors market in South Korea is likely to expand at 2% CAGR during the forecast period.
“Growing focus on automation across multiple industries, increasing smart infrastructure development, and rising investments in the development of fiber optic communications are some of the key factors driving the growth of the photonic sensors and detectors market,” says FMI analyst.
Growing Demand for Fiber Optic Sensors to Generate Significant Revenues in the Market
Fiber optic sensors are used to sense some quantities like pressure, temperature, displacements, vibrations, rotations, or concentration of chemical species. Fibers have many uses in remote sensing because at remote locations they require no electrical power and they are small in size.
They perform in sensitive situations such as noise, high temperatures, high vibration, and humid and unstable environments. The sensors are easy to integrate into small areas and can be placed accurately wherever flexible fibers are required. A device like an optical time-domain reflectometer is used to determine the time delay of fiber optic sensors. Due to such factors, the demand for fiber optic sensors is expected to increase in the global market during the forecast period.
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Who is Winning?
Market players operating in photonic sensors and sensors market include Honeywell International Inc., Banner Engineering Corp, Mitsubishi Electric Corporation, Baumer Holding AG, BaySpec, Inc., Fiberoptic Systems, Inc., St. Jude Medical, Inc., Omron Corporation, LAP Laser, LLC, FISO Technologies Inc., Ibsen Photonics A/S, Prime Photonics, Smart Fibres Ltd, Hamamatsu Photonics, and Fujifilm Holdings Corporation, among others.
These leading players are concentrating on introducing new and advanced photonic sensors and detectors to expand their customer base and gain a competitive edge in the market. Besides this, they are adopting strategies such as partnerships, collaborations, acquisitions, mergers, and strengthening of distribution channels to expand their global footprint.
More Valuable Insights on Photonic Sensors and Detectors Market (segment-wise)
Future Market Insight’s report on the Photonic Sensors and Detectors industry research is segmented into three major sections – by product type (photonic sensors (fiber optic sensors, biophotonic sensors, image sensors and others), photonic detectors (photodiodes, phototransistors, single-photon counting modules and others)), by application (healthcare & medical, defense & security, industrial & factory automation, oil & gas, environmental research & development, consumer electronics, and others), and by region (North America, Latin America, Europe, East Asia, South Asia & Pacific, and the Middle East & Africa), to help readers understand and evaluate lucrative opportunities in the photonic sensors and detectors demand outlook.
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Global Photonic Sensors & Detectors Market Outlook by Category
By Product:
- Photonic Sensors
- Fiber Optic Sensors
- Biophotonic Sensors
- Image Sensors
- Others
- Photonic Detectors
- Photodiodes
- Phototransistors
- Single-Photon Counting Modules
- Others
By Application:
- Healthcare & Medical
- Defense & Security
- Industrial & Factory Automation
- Chemicals & Petrochemicals
- Oil & Gas
- Environmental Research & Development
- Consumer Electronics
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- The Middle East and Africa (MEA)
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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