The photonic sensor market is projected to witness a CAGR of 23.38% during the forecast period to reach a total market size of US$48.918 billion by 2027, increasing from US$11.239 billion in 2020.
Photonic sensors are devices that sense light and convert it to an electric signal. The photonic sensing technology integrates and combines several emissions of optical components, light, fiber optics, and others.
Market Drivers: Applications and Progress.
Photonic sensors are under extensive development worldwide combining multidisciplinary research. Rapid advancement in different types of materials, innovative solutions, and light sources has been surging the market growth, worldwide. Photonic sensors have been playing an imperative role and task in different applications and the process cycle. The sensors are widely used in distribution, generation, energy conservation, and the reduction and minimization of the effects of energy consumption and production on the global environment. Because of their immunity to electromagnetic interference, lightning, and electrical noise, photonic sensors have been gradually registering popularity among wind turbine producers as a practical, reliable, and cost-effective monitoring system for wind turbines applications. They are also used in many applications, such as lidar, radar, laser-induced fluorescence, calorimetry, scintillation detection, spectroscopy, biological fluorescence detection, and others.
Geographically, the Asia-Pacific region is expected to show the highest growth rate followed by North America due to changing technologies. By type, fiber optics occupies the largest market share because of very different applications relating to energy harvesting and the production of power, namely solar thermal and PV systems, the oil and gas industry, and wind turbines. By end-user, energy, and power; oil and gas sectors are increasing the usage of photonic technologies.
The conventional sensors that are available in the market have limited uses and cannot be used in multiple industrial verticals as compared to photonic sensors. Photonic sensors are capable of providing highly accurate results in severe environments, which cannot be attained using conventional sensors. Thus, the agility and compound applications are expected to push the market even ahead.
Security sensing applications have benefited from using distributed fiber-optic sensors and photonics integrated wireless systems. These applications include the protection of structures such as bridges, tunnels, and dams, power line and pipeline monitoring, chemical/biological detection, and wide-area surveillance, which encompasses perimeter, border, and port security. As the level of threats increases due to the rise in terrorism activities around the globe, these fast and accurate methods of communication can assist in security measures.
Photonic sensors have been gradually generating commercial and industrial acceptance, worldwide. However, the lack of established standards had an impact on the market growth. But, in the past few years, photonic sensors have registered acceptance in several technologies, such as biophotonics, laser, and fiber optics. With the increasing distinction between these technologies, the market had been expected to show restraint, in the coming years.
The pandemic has impacted several industries negatively due to several restrictive measures which have affected the levels of production and distribution. The photonic sensor market also witnessed some contraction in the early days of the pandemic. The vendors reported a piling up of stocks in China and South Korea as demand fell. But several research facilities indicated that sensors could help address many pandemic-related challenges, especially in the health sector. In the long run, the market is expected to conquer new avenues with more R&D activities, investment, and innovation.
The market leaders for the Photonic Sensor Market are Banner Engineering, Baumer Holding AG, Omron Corporation, Hamamatsu Photonics K.K., Honeywell International Inc., Mitsubishi Electric Corporation, and ON Semiconductor, Halliburton Energy Services, and A2 Photonic Sensors. The major firms in the market introduce and implement several growth strategies and measures such as product launches, mergers, acquisitions, etc. to register a competitive edge among their competing firms.
|Market size value in 2020||US$11.239 billion|
|Market size value in 2027||US$48.918 billion|
|Growth Rate||CAGR of 23.38% from 2020 to 2027|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Type, End-User, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Banner Engineering, Baumer Holding AG, OMRON Corporation, Hamamatsu Photonics K.K., Honeywell International Inc., Mitsubishi Electric Corporation, ON Semiconductor, Halliburton Energy Services, A2 Photonic Sensors|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What are the growth prospects for the photonic sensor market?
A1. The global photonic sensor market is projected to witness a CAGR of 23.38% during the forecast period.
Q2. What will be the photonic sensor market size by 2027?
A2. The photonic sensor market is projected to reach a market size of US$48.918 billion by 2027.
Q3. What is the size of the global photonic sensor market?
A3. Photonic Sensor Market was valued at US$11.239 billion in 2020.
Q4. Which region holds the maximum market share in the photonic sensor market?
A4. Geographically, the Asia-Pacific region is expected to show the highest growth rate in the photonic sensor market followed by North America due to changing technologies.
Q5. What factors are anticipated to drive the photonic sensor market growth?
A5. Rapid advancement in different types of materials, innovative solutions, light sources has been surging the photonic sensor market growth, worldwide.
Baumer Holding AG
Hamamatsu Photonics K.K.
Honeywell International Inc.
Mitsubishi Electric Corporation
Halliburton Energy Services
A2 Photonic Sensors
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