Photonic Sensor Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Type (Fiber Optics Sensor, Image Sensor, Biophotonics Sensor), By End-User (Homeland Security, Industrial Automation, Medical, Military And Defense, Energy And Power, Oil And Gas), And By Geography - Forecasts From 2022 To 2027
- Published : Feb 2022
- Report Code : KSI061610267
- Pages : 114
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.
- Improved substitutes.
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.
- Rise of wireless communication in defense and military sector.
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.
Impact of COVID–19 on the Photonic Sensor Market:
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.
- In 2021, Banner Engineering launched several optical, photonic and light sensor products like the Q45 line of photoelectric sensors, Q4X600 laser measurement sensor, etc to increase their market hold.
- In 2021, Omron Corporation launched the B5L Time of Flight Sensor and new versions of the B5W Light Convergent Sensor, a range of touchless sensors.
- In 2019, Honeywell International acquired Rebellion Photonics, a Houston-based provider of innovative, monitoring solutions in the oil and gas, petrochemical, and power industries.
- In 2021, Mitsubishi launched Mitsubishi Electric Diode InfraRed (MelDIR) sensor lineup.
- In 2019, ON Semiconductor acquired Quantenna Communications, Inc for $24.50 per share in an all-cash transaction.
Photonic Sensor Market Scope:
|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|
- By Type
- Fiber Optics Sensor
- Image Sensor
- Biophotonics Sensor
- By End-User
- Homeland Security
- Industrial Automation
- Military and Defense
- Energy and Power
- Oil and Gas
- By Geography
- North America
- South America
- Middle East and Africa
- Saudi Arabia
- Asia Pacific
- North America
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.
1.1. Market Definition
1.2. Market Segmentation
2. Research Methodology
2.1. Research Data
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Powers of Buyers
4.3.3. Threat of Substitutes
4.3.4. The threat of New Entrants
4.3.5. Competitive Rivalry in Industry
4.4. Industry Value Chain Analysis
5. Photonic Sensor Technology Market Forecast by Type
5.2. Fiber Optics Sensor
5.3. Image Sensor
5.4. Biophotonics Sensor
6. Photonic Sensor Market Forecast by Application
6.2. Homeland Security
6.3. Industrial Automation
6.5. Military and Defense
6.6. Energy and Power
6.7. Oil and Gas
7. Photonic Sensor Market Forecast by Geography
7.2. North America
7.2.1. United States
7.3. South America
7.4.3. United Kingdom
7.5. Middle East and Africa
7.5.1. Saudi Arabia
7.6. Asia Pacific
7.6.3. South Korea
8. Competitive Environment and Analysis
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrative
8.3. Mergers, Acquisition, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. Company Profiles
9.1. Banner Engineering
9.2. Baumer Holding AG
9.3. OMRON Corporation
9.4. Hamamatsu Photonics K.K.
9.5. Honeywell International Inc.
9.6. Mitsubishi Electric Corporation
9.7. ON Semiconductor
9.8. Halliburton Energy Services
9.9. A2 Photonic Sensors
Baumer Holding AG
Hamamatsu Photonics K.K.
Honeywell International Inc.
Mitsubishi Electric Corporation
Halliburton Energy Services
A2 Photonic Sensors
|Report Name||Published Month||Get Sample PDF|
|Medical Sensors Market Size & Share: Industry Report, 2022 - 2027||Nov 2022|
|Smart Sensors Market Size, Share & Growth: Report, 2021-2026||Dec 2021|
|Image Sensors Market Size & Share: Industry Report, 2021-2026||Sep 2021|
|Fiber Optics Sensor Market Size & Share: Industry Report, 2022-2027||May 2022|
|Motion Sensor Market Size & Share: Industry Report, 2021 – 2026||Oct 2021|