The global Photonic Sensors market, according to the analysis of Market Research Future (MRFR), is expected to reach a substantial market valuation of USD 20 Billion by 2022, at a moderate 15% of CAGR over the review period of 2016 and 2022.
The market is enduring an exacting period with its robust growth coming to an abrupt halt in light of the COVID-19 pandemic. MRFR report on market highlights the future prediction and the growth alternatives that can be created.
Based on type, Global Photonic Sensors Market has been segmented into fiber optic sensors, image sensors, biophotonic sensors, and others.
Based on technology, the photonic sensors market has been segmented into fiber optic technology, imaging technology, biophotonic technology, and others.
On the basis of the end-user, the global market for photonic sensors has been segmented into oil & gas, consumer electronics, transport, defense, energy, industrial manufacturing, healthcare, and others.
The global photonic sensors market, by region, has been segmented into Europe, North America, Asia, and the Rest of the World (ROW). North America is estimated to lead the growth of the global market over the forecast period. Rapid technological developments in sensors is slated to drive the growth of the market in the region. Additionally, the presence of key players is touted to fuel the expansion of the photonic sensors market in the Laser-Induced.
Europe is a crucial revenue pocket in the global photonic sensors market and is prognosticated to secure the second largest market share globally over the forecast period. The Asia Pacific is forecasted to exhibit substantial growth in the foreseeable future.
The major country-level markets in the region expected to witness a steep rise in growth include China, India, Taiwan, Japan, and South Korea. Aisa Pacfic region is expected to offer favorable growth conditions and promising opportunities for the market to expand in the region over the review period. The Rest of the World is poised to grow remarkably in the foreseeable future. Latin America is set to propel the regional market growth on an upward trajectory.
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The major market players in the Photonic Sensors Market, as recognized by MRFR are Intevac, Inc. (U.S.), Oxsensis (UK), Prime Photonics (U.S.), Mitsubishi Electric Corporation (Japan), Smart Fibres (UK), Samsung Electronics Co. Ltd.(South Korea), General Electric Company (U.S.), Toshiba Corporation (Japan), NP Photonics, Inc.(U.S.), Banpil Photonics, Inc (U.S.), among others
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