As per Market Research Future (MFR)’s study, the global photonic sensors market is expected to exhibit tremendous potential and strike a CAGR of 15% during the forecast period 2016 to 2022. The valuation of the market is predicted to reach a mark of USD 20 Bn by the end of 2022. The developments and innovations associated with fiber optics are likely to boost the photonic sensors market over the next couple of years. In addition, the growth of wireless sensing technology is expected to catapult the photonic sensors market on the trajectory of growth.
Photonic sensors offer lighter, cheaper, smaller and faster products and components with great functionality using very little energy. This is projected to have a favorable influence on the adoption of technology across different applications. These sensors are extensively used in various applications such as Lidar, Laser Induced Fluorescence (LIF), Ladar, calorimetry, spectroscopy, scintillation detection, biological fluorescence detection, etc. The growing popularity of these sensors as a cost-effective sensing solution is likely to drive the growth of the photonic sensors market over the assessment period.
The key focus is on the development of efficient products that are eco-friendly and energy saving for encouraging the reduction of carbon footprints on the environment. It has opened new avenues of growth opportunities and is anticipated to revolutionize the future of the photonic sensors market over 2022.
By type, Photonic Sensors Market has been segmented into fiber optic sensors, image sensors, bio photonic sensors, and others.
By technology, the photonic sensors market has been segmented into fiber optic technology, imaging technology, bio photonic technology, and others.
By end-user, the global photonic sensors market has been segmented into consumer electronics, oil & gas, defense, transport, energy, healthcare, industrial manufacturing, and others.
The global photonic sensors market, by region, has been segmented into North America, Europe, Asia, and the Rest of the World (ROW). North America is expected to lead the growth of the global market. Rapid developments in sensors are likely to drive the growth of the market in the region. Furthermore, the presence of key players is projected to catalyze the expansion of the photonic sensors market in the region.
Europe is an important revenue pocket in the global photonic sensors market. It is prognosticated to secure the second spot globally over the next couple of years. Asia Pacific is forecasted to exhibit substantial growth in the foreseeable future. The vital country-level markets in the region expected to witness a steep rise in growth include Japan, Taiwan, and South Korea. The Rest of the World is poised to expand remarkably in the forthcoming years. Latin America is set to catapult the region on an upward trajectory.
Some of the key players profiled in the report are Oxsensis (UK), Prime Photonics (U.S.), Smart Fibres (UK), Intevac, Inc. (U.S.), Mitsubishi Electric Corporation (Japan), Toshiba Corporation (Japan), General Electric Company (U.S.), Samsung Electronics Co. Ltd. (South Korea), Banpil Photonics, Inc (U.S.), NP Photonics, Inc. (U.S.)
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