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.
Drivers and Restraints
The analysis shows that innovations in the fiber optics field are expected to fuel the photonic sensors market over the review period. Apart from this, the need for improved safety and security solutions are also likely to drive the photonic sensors market. It has been noted that there has been a substantial rise in wireless sensing technologies, which is accountable for the growth in the photonic sensors market. Additionally, the photonics industry is focusing on the development of competent products. There is a noted development of eco-friendly and energy-saving photonic sensors that will be launched in the market in the near future. These photonic sensors are expected to help in growing the green footprint of companies.
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The expansion and innovations associated with fiber optics are likely to boost the photonic sensors market over the next couple of years. In addition to this, the growth of wireless sensing technology is expected to catapult the photonic sensors market on the trajectory of growth.Photonic sensors offer low-priced, lighter, smaller, and faster products and components with improved functionality using very little energy. This is expected to have a promising influence on the deployment of technology across different applications. These sensors are extensively used in numerous applications such as Lidar, Ladar, Laser-Induced Fluorescence (LIF), scintillation detection, calorimetry, spectroscopy, biological fluorescence detection, among others. The rising popularity of these sensors as a cost-effective sensing solution is likely to fuel the growth of the photonic sensors market over the review period.
The primary focus is on the development of and energy-saving for encouraging the reduction of carbon footprints on the environment. It has paved way for new avenues of growth opportunities and is anticipated to develop the future of the photonic sensors market by 2022.
Based on type, the 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.
Photonic Sensors Market Report, 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.
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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