Wellesley, Mass, Feb. 13, 2017 (GLOBE NEWSWIRE) -- Continuing innovation in photonic sensors and the rising demand for items that use them should drive big growth in the photonic sensors and detectors global market. BCC Research reveals in its new report that most of the opportunities in the photonic sensor and detector market are application driven.
Photonics is a science that involves generation, transmission, emission, modulation, switching, signal processing, and amplification of light. Photonic sensors and detectors use these properties in combination with light sources, fiber optics, electro-optical instrumentation and sophisticated nanophotonic methods for detection or sensing of light. These devices increase operational efficiency by providing highly accurate sensing and detection functions in harsh environments.
The global market for photonic sensors and detectors should grow from nearly $9.3 billion in 2016 to $19.2 billion in 2021, demonstrating a five-year compound annual growth rate (CAGR) of 15.7%. The military segment should total nearly $3.1 billion and $5.7 billion in 2016 and 2021, respectively, growing at a five-year CAGR of 13.3%. Wind energy should reach $648 million in 2021, up from $269 million in 2016, at a five-year CAGR of 19.2%.
The photonic sensor market has gained momentum in the last few years. Indeed, its attraction lies in its ability to engender new innovations that have noteworthy financial return. This is because it enables the development of products that have greater functionality while using less energy, along with being cost-effective, smaller in size, and lighter and faster as compared to conventional sensing technologies.
The key opportunities for the market are adoption of the photonics technology by small- and medium-size enterprises (SMEs) and superior growth potential in emerging economies. Once the cost of photonic sensors and detectors is reduced, SMEs and emerging economies are forecast to deploy these devices in various industrial sectors in big numbers.
Smart sensors also are used in safety and security applications, which are key market drivers. The advent of smartphones, tablets and laptops has changed how smart sensors are used in everyday life.
"The global list of smartphone applications is currently estimated to be around $28 million in 2016, and the future growth prospects for these apps bode well," says BCC Research analyst Gaurav Sinha. "Smart sensors can be easily controlled through such smartphone applications—clearly encouragement for the deployment of these devices in large numbers. Therefore, the sales volume of smartphones is expected to have a positive impact on the smart sensors market.
Photonic Sensors and Detectors: Technologies and Global Markets (PHO013B) analyzes photonic sensor and detector technology, application, geography, major manufacturers, and factors influencing their demand. The report also examines the properties of photonics including the generation, transmission, emission, modulation, switching, signal processing, and amplification of light. Global market drivers and trends, with data from 2015, estimates for 2016, and projections of CAGRs through 2021 also are provided.
About BCC Research
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