Pune, Aug. 21, 2024 (GLOBE NEWSWIRE) -- Market Size and Growth Estimates:
The Silicon Photomultiplier Market was valued at USD 138.09 Million in 2023. It is estimated to reach USD 274.43 Million by 2032, growing at a CAGR of 7.93% during 2024-2032.
Key Market Drivers
- Growing Medical Imaging Demand: Due to the great sensitivity and accuracy of SiPMs, these devices are mandatory in radiation detection enabling clear imaging and aiding higher medical diagnostic efficacy. In the year 2023, the Department of Defense in the U.S. spent around USD 75 million on research and development in medical imaging. The DoD is focusing its investments on enhancing diagnostics and treatment abilities in military healthcare facilities, highlighting the significance of modern imaging technologies using SiPM in offering thorough care to service members and their families.
- Increasing Automotive and Defense: Autonomous cars, as well as the automotive sector, LiDAR (Light Detection and Ranging) technology, is being utilized by companies to create fully automatic LiDAR-based checking systems for vehicles.
- Increased Application in Radiation Imaging: Their small size, efficiency, and roughness allow them to be used for the creation of low light imaging systems which are less expensive than current solutions deployed in particle physics experiments as well as radiation monitoring within the nuclear industry.
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Key Players
- ON Semiconductor
- Hamamatsu Photonics
- KETEK
- Cremat
- Philips
- TE connectivity
- Broadcom
- First Sensor
- AdvanSiD
- Excelitas Technologies
- Radiation Monitoring Devices
Silicon Photomultiplier Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 138.09 Million |
| Market Size by 2032 | USD 274.43 Million |
| CAGR | CAGR of 7.93% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Offering (Near Ultraviolet Silicon Photomultiplier, Red, Green, Blue (RGB) Silicon Photomultiplier) • By Type (Analog Silicon Photomultiplier, Digital Silicon Photomultiplier) • By Application (Lidar and 3D Ranging, High Energy Physics, Flow Cytometry, Bio Photonics and Medical Imaging, Radiation Detection & Monitoring) • By End-User (Healthcare, Consumer Electronics and Telecommunications, Oil & Gas, Automotive, Aerospace, Others) |
| Key Drivers | • SiPMs are becoming more popular in LiDAR and 3D mapping technology. • In medical imaging, there is an increasing demand for silicon photomultipliers. |
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"Silicon Photomultiplier Market Insights: Dominance of RGB Colors in 2023 and Projected Growth of Near Ultraviolet SiPMs from 2024 to 2032"
The Red, Green, Blue (RGB) silicon photomultiplier segment accounted for the largest share of more than 57% in terms of market value during 2023. The small form factor three-channel color photodetector is highly stable and very sensitive across a wide range of wavelengths offering excellent utility for applications that require accurate color detection or differentiation.
The Near Ultraviolet Silicon Photomultipliers segment is projected to have significant growth during 2024-2032. Near Ultraviolet Silicon Photomultipliers (SiPMs) have been one of the most groundbreaking innovations in photodetector technology offering performance enhancements at near-ultraviolet (NUV) wavelengths.
"North America Dominates Silicon Photomultiplier Market in 2023; Asia Pacific Set for Rapid Growth Driven by Advancements in Healthcare and Automotive Sectors"
North America held the majority of the silicon photomultiplier market in 2023, with more than 35.00% market share. Innovations in healthcare technology and automotive industry are driving the market boom. The presence of advanced technologies from top tech firms is driving the adoption of these devices in this location. This increases the market size during the forecast period by attracting more investment in research and development, particularly in the fields of medical imaging and bio-photonics.
The Asia Pacific region is projected to experience a higher CAGR between 2024 and 2032, as a result of significant advancements in technology and increased investments in the healthcare and automotive sectors. The growth of industry in China and India, as well as the need for advanced imaging and sensing technologies, is a driving force in these nations. The growth of the Smart Building technology market is being boosted by the increasing urbanization trend and the growing emphasis on smart infrastructure.
Recent Developments
- In 2023, Excelitas Technologies announced PhoxX SiPM RGB, dedicated for precision detection in the red-green-blue light spectra up to optical instruments and medical imaging. Notable features include higher photon detection efficiency and reduced crosstalk.
- In 2024, Broadcom introduced its Analog SiPM with healthcare and industrial use case, which offers a high dynamic range as well as low noise is perfect for detecting radiation but also monitoring hazards. The SiPM in addition enhances image quality at low light levels.
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Key Takeaways
- Customers will acquire a thorough knowledge of the Silicon Photomultiplier (SiPM) market, which includes new trends, main growth factors, and changing market dynamics that influence the industry.
- The detailed segment analysis in the press release assists clients in identifying the most profitable segments in the SiPM market, enabling them to make well-informed investment decisions based on segment performance and potential.
- Analyzing different regions provides important information on growing opportunities in various geographic areas, enabling clients to customize their strategies to take advantage of regional strengths and new markets.
- The report provides a detailed analysis of the competitive landscape, focusing on key players, recent advances, and possible strategic collaborations or takeovers, helping clients efficiently maneuver through the competitive environment.
Table of Contents – Major Key Points
1. Introduction
1.1 Market Definition
1.2 Scope (Inclusion and Exclusions)
1.3 Research Assumptions
2. Executive Summary
2.1 Market Overview
2.2 Regional Synopsis
2.3 Competitive Summary
3. Research Methodology
3.1 Top-Down Approach
3.2 Bottom-up Approach
3.3. Data Validation
3.4 Primary Interviews
4. Market Dynamics Impact Analysis
4.1 Market Driving Factors Analysis
4.1.1 Drivers
4.1.2 Restraints
4.1.3 Opportunities
4.1.4 Challenges
4.2 PESTLE Analysis
4.3 Porter’s Five Forces Model
5. Statistical Insights and Trends Reporting
5.1 Key Vendors and Feature Analysis, 2023
5.2 Performance Benchmarks, 2023
5.3 Integration Capabilities, by Software
5.4 Usage Statistics, 2023
6. Competitive Landscape
6.1 List of Major Companies, By Region
6.2 Market Share Analysis, By Region
6.3 Product Benchmarking
6.4 Strategic Initiatives
7. Silicon Photomultiplier Market Segmentation, by Offering
7.1 Chapter Overview
7.2 Near Ultraviolet Silicon Photomultiplier
7.3 Red, Green, Blue (RGB) Silicon Photomultiplier
8. Silicon Photomultiplier Market Segmentation, by Type
8.1 Chapter Overview
8.2 Analog Silicon Photomultiplier
8.3 Digital Silicon Photomultiplier
9. Silicon Photomultiplier Market Segmentation, by End User
10. Silicon Photomultiplier Market Segmentation, by Application
11. Regional Analysis
12. Company Profiles
13. Use Cases and Best Practices
14. Conclusion
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