Silicon Photomultiplier Demand is Predicted to Grow at an 8.3% CAGR, Reaching US$ 274.4 Million by 2031: Transparency Market Research Analysis

Wilmington, Delaware, United States, May 24, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global silicon photomultiplier market (SiPM) stood at US$ 123.7 million in 2021 and the global market is projected to reach US$ 274.4 million in 2031. Global silicon photomultiplier industry is anticipated to expand at a CAGR of 8.3% between 2022 and 2031.

Rise in use in the automotive industry and the surge in demand for detection and imaging applications drive the global silicon photomultiplier market. However, the technological incompatibility of SiPMs hampers the market growth. High demand from the Asia-Pacific region is expected to open up new opportunities for the market players in the future.

High penetration of these silicon photomultiplier products is witnessed in emerging nations, especially in their healthcare and automotive sectors. Several technological advancements taking place in the silicon photomultiplier would contribute to the surging growth of the market.

Many key silicon photomultipliers manufacturers like On Semiconductor, TE Connectivity, and Broadcom, are increasingly investing in developing cost-effective, technologically advanced, and more secure products & solutions for further applications.

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Market Snapshot:

Key Takeaways of Market Report

• Global silicon photomultiplier market to generate absolute dollar opportunity worth US$ 274.4 million until 2031.
• Global silicon photomultiplier market from 2021 to 2031 is 8.3%
• Global silicon photomultiplier market is currently valued at US$ 133.8 million in 2022.
• Global silicon photomultiplier market stood at US$ 123.7 million in 2021.
• Market value of the global silicon photomultiplier market management from 2018 to 2022 is 7.5%
• Asia Pacific is said to have a market share of 57.4%
• North American market region is estimated to have a market share of 38.9%
  

Global Silicon Photomultiplier Market: Growth Drivers

• Product launches have enabled the silicon photomultiplier market growth forward. For instance, in March 2021, ON Semiconductor implemented a new RDM-Series silicon photomultiplier (SiPM) range, which adds LiDAR sensor functionalities to the company's product portfolio of advanced sensing products.
  
• ArrayRDM-0112A20-QFN is the market's first SiPM product, equipped to meet the demands of LiDAR applications in the automotive sector and even beyond. SiPM's high internal gain permits sensitivity down to the single-photon level, which, when combined with the high PDE, enables detection of the lightest return signals as a result, also with low, reflecting targets, the range can be extended to higher distances.
  
• Healthcare is one of the few sectors that experienced tremendous growth during the COVID-19 pandemic. Medical devices, imaging devices, medical services & managed care, and pharmaceuticals saw particularly significant growth.
  
• Medical imaging is an important operational area within the healthcare sector that has been experiencing considerable growth even before the onset of the COVID-19 pandemic.
  
• Growth increased manifold during the pandemic when the increased demand for diagnostic imaging saw a surge in the requirement for medical imaging devices such as PET scanners, X-ray machines, and MRI machines.
  

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Global Silicon Photomultiplier Market: Regional Landscape

• APAC is expected to register the highest growth in the silicon photomultiplier market during the forecast period. Growth in medical infrastructure across various countries in this region is expected to propel the growth of silicon photomultipliers. Asia Pacific is said to have a market share of 57.4%.
  
• Expanding market potential in the region is primarily attributable to the expansion of developing nations such as China, Japan, and India. Asia-Pacific market is predicted to increase due to expected growth in China's nuclear power industry, a growing proportion of nuclear power plants in India, the Japanese government's decision to reconsider its nuclear power process, and growing deployments of medical imaging equipment in India.
  
• North America dominated with the highest share in 2021. North America has a large market for silicon photomultipliers in healthcare, automotive, consumer electronics and telecommunications, aerospace, oil and gas, and others. North American market region is estimated to have a market share of 38.9%
  
• United States now maintains the highest share of the market; this pattern is projected to continue over the forecast period.
  

Global Silicon Photomultiplier Market: Key Players

• Broadcom Inc.
  

Acquisition

Broadcom Inc. acquired silicon photomultiplier market (SiPM) assets of KETEK GmbH. Broadcom Inc. has taken all SiPM products from KETEK GmbH and integrated KETEK GmbH products into their product portfolio and continue to sale their SiPM products.

• KETEK GmbH
  

Development

KETEK GmbH has developed the new SiPM -TIA-MODULE as an excellent plug-and-play PMT replacement, based on its PM33xx- WB silicon photomultipliers (SiPM). It provides exceptional linearity with an internal low-noise preamplifier and has an integrated bias circuit.

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Global Silicon Photomultiplier Market: Segmentation

• Type
  
  
  • NUV SiPMs
    
  • RGB SiPMs

• Device Type
  
  
  • Analog SiPMs
    
  • Digital SiPMs

• Application
  
  
  • LiDAR
    
  • Medical Imaging
  • Hazard & Threat Detection
  • Gamma Ray Spectroscopy
  • Handheld and Mobile Devices
  • Analytical Instrumentation
  • Others (Optical Sorting, Flow Cytometry, etc.)
    
• Industry Vertical
  
  
  • Automotive
    
  • Healthcare
  • Consumer Electronics
  • Aerospace and Defense
  • Industrial
  • Others (IT & Telecommunication, Oil & Gas, etc.)

• Regions Covered
  
  
  • North America
    
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East and Africa
    

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