New York, US, June 01, 2022 (GLOBE NEWSWIRE) -- Photonic Sensors Market Overview
According to a comprehensive research report by Market Research Future (MRFR), “Photonic Sensors Market Analysis by Type (Fiber Optic Sensors, Image Sensors, Bio Photonic Sensors), By Technology (Fiber Optic Technology, Imaging Technology, Bio photonic Technology), By End-User (Consumer Electronics, Oil & Gas, Defense, Transport, Energy, Healthcare) - Forecast 2030” valuation is poised to reach USD 95 Billion by 2030, registering a 17.3% CAGR throughout the forecast period (2021–2030).
Photonic Sensors Market Report Scope:
Owing to the advances in the fiber optics technology the photonic sensors are gaining huge traction in the development of illumination and image sensors, LED flashes, lasers, and other forms of electro-optical instruments. This will offer robust opportunities for the market over the forecast period.
| Report Metric | Details |
| Market Size | USD 95 Billion |
| CAGR | 17.3% |
| Base Year | 2020 |
| Forecast Period | 2021-2030 |
| Historical Data | 2019 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Technology, End-User and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors | 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.), and NP Photonics, Inc. (U.S.) |
| Key Market Opportunities | Advances in Fiber Optics Technology to offer Robust Opportunities |
| Key Market Drivers | Demand for Enhanced Security and Safety Solutions to Boost Market Growth |
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Photonic Sensors Market Segments
The global photonic sensors market is bifurcated based on end user, technology, and type.
By type, fiber optic sensors will lead the market over the forecast period.
By technology, fiber optic technology will dominate the market over the forecast period.
By end user, energy will spearhead the market over the forecast period.
Photonic Sensors Market Regional Analysis
North America to Lead Photonic Sensors Market
North America will lead the market in terms of growth. Sensor advancements are expected to propel the market in this region forward. In addition, the presence of important players is expected to accelerate the growth of the market in the area. Because of the photonics advances in the United States, North America is likely to account for a considerable percentage of market demand. The newly financed AIM Photonics is the focal point of a USD 610 million public-private endeavour to develop photonics manufacturing capability in the US. As a result, the photonics market in the region is likely to grow throughout the forecast period.
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APAC to Have Admirable Growth in Photonic Sensors Market
Owing to the presence of several noteworthy market players in the area, the worldwide photonic sensors market in Asia-Pacific is expected to grow at the fastest rate of 19.1 percent during the forecast period. Over the projected period, the region is likely to increase at the fastest rate. Increased defense/military spending both in China & India, as well as the industrial automation trend in these countries, are driving regional growth. Due to changes via the Chinese communist party, the Chinese government, for example, provides large military budgets for the integration of new technologies. As per SIPRI, India spent USD 63.9 billion on military spending in 2017. In recent years, countries like Korea and China have seen the fastest growth in lasers and photonics. This is owing to the region's, particularly these countries', huge change in manufacturing. The fastest-growing market sectors have been consumer electronics, automotive, and industrial production. Additionally, photonics & lasers are seeing tremendous expansion in Asia-Pacific, owing to quicker economic growth and increased laser manufacturing usage. Furthermore, the APAC countries' demand for fibre optic sensors will propel the market forward in the area. China leads the way, according to the Fiber Optic Sensing Association (FOSA), with just over 11% of declared deployments of the distributed fiber-optic sensing gadgets.
Drivers
Demand for Enhanced Security and Safety Solutions to Boost Market Growth
The burgeoning need for enhanced security and safety solutions will boost the market growth over the forecast period. Photonic sensors provide improved safety and security, which are key concerns among end users. Previously, manual systems were utilized for safety & security that required constant physical monitoring; now, these sensors enable self-operated surveillance around the clock, giving end-users peace of mind. The automated system collects and stores data on the central server in a highly efficient manner, allowing for continuous monitoring. These reasons push many industrial sectors to integrate smart photonic sensors into their work processes that are a key driver for the photonic sensors market.
High Initial Investment to act as Market Restraint
The high initial investment and lack of industrial & technological standards may act as market restraints over the forecast period.
Lack of Awareness to act as Market Challenge
The lack of awareness coupled with shortage of trained & skilled personals may act as market challenges over the forecast period.
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Dominant Key Players in Photonic Sensors Market Covered 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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COVID-19 Analysis
The COVID-19 epidemic has harmed the global photonics sensor market prediction, as a large portion of the global workforce works from home. This has resulted in a drop in tourists, which has lowered demand for defence tactical radio. Although the COVID-19 epidemic has temporarily halted field work on some major projects, the market is likely to remain healthy in the coming three years, with the total number of shipments remaining modestly unchanged. The COVID-19 epidemic has had an influence on the market. New projects have been halted around the world, affecting demand in a variety of industries, including industrial, manufacturing, and retail. Although market participants saw minor disruption in obtaining raw materials, time & shipping costs remain important problems. Furthermore, during the epidemic, an increase in investments in the creation of smart cities has acquired prominence. Following the epidemic, demand for photonics sensors is expected to increase. Key market players are focusing on setting their businesses for a robust post-pandemic recovery. Players in the market have planned meticulously to reinforce their supply chains in order to take advantage of post-pandemic prospects. Due to budget concerns and increased display offerings using micro-lenses, they also focus on providing further chances with expanding market utilization of defensive tactical radio technology. As a result, industry players are expected to benefit from a variety of post-pandemic opportunities. Despite the fact that COVID-19 has a significant negative influence on market growth, the outbreak is projected to present several chances for the global photonic sensors market throughout the projection period. These trends include an increase in digitalization and semiconductor applications all around the world.
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