The Global photonic sensor and detection market is majorly driven by Need for enhanced safety and security solutions and Technological advanced sensors, according to our research report “Global Photonic Sensors and Detection Market Outlook 2023”.
Regionally, the photonic sensor and detection market is segmented into North America, Europe, Asia-Pacific and Rest of World (ROW). Among these, North-America is anticipated to witness a significant growth and occupy the largest share of the photonic sensor and detection market by 2023.
The photonic sensor and detection market is expected to reach USD 16 billion by the end of 2019 witnessing a CAGR of 16% over the period of forecast i.e. 2016-2023.
North-America is expected to have the largest market share by revenue followed by Asia-Pacific. North-America structural health monitoring market is anticipated to account for 30% share of the global structural health monitoring market by the end of 2016 due to developed infrastructure and well awareness of their maintenance in the region.
Asia-Pacific structural health monitoring market is likely to hold 17% share of the overall global structural health monitoring market in 2016 due to emerging economies of the nations which results in to the infrastructural development of the region and further increase the demand of structural health monitoring system. Structural health monitoring across these regions is high in demand to ensure public safety.
Growing Infrastructural development: Uplift
Introduction of new regulations by the government authorities across the globe for the maintenance and security of infrastructures which will further expected to spur the demand for structural health monitoring systems across the globe over the forecast period 2016-2023. Increasing awareness of governments towards the maintenance of heritage structure in order to boost the tourism revenue of their country will further expected to trigger the demand for structural health monitoring systems market in order to opt better care of heritage infrastructure.
Availability of low-cost sensors: Impetus
Wide variety of sensors is used in structural health monitoring systems to measure different parameters such as strain, pressure and real time data to detect the damage and possibility of calamities. The availability of low-cost sensors in the market will further expand the structural health monitoring systems market across the globe. Sensors used in structural health monitoring include piezoelectric vibration, dip angle, optical fiber strain, resistance strain, acoustic emission, and stress measurement sensors.
The report titled “Global photonic sensor and detection Market Outlook 2023” delivers detailed overview of the photonic sensor and detection market in terms of market segmentation by regions, by devices, by services.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the photonic sensor and detection industry which includes company profiling of Banner Engineering Corp, Honeywell International, ON Semiconductors, Banpil Photonics, Fiso Technologies, etc. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview on the global photonic sensor and detection market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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