Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
Global Photonic Sensors and Detection Market Overview
Photonic sensors are devices that sense light and release electrical pulses. Due to properties such as distributed sensing and resistance to electromagnetic interference, photonic sensors are used in several applications such as detecting biological hazards, structural flaws detection, and homeland security and mitigate security threats with the help of wireless systems integrated within photonic sensors. Photonic sensors allow better sensing and detecting functions and it is expected that this technology would give a high return on investment in the long run to the company’s manufacturing these sensors. The photonic industry is now focused on the development of eco-efficient products such as grating-coupled sensors, photonic crystal, and micro-resonator waveguide sensors that are anticipated to be developed and launched over the next few years. Technologically advanced products are cheaper, lighter and faster and with less energy usage and high functionality which is anticipated to impel the photonic sensors market over the period of forecast.
Market Size & Forecast
Global photonic sensors and detection market is anticipated to reach US$ 35 billion in 2023 witnessing a compound annual growth rate of 16% over the period 2016-2023
The Bio-photonic sensors segment is anticipated to be the most attractive segment, witnessing a CAGR of 9.9% over the period 2015-2023 owing to the increased use in homeland security, military applications such as chemical and biological agent detection, bio-warfare defense, field intelligence and explosives detection, however fiber optic segment accounted for highest market share in 2015.
North-America is anticipated to be the largest market for photonic sensors and detections and is estimated to account 26% of the total market share by 2023. Asia-Pacific market is anticipated to witness a compound annual growth rate of 23% over the forecast period i.e. 2016-2023. Asia Pacific is expected to be the prominent region for the photonic sensors market by 2023 due to emerging economies of the countries such as India and China. Further, Europe is projected to be a significant region due to notable technologies in oil & gas exploration in the market; however the Europe market is expected to project slow growth in upcoming 5-6 years, the slow growth of the region is attributed to the negative impact of Greek economy crises on European Union. CLICK TO DOWNLOAD FREE SAMPLE REPORT
Photonics is expected to be an emerging technology, which is going to project positive impact on various industrial sectors such as manufacturing, biotechnology, healthcare, telecommunication, aerospace and environment.
Market Segmentation
Demand Analysis By Type
On the basis of type of photonic sensors, the market can be categorised in to following segments:-
Demand Analysis By Technology
Global photonic sensors and detection market can be segmented into following technologies:-
Analysis By End Use Industry
Photonic sensors find its wide range of application in different industries. On the basis of end use industry the market can be segmented into following categories:-
By Region
Global Photonic Sensors and Detection Market is further classified on the basis of region as follows:
Growth Drivers and Challenges
Need for enhanced safety and security solutions, better alternative for conventional technology and rise in wireless sensing technology are some of the major factors that are strengthening the growth of the market.
Technological advanced sensors such as illumination sensors, LED flashes are expected to play a key role in adding new value and functions to next-generation smart home and smart devices this will foster the growth of photonic sensor market.
Lack of industrial and technological standards, high initial investments and lack of awareness related to use of photonic sensors may hamper the growth of market.
Key Players
Scope and Context
Overview of the Parent Market
Analyst View
Segmentation
By Regions
Global Photonic Sensors and Detection market has been studied on countries and regions like:
Market Dynamics
Supply & Demand Risk
Competitive Landscape
Porter’s Five Force Model
Geographical Economic Activity
Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and Challenges
Key Information for Players to establish themselves in current dynamic environment
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