The global photonic sensors and detection market is estimated to garner a notable revenue by the end of 2031 by growing at a CAGR of ~19% over the forecast period, i.e., 2022 – 2031. Further, the market generated a revenue of ~USD 15 Billion in the year 2021. The growth of the market is primarily attributed to the rising innovation in fiber optics and growing use of sensors in various industries, backed by their high performance. Further, rising demand for fiber optics is also expected to drive the market growth. According to the statistics by the International Trade Center, the value of imports of optical fibers grew from USD 2027718 thousands in the year 2020 to USD 2348132 thousands in the year 2021.
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Photonic sensors and detection are the devices that captures light and converts it to an electric signal. It is frequently used to transmit and detect light simultaneously through fiber optics and certain other optical components. The development of illumination and image sensors, LED flashes, lasers, and other electro-optical equipment is significantly accelerating owing to the expansions in fiber optics technology, which is expected to spur market growth.
The global photonic sensors and detection market is segmented and analyzed for demand and supply by product type into fiber optic sensors, image sensors, biophotonic sensors, and others, out of which, biophotonic sensors segment is projected to hold the highest growth over the forecast period owing to their increasing utilization in new medical applications and research laboratories. Besides this, the increasing number of research laboratories accredited worldwide for offering different testing services is also expected to drive the demand for biophotonic sensors, and in turn, boost the segment growth during the forecast period. According to the statistics by the International Laboratory Accreditation Cooperation (ILAC), about 85000 laboratories, almost 13000 inspection bodies, more than 600 proficiency testing providers and 250 reference material providers in the year 2021 were accredited by the ILAC MRA Signatories.
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
Regionally, the global photonic sensors and detection market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in North America is projected to hold the largest market share by the end of 2031 backed by the technological advancements, supportive government policies, and presence of significant key players in the region. For instance, in the year 2015, the then Vice President of the United States, Joe Biden, announced that the Research Foundation for the State University of New York (RF SUNY) would lead a new Manufacturing Innovation Institute in Rochester, New York to advance in the field of manufacturing integrated photonics. This sixth of the nine new manufacturing institutes was expected to bring in USD 610 Million in public-private investment so as to foster manufacturing innovation for transforming digital communications in the region.
The global photonic sensors and detection market is further classified on the basis of region as follows:
Our in-depth analysis of the global photonic sensors and detection market includes the following segments:
By Product Type
By End-Use Industry
FREQUENTLY ASKED QUESTIONS
Advancements in wireless sensor technology, global industrialization, rising demand for enhanced safety and security solutions are some major factors driving the growth of the market.
The market is anticipated to attain a CAGR of ~19% over the forecast period, i.e., 2022 – 2031.
High primary investment, lack of technological standards, and less awareness regarding the use of photonic sensors are estimated to hamper the market growth.
The market in North America is projected to hold the largest market share by the end of 2031 and provide more business opportunities in the future.
The major players in the market are A2 Photonic Sensors SAS, Banner Engineering Corp., OMRON Corporation, Hamamatsu Photonics, K. K., Oxensis Ltd, Pepperl+Fuchs SE, Honeywell International Inc., Prime Photonics LC., Baumer Holding AG, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by product type, technology, end-use industry, and by region.
The biophotonic sensors segment is anticipated to garner the largest market size by the end of 2031 and display significant growth opportunities.
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