Global Photonic Sensors and Detection Market Size, Forecast, and Trend Highlights Over 2022 - 2031
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Base Year |
2021 |
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Forecast Year |
2022-2031 |
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CAGR |
~19% |
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Base Year Market Size (2021) |
USD 15 Billion |
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.
Global Photonic Sensors and Detection Market: Growth Drivers and Challenges
Growth Drivers
- Advancements in Wireless Sensor Technology - Wireless sensor technology provides numerous advantages, including safety, high data transfer speeds, low operational cost, and efficiency. Their increased demand from industrial and consumer applications is shaping new developments. Further, increasing data transfer speeds across different wireless standards is also expected to add to the market growth. For instance, Thread and ZigBee can connect sensors operating at 2.4 GHz with a data rate of 250kbit/s.
- Global Industrialization – Through swift industrialization, we have been seeing mass-production of goods and technologically improved services. Thus, rapid industrialization throughout the world is another leading growth driver of photonic sensor and detection market. According to the statistics by the United Nations Industrial Development Organization (UNIDO), global manufacturing production generated a stable year-over-year output growth of 3.3% in the fourth quarter of 2021, following increase of 5.8% and 17.8% respectively in the previous two quarters.
- Rising Demand for Enhanced Safety and Security Solutions - People all over the world are exposed to a lot of complicated threats and dangers that endanger their safety and security. So enhanced safety and security solutions are always mandate to stay secure. The global video surveillance security cameras market is expected to grow with a CAGR of ~12% during the forecast period, i.e., 2022-2031.
- Technological Advancements in Photonic Sensors and Detection – For instance, the manufacturer of innovative sensors and measurement systems for research applications, A2 Photonic Sensors SAS, recently developed an autonomous station named SmartStake for tracking continuously the loss of glacier mass along the melt season. On the other hand, Banner Engineering Corp. announced that its DXM series wireless controller and sensors which are used for monitoring of vibration on pumps and motors, have been qualified for AWS IoT Core and that these devices would now be available in the Partner Device Catalog of AWS.
- Rising Trend of Structural Health Monitoring – The global structural health monitoring market is anticipated to grow with a CAGR of ~15% during the forecast period, i.e., 2022-2031.
Challenges
- High Primary Investment for Manufacturing of these Sensors
- Lack of Technological Standards
- Less Awareness Regarding the Use of Photonic Sensors
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.
Major Macro-Economic Indicators Impacting the Market Growth
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.
Global Photonic Sensors and Detection Market Regional Synopsis
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:
- North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Market Segmentation
Our in-depth analysis of the global photonic sensors and detection market includes the following segments:
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By Product Type |
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By Technology |
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By End-Use Industry |
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Top Featured Companies Dominating the Global Photonic Sensors and Detection Market
- A2 Photonic Sensors SAS
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Banner Engineering Corp.
- OMRON Corporation
- Hamamatsu Photonics, K. K.
- Oxsensis Ltd
- Pepperl+Fuchs SE
- Honeywell International Inc.
- Prime Photonics LC.
- Baumer Holding AG
- Mitsubishi Electric Corporation
