Photonic Sensors & Detectors Market: Global Industry Analysis & Opportunity Assessment, 2016 - 2026
Photonics is the technology of generating and harnessing light and other forms of radiant energy whose quantum unit is the photon. The science of photonics includes light emission, transmission, deflection, amplification, and detection by optical components and instruments, lasers, and other light sources, fibre optics, electro-optical instrumentation, related hardware and electronics, and sophisticated systems. Photonic sensor is a device that senses light and converts to electricity. Photonics acts as a switch between the transmitter and receiver. A photonic detector counts the number of photons of light. The global photonic sensors and detectors market is likely to witness a CAGR of 7.2% during the forecast period (2016 – 2026).
Global expansion in fibre optic communication likely to fuel market growth
Various government initiatives, increasing adoption of industrial automation solutions in the manufacturing industry, and increased investment in fibre optic communications are major drivers for the growth of the global photonic sensors and detectors market. Continuous investment and development of new technologies in medical devices and a rapid proliferation of the Internet of Things (IoT) is creating ample growth opportunities for major players in the global photonic sensors and detectors market.
Leading players in the global photonic sensors and detectors market are faced with major challenges that force them to reduce profit margins from image sensors, thereby affecting profitability. Also, a lengthy regulatory approval and technology assessment process pertaining to new product development is likely to restrict growth of the global photonic sensors and detectors market during the forecast period.
The global photonic sensors and detectors market is segmented on the basis of Sensor Type (Fibre Optic Sensors, Biophotonic Sensors, Image Sensors, Others); Detector Type (Photo Transistors, Single Photon Counting Modules, Photodiodes, Photocells, Others); End use Sector (Defence & Security, Medical & Healthcare, Chemicals & Petrochemicals, Consumer Electronics & Entertainment, Industrial Manufacturing, Aviation, Research & Development, Others); and Region (North America, Latin America, Western Europe, Eastern Europe, APEJ, Japan, MEA).
Biophotonic Sensor Type segment to register the highest CAGR during the forecast period
The Biophotonic Sensors segment is projected to be most attractive segment in the global photonic sensors and detectors market, registering a CAGR of 9.7% between 2016 and 2026. The Fibre Optic Sensors segment accounted for the highest market share in 2015, and was valued at US$ 5.3 Bn in 2015.
Photodiodes Detector Type segment projected to be the most attractive segment
The Photodiodes segment was valued at US$ 3.2 Bn in 2015 and is expected to dominate the global photonic sensors and detectors market during the forecast period. The Single Photon Counting Modules segment is expected to exhibit a CAGR of 9.2% during the forecast period.
Aviation End use Sector segment expected to register high Year-on-Year growth rates
The Aviation segment is expected to witness total incremental opportunity of US$ 1.9 Bn between 2016 and 2026. The Medical & Healthcare segment is projected to be the most attractive segment in the global photonic sensors and detectors market during the forecast period.
North America largest market for photonic sensors and detectors
The North America photonic sensors and detectors market is currently the largest market for photonic sensors and detectors and is expected to account for about 28% value share of the global photonic sensors and detectors market by 2026. The APEJ market is expected to register high Y-o-Y growth rates between 2016 and 2026 and witness a CAGR of 10.0% over the forecast period. APEJ and Latin America are slated to be the fastest growing markets during the period 2016 – 2026.
photonic pensors and detectors market
Leading market players are focussing on product innovation and focussed sales through direct distribution to increase market share
Some of the top companies identified across the global photonic sensors and detectors market value chain are Hamamatsu Photonics K.K, OMRON Corporation, ON Semiconductor, SAMSUNG, Sony Corporation, KEYENCE CORPORATION, Pepperl+Fuchs GmbH, Prime Photonics, LC, Banpil Photonics, Inc., and NP Photonics, Inc. Top companies are focussing on increasing their investments in technology R&D initiatives and are entering into strategic global alliances and partnerships to strengthen their position in the market.