Global Photonic Sensor Market - Trends and Forecast (2015-2020)
Photonics is a technology which is associated with the use of light while replacing traditional electronics in various applications. Research in the field of photonics has brought drastically changed the photonic sensor market. Various technological advancements in fibre optics domain have fuelled the development of photonic sensors. As a result, the spectral range of the sensors has increased, leading to increased adoption across various industries.
The global photonic sensor market is expected to reach $XX billion growing at the Compound Annual Growth Rate of XX% by 2020. The need for more advanced safety solutions which can replace the traditional technologies in addition to rise of wireless sensing technology are some factors driving this market. The photonic sensor market is application driven and as the usage of these sensors increase, more applications of this will come up driving the market for these sensors.
Major types of photonic sensors are Bio-photonic sensors, fibre optic sensors and image sensors. Bio-photonic sensors are expected to gain significance across various medical R&D applications. Fibre Optic sensors will gain importance in various manufacturing and military applications. Fibre Optics technology is currently, the dominating technology in the market and is used in many applications, since it possesses high sensing capabilities and can withstand extreme environment conditions. Military is expected to be the largest customer of the photonic sensors, deploying them for various defence equipment thus, generating the largest revenue for the market followed by industrial process and healthcare. Currently, the United States of America is the largest market for photonic sensors and Asia Pacific is the fastest growing market owing to large investments in industrial automation and military in China and India.
The global photonic sensor market has been segmented on the basis of technology, product, application and geography. On the basis of technology, the market is segmented into laser technology, fibre optic technology, bio-photonic technology. On the basis of product, the market is segmented into image sensors, fibre optic sensor, bio-photonic sensors and many others. Photonic sensors are used in a many applications like defence and military, healthcare, homeland security and many others. On the basis of geography, the market is divided into 5 major regions namely North America, Latin America, Europe, Asia Pacific, and Middle East and Africa.
Key players in the market are Honeywell International Inc., Samsung Electronics Co. Ltd, Toshiba, Mitsubishi Electric Corporation among others.
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