Photonic Sensor Market Size, Future Growth, Trends Evaluation, Demand and Forecast 2022-2027
According to IMARC Group latest report titled “Photonic Sensor Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a comprehensive analysis of the industry, which comprises insights on photonic sensor market outlook. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global photonic sensor market size reached US$ 16.1 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 39.2 Billion by 2027, exhibiting a growth rate (CAGR) of 15.8% during 2022-2027.
A photonic sensor represents a device that intercepts light and converts it into an electrical signal. It is usually used for integrated emission of light detection and transmission via fiber optics and other optical components. A photonic sensor is also utilized for light-emitting diodes (LEDs), LIDAR, solar and photovoltaic cells, laser-induced fluorescence (LIF), calorimetry, scintillation detection, spectrometry, biological fluorescence detection, etc. A photonic sensor is more cost-effective, compact, faster, lightweight, etc., as compared to its traditional counterparts. Consequently, it finds extensive applications in the early detection and warning systems for biological hazards, structural flaws, security threats, etc., across various industries, such as aerospace and defense, energy and power, healthcare, etc.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
The escalating demand for enhanced security and safety solutions is primarily driving the photonic sensor market. Additionally, the widespread product adoption that enables self-operated monitoring of industrial processes and can collect accurate data on centralized servers is further catalyzing the market growth. Besides this, the inflating popularity of photonic sensors in the manufacturing of image and illumination sensors, lasers, LED flashes, and other electro-optical instruments is acting as another significant growth-inducing factor. Moreover, the rising utilization of wireless sensing technology and the development of the industry 4.0 revolution are positively influencing the global market. Apart from this, the introduction of advanced product variants with higher performance and multi-wavelength light generation capabilities is anticipated to fuel the photonic sensor market over the forecasted period.
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Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
- A2 Photonic Sensors
- Banner Engineering Corp.
- Baumer Holding AG
- BaySpec Inc.
- Honeywell International Inc.
- LAP Laser LLC
- Mitsubishi Electric Corporation
- Omron Corporation
- Prime Photonics LC
- Samsung Electronics Co. Ltd
Photonic Sensor Market Segmentation:
Our report has categorized the market based on region, product type and end use industry.
Market Breakup by Product Type:
- Fiber Optic Sensors
- Image Sensors
- Biophotonic Sensors
Market Breakup by End Use Industry:
- Aerospace and Defense
- Energy and Power
Market Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance
- Market Outlook
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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