Market Synopsis:
As per Market Research Future (MFR)’s study, the global photonic sensors market is expected to exhibit tremendous potential and strike a CAGR of 15% during the forecast period 2016 to 2022. The valuation of the market is predicted to reach a mark of USD 20 Bn by the end of 2022. The developments and innovations associated with fiber optics are likely to boost the photonic sensors market over the next couple of years. In addition, the growth of wireless sensing technology is expected to catapult the Photonic Sensors Market on the trajectory of growth.
Photonic sensors offer lighter, cheaper, smaller and faster products and components with great functionality using very little energy. This is projected to have a favorable influence on the adoption of technology across different applications. These sensors are extensively used in various applications such as Lidar, Laser Induced Fluorescence (LIF), Ladar, calorimetry, spectroscopy, scintillation detection, biological fluorescence detection, etc. The growing popularity of these sensors as a cost-effective sensing solution is likely to drive the growth of the photonic sensors market over the assessment period.
The key focus is on the development of efficient products that are eco-friendly and energy saving for encouraging the reduction of carbon footprints on the environment. It has opened new avenues of growth opportunities and is anticipated to revolutionize the future of the photonic sensors market over 2022.
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Key Players
The prominent players in the Photonic Sensors Market are – Oxsensis (UK), Intevac, Inc. (U.S.), Prime Photonics (U.S.), Smart Fibres (UK), Mitsubishi Electric Corporation (Japan), Samsung Electronics Co. Ltd.(South Korea), Toshiba Corporation (Japan), General Electric Company (U.S.), Banpil Photonics, Inc (U.S.), NP Photonics, Inc.(U.S.) among others
Global Photonics Sensors Market – Segmentation
The Global Photonics Sensors Market can be segmented in to 4 key dynamics for the convenience of the report and enhanced understanding;
- Segmentation by type: Comprises Fiber optic sensors, image sensors, bio photonic sensors among others
- Segmentation by technology: Comprises Fiber optic technology, Imaging technology, Bio photonic technology and others.
- Segmentation by End-User: Comprises oil and gas, Defense, transportation, energy, healthcare, consumer electronics and others.
- Segmentation by Regions: Comprises Geographical regions – North America, Europe, Asia Pacific and Rest of the World.
Global Photonics Sensors Market – Regional Analysis
North America holds the significant market share for global Photonic Sensors Market followed by Europe and the Asia Pacific. The presence of substantial market players and increased adoption of photonic sensors among various industries are driving the market. Asia Pacific region is expected to show steep growth rate during the forecast period. Rising technological developments, low manufacturing costs and high focus in research and developments in developing countries like China, Taiwan and India are the major driving factors in the region.
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