Silicon Photomultiplier (SiPM) Market to Hit $221.0 Mn, Globally, by 2030 at 6.8% CAGR

Allied Market Research recently published a report, titled, “Silicon Photomultiplier (SiPM) Market by Type (NUV SiPMs and RGB SiPMs), Device Type (Analog SiPMs and Digital SiPMs), Application (LiDAR, Medical Imaging, High Energy Physics, Hazard & Threat Detection, and Others), and Industry Vertical (Automotive, Healthcare, IT & Telecommunication, Aerospace, Oil & Gas, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030″. As per the report, the global silicon photomultiplier (SiPM) industry was pegged at $113.7 million in 2020, and is projected to reach $221.0 million by 2030, growing at a CAGR of 6.8% from 2021 to 2030.

Major determinants of the market growth

Rise in use in the automotive industry and surge in demand for detection and imaging application drive the global silicon photomultiplier market. However, technological incompatibility of SiPMs hampers the market growth. On the contrary, high demand from the Asia-Pacific region is expected to open up new opportunities for the market players in the future.

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Covid-19 scenario:

The uncertainty in stock market, falling business confidence, and increase in panic among customers severely affected the overall economy across the globe, especially European countries due to prolonged lockdown and shutdown of manufacturing units in the region.
The large-scale manufacturing interruptions across Europe and interruption in export from China had negative effect on the demand for silicon photomultiplier.
Moreover, several manufacturing units were closed during the pandemic, which hampered the supply chain and revenue chain.

The NUV SiPM segment held the lion’s share

By type, the NUV SiPM segment held the largest share in 2020, accounting for nearly two-thirds of the global silicon photomultiplier market, due to its benefits such as high gain, extremely good timing performance, and low operating voltage. However, the RGB SiPM segment is projected to register the highest CAGR of 7.7% during the forecast period, as they are insensitive to the magnetic field, and have high integration level.

Get detailed COVID-19 impact analysis on the Silicon Photomultiplier (SiPM) Market:

The medical imaging segment to manifest the highest CAGR through 2030

By application, the medical imaging segment is estimated to portray the highest CAGR of 8.5% during the forecast period, due to adoption of photonics in life science research. However, the LiDAR segment held the largest share in 2020, contributing to around one-third of the global silicon photomultiplier market, owing to rise in use of LiDAR in the automotive industry for ADAS application with silicon photomultipliers.

Asia-Pacific held the largest share, North America to grow steadily

By region, the market across Asia-Pacific dominated in 2020, accounting for nearly half of the market. Moreover, the region is projected to manifest the highest CAGR of 7.9% during the forecast period, due to growing economy and advancements in regulatory framework of sensors. The global silicon photomultiplier market across North America is expected to register a CAGR of 5.0% from 2021 to 2030.

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Major market players

Cremat Inc
Broadcom Inc.
Hamamatsu Photonics K.K.
Excelitas Technologies Corporation
On Semiconductor
Ketek GMBH
Radiation Monitoring Devices, Inc.
TE Connectivity

About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.


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