As per the report, the global photonic sensors industry was accounted for $20.18 billion in 2020, and is expected to reach $94.26 billion by 2030, growing at a CAGR of 16.8% from 2021 to 2030. Need for improve safety & security solutions, surge in wireless sensing solutions, and enhanced alternatives for conventional technology have boosted the growth of the global photonic sensors market. However, high initial investment hinders the market growth. On the contrary, rise in number of smart industries and surge in adoption of photonics technology would unlock new opportunities in the future.
Major Players:
BK Technologies, BAE Systems, Hytera Communications, General Dynamic Corporation, L3 Harris, ICOM Inc, MCS Digital, Leonardo S.P.A., Thales Group, Motorola Solutions
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KEY BENEFITS FOR STAKEHOLDERS:
- The study offers readers an in-depth analysis of the global Photonic Sensors Market, with current trends and future estimations to interpret the forthcoming investment pockets.
- Thorough market research has been done with essential information related to key drivers, restraints, and opportunities of the global Photonic Sensors Market.
- A quantitative as well as qualitative analysis of the Photonic Sensors Market outlook forecast is done which is expected to enable the stakeholders to capitalize on prevailing market opportunities.
- Porter’s five forces study helps analyze the buyers & suppliers network and make profitable business decisions by understanding the competitive scenario.
- The report includes an analysis of regional segments, market segments, key players, application areas, and market growth strategies.
- Major economies in each region are mapped according to their revenue contribution to the global Photonic Sensors Market.
The fiber optic sensor segment held the largest share
By product, the fiber optic sensor segment held the largest share in 2020, accounting for more than one-third of the global photonic sensors market, due to rise in demand in smart homes and buildings because of surge in energy crisis and security concerns. However, the biophotonic sensor segment is expected to register the highest CAGR of 17.6% during the forecast period.
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The fiber optic technology segment dominated the market
By technology, the fiber optic technology segment held the lion’s share in 2020, contributing to more than one-third of the global photonic sensors market, as it is a cost effective technology and offers long-distance intrusion monitoring, which has major application in telecommunication industry. However, the laser technology segment is estimated to manifest the highest CAGR of 17.4% from 2021 to 2030, as it allows 3D imaging in applications and reduces power consumption and offer accurate sensing functions.
North America held the largest share
By region, the market across North America dominated in 2020, holding more than one-third of the market, due to development toward industry automation and its application in industry processes in detecting wear and tear of the machinery. However, the global photonic sensors market across Asia-Pacific is projected to portray the highest CAGR of 19.1% during the forecast period, owing to presence of major market players in the region.
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Photonic Sensors Market Report Highlights
By Product
• Fiber Optic Sensor
• Image Sensor
• Biophotonic Sensor
• Others
By Technology
• Fiber Optic Technology
• Laser Technology
• Biophotonic Technology
By Application
• Industrial
• Healthcare
• Automotive And Transportation
• Safety And Security
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (U.K., Germany, France, Rest of Europe)
• Asia-Pacific (China, Japan, India, South Korea, Rest Of Asia Pacific)
• LAMEA (Latin America, Middle East, Africa)
Key Market Players
Leonardo S.R.L., MCS Digital, General Dynamics Corporation, Hytera Communications Corporation Ltd, L3 Harris, BAE Systems plc, BK Technologies Corporation, ICOM Incorporation, omnisys – thales group, Motorola Solutions