Drivers, restraints, and opportunities
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.
Allied Market Research recently published a report, titled, “Photonic Sensors Market 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): Global Opportunity Analysis and Industry Forecast, 2020-2030”. 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.
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Covid-19 scenario:
- The Covid-19 pandemic adversely affected the market due to decline in tourism, the global adoption of work from home culture, and decline in number of shipments across the border.
- New projects across the world involving photonic sensors were either postponed or cancelled during the pandemic. In addition, prolonged lockdown disrupted the supply chain and increased the prices of raw materials.
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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Major market 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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