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 size. 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 is a device that intercepts light and converts it into an electrical signal. It is primarily used for integrated emission of light detection and transmission through fiber optics and other optical components. This sensor is also utilized for solar and photovoltaic cells, light-emitting diodes (LEDs), Laser-Induced Fluorescence (LIF), calorimetry, spectrometry and biological fluorescence detection. Compared to the conventionally used sensors, photonic sensors are more cost-effective, faster, compact and lightweight. As a result, they are widely utilized in the early-detection and -warning systems for biological hazards, structural flaws and security threats across the defense, aerospace, energy and power industries.
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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.
Rapid industrialization across the globe, along with the escalating demand for enhanced safety and security solutions, is primarily propelling the market for photonic sensors. These sensors facilitate self-operated monitoring of industrial processes and show accurate data on centralized servers. Furthermore, the growing adoption of wireless sensing technology is providing a boost to the market growth. Additionally, numerous technological advancements, such as the introduction of advanced photonic sensors with higher performance and multi-wavelength light generation capabilities, are also catalyzing the global market. Numerous other factors, including the emergence of the Industry 4.0 revolution and the increasing deployment of photonic sensors for wind measurement, early-warning and turbine structural health monitoring, are projected to further drive the market growth in the coming years.
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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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