According to a report published by Allied Market Research, titled, “Photonic Sensors Market by Type, Technology and Application: Global Opportunity Analysis and Industry Forecast, 2014-2021″, the photonic sensors market is expected to garner $18 billion by 2021, registering a CAGR of 17.7% from 2016 to 2021.
The need for enhanced safety and security solutions, better alternatives for conventional technology and increasing adoption of wireless sensing technology are factors that drive the photonic sensor market. Presently, North America dominates the global photonic sensors market owing to wide-ranging applications of photonic sensors in the region. Asia-Pacific is expected to be the fastest growing region in the global photonic sensors market, with Japan being the forerunner in the development of advanced photonic technology.
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The study highlights the dominance of fiber optic sensors, which accounted for around 39% market share in 2015 and would continue to dominate the market during the forecast period. Numerous organizations across the globe offer fiber optic sensors that can withstand harsh environmental conditions such as extreme heat, noise, corrosion, explosion and vibration.
Fiber optic sensors are compact in size and light in weight, which make them ideal for accomplishing various tasks. By technology, biophotonic technology is expected to be the fastest growing technology in the photonic sensor market based on its application. The segment is expected to register CAGR of 18.7% during the forecast period.
The photonic sensors are used in multiple applications, since these devices are able to provide accurate cost-effective image sensing solutions as compared to conventional sensors. Among various applications of photonic sensors, their usage in military is estimated to generate the highest revenue in 2015, owing to wide-ranging applications of photonic sensors in various defense equipment. Additionally, industrial process application is anticipated to occupy the second highest revenue share in 2015, followed by biomedical applications.
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Key Findings of the Photonic Sensors Market:
- Fiber optic technology would continue to lead the photonic sensor market throughout the forecast period 2016 – 2021.
- Military is the highest revenue generating market in the application segment, which is estimated to be surpassed by the industrial process market by 2020.
- Oil and gas is expected to be the fastest growing application segment in the photonic sensor market.
Baumer Holdings AG, Banner Engineering Corp., Omron Corporation, Hamamatsu Photonics KK and Truesense Imaging Inc. are some of the major companies that are profiled in the report. Product launch and acquisition are the prime corporate strategies adopted by these companies. InNovember 2014, Hamamatsu Photonics KK announced the launch of an energy discriminating radiation line sensor. This sensor consists of direct conversion type semiconductor, which is used to inspect the thickness of wall of a pipe.
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- The study provides an in-depth analysis of the photonic sensor market with current and future trends to elucidate the imminent investment pockets in the market
- Current and future trends are outlined to determine the overall attractiveness and to single out profitable trends for gaining a stronger foothold in the market
- The report provides information regarding key drivers, restraints and opportunities with impact analysis
- Quantitative analysis of the current market and estimations through 2014-2021 are provided to highlight the financial caliber of the market
- Porters Five Forces model and SWOT analysis of the industry illustrates the potency of the buyers & suppliers participating in the market
- Value chain analysis in the report provides a clear understanding of the roles of stakeholders involved in the value chain
Photonic Sensors Market Segmentation:
Fiber optic sensors
- Image sensors
- Biophotonic sensors
- Fiber optic technology
- Laser technology
- Biophotonic technology
- Homeland security
- Industrial process
- Factory automation
- Civil structures
- Mass transportation market
- Airport security
- Port security
- Micro fluidic
- Bio and environmental analytics
- Wind energy turbines
- Oil and gas
- North America
- Asia Pacific
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.
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. 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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