Photonic Sensors Market - Sales Forecasts, Market Size, Share, Growth and Analysis :
Global Photonics Sensor Market is expected to garner $18 billion by 2021, registering a CAGR of 17.7% during the forecast period 2016-2021.
The photonic sensors market has gone through a drastic change based on the research that have been conducted in the photonic technology in the past. The photonic technology has advanced into a phase where it is being used in varied fields. The innovations in the field of fiber optics has spurred the development of photonic sensors. These developments have expanded the spectral range of sensors being used in several industries. Photonic sensors offer better sensing function and it is expected that this technology would give a high return on investment in the long run. The photonic industry is now focusing on development of efficient products and it is projected that over the next few years eco-friendly and energy saving photonic sensors would be developed and launched into the market. Need for enhanced safety and security solutions, better alternative for conventional technology and rise in wireless sensing technology are some of the major factors that act as drivers for the photonic sensor market. Similarly, lack of industrial and technological standards, high initial investments and lack of awareness can be considered as restraints for the market.
The photonic sensor type segment comprises of fiber optic sensors, image sensors and biophotonic sensors. Fiber optic sensors are further classified into Bragg Grating Sensors (FBG SENSORS), Distributed Sensor, Quasi Distributed Sensor, Wavelength Division Multiplexing (WDM), Time Division Multiplexing (TDM) and Point Sensors. The image sensors are further analyzed from their subtype such as Charge-Coupled Devices (CCD), Complementary Metal Oxide Semiconductors (CMOS), Position-Sensitive Detectors (PSD) and Photoelectric Sensors. Intrinsic and extrinsic biophotonic sensors are the subtypes of biophotonic sensor.
Based on the technology photonic sensors are classified among fiber optic, laser and biophotonic technology. Military, homeland security, industrial process, factory automation, civil structure, transportation, biomedical, wind energy turbines, oil and gas and others are some of the domains where photonic sensors find their application. In order to gain a diverse insight, the market is analyzed as per different geographies such as North America, Europe, Asia-Pacific and LAMEA.
Factors such as need for enhanced safety and security solutions, better and enhanced alternatives for conventional technology and rise in wireless sensing solution will have a positive impact on the photonic sensor market. Growing number of smart industries and increasing adoption of photonics technology in developing economies may act as a potential opportunity for this industry.
Top Impacting Factors of Photonic Sensor Market
Better and enhanced alternative for conventional technology
The conventional sensors that are available in the market cannot be used in multiple industrial verticals as compared to photonic sensors. Photonic sensors are capable of providing highly accurate results in harsh environments, which cannot be achieved using conventional sensors. Thus based on these factors the impact of this driver is expected to increase in future.
Need for enhanced safety and security solution
The photonic sensors offer enhanced safety and security measures, which are major concerns of the end users. Earlier manual system were used for safety and security, which required continuous physical monitoring; however, these sensors allow round the clock self-operated surveillance, which provides end-users a sense of assurance. The automated system works in a highly efficient way by collecting and storing data on a central server and allows continuous monitoring. These factors encourage various industrial sectors to deploy these smart photonic sensors in their work processes, which is a driving factor for the photonic sensors market.
Rise in wireless sensing technology
Based on the technological advances taking place in the wireless sensing the market is expected to grow significantly. The ability of these devices to provide remote sensing functions is one of the key factors whose impact on market will continue to grow in future.
Lack of industrial and technological standards
Photonic sensors are slowly gaining commercial acceptance, and there are not many established standards for their operations. Additionally, the photonic sensors use various technologies such as fiber optics, laser and biophotonics technologies. These technologies are distinct from each another and lack compatibility.
Top Winning Strategies of Photonic Sensor Market
Numerous companies are identifying product launch, acquisition and expansion as a measure to excel in the market. The prominent players such as, Baumer Holdings AG, Banner Engineering Corp., Omron Corporation, Truesense Imaging Inc., etc. have been analyzed in order to study their winning strategies.
- 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 SEGMENT:
The global photonic sensor market is segmented as:
- 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