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.
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.
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.