Silicon Photomultiplier (SiPM) Market Research, 2030
The global silicon photomultiplier market size was valued at $113.7 million in 2020, and is projected to reach $221.0 million by 2030, to register a CAGR of 6.8% from 2021 to 2030.
A silicon photomultiplier (SiPM) is a photodetector, which encounters the issue of timing, sensing, & quantifying low-light signals into the single-photon level. Usually, the silicon photomultiplier offers a better substitute of photomultiplier tube that combines the low-light recognition capabilities of the photomultiplier tube with all the benefit of a solid-state sensor.
It also provides several features such as insensitivity to magnetic fields, low-voltage operation, mechanical strength, and exceptional uniformity of response, which makes it suitable for various applications, such as hazard & threat detection, medical imaging, and LiDAR. Also, photo detection efficiency of silicon photomultiplier ranges from 20 to 50%, depends on wavelength & device, which is similar to a traditional silicon PMT (photomultiplier tube's).
The global silicon photomultiplier market revenue is anticipated to witness significant growth during the forecast period, owing to factors such as rise in need for accurate diagnosis in the healthcare industry and increase in demand for advanced driver assistance system. Furthermore, silicon photomultipliers are extensively used for a range of applications, including threat detection, recycling, and 3D ranging. However, technological limits such as higher noise in silicon devices is a major restraint to the global silicon photomultiplier (SiPM) industry. In addition, growing application in the healthcare sector is expected to create lucrative opportunities for the silicon photomultiplier industry.
Segment Overview:
The global silicon photomultiplier market share is segmented on the basis of type, device type, application, industry vertical, and region.
By type, the market is segmented into NUV SiPMs (NUV-HD SiPM technology and NUV-HD Cryo SiPM technology) and RGB SiPMs (high-cell count RGB SiPMs and low-cell count RGB SiPMs).
By device type, the market is segmented into analog SiPMs and digital SiPMs.
On the basis of application, the market is divided into LiDAR, medical imaging, high energy physics, hazard & threat detection, and others.
By industry vertical, it is segmented into automotive, healthcare, IT & telecommunication, aerospace, oil & gas, and others.
Region wise, the silicon photomultiplier market trends are analyzed across North America (U.S., Canada, and Mexico), Europe (UK, Germany, France, Italy, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). Asia-Pacific is dominating the silicon photomultiplier market, owing to growing demand for the healthcare and automotive products. In addition, Asia-Pacific is projected to register the significant growth rate during the forecast period. Furthermore, Europe holds the subsequent position and is likely to increase its growth rate by the end of the forecast period, followed by North America.
Leading silicon photomultiplier market manufactures such as TE Connectivity, On Semiconductor, and Broadcom Inc. are focusing their investment on technologically advanced, cost-effective, and more secure products and solutions for various applications.
By Device Type
Digital SiPM segment is projected as one of the most lucrative segments.
Top Impacting Factors
The prominent factors that impact the silicon photomultiplier market growth are surge in use in the automotive industry and increase in demand for detection and imaging applications. In addition, rise in demand for product detection and high imaging products drives the silicon photomultiplier market growth. However, technological incompatibility of silicon photomultiplier technology restricts the market growth. On the contrary, high demand from Asia-Pacific is expected to create lucrative opportunities for the market. Therefore, these factors are expected to definitely affect the development of the global silicon photomultiplier market during the forecast period.
By Application
Medical Imaging segment is expected to secure leading position during forecast period.
Competition Analysis
Competitive analysis and profiles of the major silicon photomultiplier market players such as AdvanSiD, Broadcom Inc., Cremat Inc, Excelitas Technologies Corporation, Hamamatsu Photonics K.K., Ketek GMBH, On Semiconductor, Philips, Radiation Monitoring Devices, Inc., and TE Connectivity.
By Region
Asia-Pacific would exhibit the highest CAGR of 7.9% during 2021-2030
Key Benefits For Stakeholders
- This study comprises analytical depiction of the global silicon photomultiplier (SiPM) market size along with the current trends and future estimations to depict the imminent investment pockets.
- The overall silicon photomultiplier market analysis is determined to understand the profitable trends to gain a stronger foothold.
- The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
- The current silicon photomultiplier market forecast is quantitatively analyzed from 2020 to 2030 to benchmark the financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and the silicon photomultiplier market share of key vendors.
- The report includes the silicon photomultiplier (SiPM) market trends and the market share of key vendors.
Silicon Photomultiplier (SiPM) Market Report Highlights
| Aspects | Details |
 By Type |
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 By Device Type |
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 By Application |
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 By Industry Vertical |
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 By Region |
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 Key Market Players | Excelitas technologies corporation, TE Connectivity Ltd., Cremat Inc, Radiation Monitoring Devices, Inc., Ketek GMBH, Hamamatsu Photonics K.K., Broadcom Corporation (Broadcom Inc.), Philips (KONINKLIJKE PHILIPS N.V.), ON Semiconductor Corporation, AdvanSiD |
Analyst Review
Silicon photomultipliers, also known as SiPMs, is a solid-state single-photon-sensitive gadget based on single-photon avalanche diode (SPAD) realized on common silicon substrate. Each SPAD in SiPM works in Geiger mode and is attached with the others by a metal quenching resistor. The dimension of individual SPAD can range from 10 to 100 µm, and its density can be up to 10,000 per square mm.
The global silicon photomultiplier market is anticipated to witness significant growth during the forecast period. Factors such as rise in need for accurate diagnosis in the healthcare industry and increase in demand for advanced driver assistance system drive the growth of the silicon photomultiplier market. In addition, silicon photomultipliers are extensively used for a range of applications, including threat detection, recycling, and 3D ranging. However, technological limits such as higher noise in silicon devices is a major restraint to global silicon photomultiplier industry. In addition, growing application in the healthcare sector is expected to create lucrative opportunities for silicon photomultiplier industry.
The key players of the market focus on introducing technologically advanced products to remain competitive in the market. Acquisition, and product launch are expected to be the prominent strategies adopted by the market players. Asia-Pacific accounted for a major share of the market in 2020, owing to the presence of major players in the region; also, Asia-Pacific is expected to grow at the highest CAGR, owing to rise in adoption of silicon photomultiplier in a variety of fields.
The Silicon Photomultiplier Market is estimated to grow at a CAGR of 6.8% from 2021 to 2030.
The Silicon Photomultiplier Market is projected to reach $113.7 million by 2030.
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The rise in need for accurate diagnosis in the healthcare industry and increase in demand for advanced driver assistance system drive the silicon photomultiplier market growth.
The key players profiled in the report include AdvanSiD, Broadcom Inc., Cremat Inc, Excelitas Technologies Corporation, Hamamatsu Photonics K.K., Ketek GMBH, On Semiconductor, Philips, Radiation Monitoring Devices, Inc., and TE Connectivity.
On the basis of top growing big corporations, we select top 10 players.
The Silicon Photomultiplier Market is segmented on the basis of type, device type, application, industry vertical, and region.
The key growth strategies of Silicon Photomultiplier Market players include product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations.
The automotive sector is projected to be the major industry share during the forecast period followed by healthcare.
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