Photonic sensors market was valued at USD 10.5 billion and is expected to reach a value of USD 23.18 million by 2023, registering a CAGR of about 14.11% during 2018 – 2023|Key Players - BAUMER HOLDING AG, BAYSPEC INC., LAP LASER LLC, FIBRECORE, amongst

US Occupies the Major Market Share among the Other Regions

The United States has the highest concentration (with over 35%) of photonics-based applications companies, generating the highest revenue in this segment, which is the primary reason for the market growth in the country. The growth in the photonic sensor market in US strongly correlates with the development of parent markets, such as safety & defence applications, and healthcare and production technology.

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Fibre Optic Sensor Holds a Major Market Share among Other Product Type. Silicon photonics is an evolving branch of photonics. Intel Optical Transceivers developed using silicon photonics are being deployed for 100G connectivity which is revolutionizing the semiconductor industry, enabling high-speed data transfer and processing. The growing demand for aircraft fleet and emergence of silicon-based photonics is driving the growth of the market.

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Market Segments:
Photonic sensors market is segmented by:
1. Product type: Fibre optic, Image, and Bio photonic sensors.
2. End-user industry: Aerospace & Defence, Transportation, Manufacturing, Healthcare, and Power.
3. Geography: North America, South America, Europe, Asia Pacific, Middle East & Africa.

Key Recent Developments
• April 2017: About 12 companies came together to form a new trade association focusing on the fibre optic sensing sector. The group claimed fibre optic sensing association (FOSA), officially launched in April 2017. The role of FOSA is to educate key players in all the sectors and promote awareness of the fibre sensing technology, to help accelerate the use of this technology.

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