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Photonic Sensors Market 2020| Overview by Size, Share, Trends, Growth Factors and Leading Players that are Prime Photonics, Intevac, Banpil Photonics, Smart Fibres, Oxsensis and Others till 2022
Photonic Sensors Market
Market Research Future (MRFR) estimates photonic sensors market 2020 value to be USD 20 Billion by 2022. It is also projected that the market can make decent progress at rate of 15% between 2016 and 2022 (appraisal period). We will provide COVID-19 impact analysis with the report, along with all the key developments since the coronavirus disease outbreak.
Key Boosters and Primary Barriers:
The COVID-19 impact on people’s livelihoods has been drastic, since the governments imposed lockdown and demand for non-essential items went down. From a business standpoint, many industries have witnessed revenues losses, as they are unable to manage their supply chains, meet with the shipping schedules and cater to the increasing customer demands since the advent of the pandemic. However, the photonic sensors market has noted striking growth since the SARS-CoV-2 outbreak, since photonics vendors are essential businesses for their end-users such as healthcare, food and agriculture, medical diagnostics and research and more.
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Photonic sensors market players are collaborating and devising new technologies and products that can contribute towards the battle against the novel coronavirus. To cite an instance, in April 2020, VSBLTY Groupe Technologies Corp. collaborated with Photon-X, a leading sensor technology vendor. Both the firms came together to build a multi-sensor camera that features photon-X object analytics and recognition as well as VSBLTY facial recognition that helps identify anyone that is entering the building with a high temperature.
The expanding ICT industry, mostly in the field of internet of things/IoT and AI/artificial intelligence combined with the frequent innovations that back the overall ICT industry has been a significant growth inducer for the photonic sensors market. The surge in the internet penetration along with the rising number of smartphone users also promotes market growth for photonic sensors. The considerable use of wireless sensing technologies has also been a boosting factor in the market growth in recent years.
Market Segmentation:
The photonic sensors industry has been considered for type, technology as well as end-user.
The types of photonic sensors studied in the report include bio photonic sensors, image sensors, fiber optic sensors, and others.
The primary technologies detailed in the market study are bio photonic technology, imaging technology, fiber optic technology, and others.
The main end-users covered are oil & gas, consumer electronics, transport, defense, healthcare, industrial manufacturing, energy, and more.
Regional Insight:
The Photonic Sensors Market Size is set to increase in the main regions of Europe, Asia Pacific or APAC, North America, and the Rest of the World or ROW.
The anticipated global market leader could be North America, given the massive pool of well-known presence companies with expertise in photonic sensors. The high emphasis on factory automation across the manufacturing industry combined with key infrastructural advancements in smart structures has also induced substantial market growth here. The rising spending on advanced and disruptive technologies could present attractive opportunities to the photonic sensor market in the ensuing years.
Europe has emerged as a strong revenue pocket globally, with MRFR projecting the region to secure the second lead over the review period. The escalating number of smart industries paired with the favorable environment for the growth of photonics technology can be a significant opportunity for the regional industry.
The APAC market’s considerable growth is expected to be the result of the high contribution from countries like Taiwan, South Korea and Japan and the large manufacturing sectors in these countries. Consumer electronics, industrial and automotive manufacturing in particular, has gained high momentum in recent years, which is yet another growth inducing factor. The market also stands to profit from the fast economic growth in India and China along with the increasing uptake of lasers for manufacturing. Another point to be noted is the increasing focus of the region on consumption of energy saving and eco-friendly products that can reduce carbon footprints. This can be a key trend in the APAC market for photonic sensors between 2016 and 2022.
Key Industry Firms:
The key firms that hold significant photonic sensors market share include Prime Photonics (U.S.), Intevac, Inc. (U.S.), Toshiba Corporation (Japan), Samsung Electronics Co. Ltd. (South Korea), Banpil Photonics, Inc (U.S.), Smart Fibres (UK), NP Photonics, Inc. (U.S.), Oxsensis (UK), General Electric Company (U.S.), Mitsubishi Electric Corporation (Japan), and more.
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