Press release
Photonic Sensors Market Astonishing Growth with Top Influencing Key Players like Banner Engineering Corp., Baumer Holding AG, STMicroelectronics NV
Latest research on Photonic Sensors Market report covers forecast and analysis on a worldwide, regional and country level. The study provides historical information of 2016-2021 together with a forecast from 2022 to 2026 supported by both volume and revenue (USD million). The entire study covers the key drivers and restraints for the Photonic Sensors market. This report included a special section on the Impact of COVID19. Also, Photonic Sensors Market (By major Key Players, By Types, By Applications, and Leading Regions) Segment’s outlook, Business assessment, Competition scenario and Trends. The report also gives 360-degree overview of the competitive landscape of the Photonic Sensors industry.The Photonic Sensors market was valued at USD 13.25 billion in 2020 and is expected to reach USD 26.65 billion by 2026, at a CAGR of 16.93% over the forecast period (2021 - 2026).
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The Photonic Sensors market is highly competitive and consists of a number of major players. Top Companies like Banner Engineering Corp., Baumer Holding AG, STMicroelectronics NV, DataLogic, Omron Corporation, Sick AG, Keyence Corporation, Pepperl+Fuchs GmbH, Rockwell Automation, Autonics Corporation
Industry News And Developments:
- June 2018: Omron announced the construction of the second factory of OMRON (Shanghai) Co. Ltd., in the city of Shanghai, China, to ramp up the capacity of various types of control equipment and thereby, meet the voracious demands for automation on factory floors in the country.
- May 2018: Hamamatsu Photonics announced the construction of a new factory at the main factory site to meet growing sales demand for its opto-semiconductor module products.
Regional Analysis:
Furthermore, to broaden the understanding, researchers have studied the global Photonic Sensors market from a geographical point of view, considering the potential regions and countries. The regional analysis will assist the market players in making sound decisions regarding their future investments.
Photonic Sensors Market report includes the following geographic areas such as North America, Europe, China, Japan, Southeast Asia, India and ROW.
Scope of the Report
- The advent of and move toward the Industry 4.0 revolution, which is becoming one of the defining themes of the current era, promising the combination of connectivity, flexibility, artificial intelligence, and speed required to deliver next-level industrial productivity, are significantly influencing the market.
- From high-speed optical data links to the versatility of processing of laser materials, and the feedback and intelligent decision-making, made possible by machine vision systems and optical sensors, the smart factories of the near future will also drive the future of photonics.
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Key Market Trends
Energy and Power to hold Significant Share
- Optical and photonic sensors are specifically used in three very different applications relating to energy harvesting and the production of power, namely solar thermal and PV systems, the oil and gas industry, and wind turbines.
- Electricity generation from wind energy is rapidly growing in the United States and worldwide, and could provide at least 20% of the nation’s electricity by 2030. This trend is driving the need for larger multi-megawatt turbines, for onshore and offshore utility-scale operation, with rotor diameters well exceeding 100 to 120 m.
- As wind turbines increase in size and capital cost, there is a growing need to incorporate early-warning wind shear measurements and turbine structural health monitoring to optimize the design, operation, and maintenance of the wind turbine and to protect it against dangerous wind gusts.
Asia-Pacific to Witness Highest Growth
- The Asia-Pacific region is expected to witness the highest growth rate over the forecast period. Growth in the region is fueled by increasing defense/military spending in China and India, and the industrial automation trend in these nations.
- For instance, the Government of China offers substantial military budgets for the incorporation of modern technology, owing to reforms by the Chinese communist party. According to SIPRI, Indian military spending, in 2017, was USD 63.9 billion.
What are the market factors that are explained in the report?
–Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.
–Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.
–Analytical Tools: Photonic Sensors Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter’s five forces analysis, feasibility study, and investment return analysis have been used to analyzed the growth of the key players operating in the market.
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