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Silicon Photomultiplier Market Analysis, Promising Growth Opportunities and Outlook - 2030
Global silicon photomultiplier industry size was valued at $113.7 million in 2020, and is projected to reach $221.0 million by 2030, registering a CAGR of 6.8%. Asia-Pacific is expected to be the leading contributor to the global market during the forecast period, followed by North America, and Europe.
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A silicon photomultiplier (SiPM) is a solid-state electronic sensor, which generates a current pulse in response to absorption of a photon. Therefore, a SiPM has a gain, which is comparable to that of a photomultiplier tube (PMT). There are few main parameters such as breakdown voltage, photon detection efficiency, gain versus overvoltage relation, dark count rate, afterpulsing probability, and crosstalk probability characterizing a SiPM. Also, photo detection efficiency of silicon photomultiplier ranges from 20 to 50%, depends on wavelength & device, which is similar to a traditional silicon PMT.
The global silicon photomultiplier market sales 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 silicon photomultiplier market growth. 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.
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Moreover, developing nations tend to witness high penetration of silicon photomultiplier products specially in the healthcare and automotive sectors. Factors such as increase in health awareness among users and rise in technological advancements fuel the growth of the market.
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, market is segmented into automotive, healthcare, it & telecommunication, aerospace, oil & gas, and others.
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Region wise, the silicon photomultiplier market trends have been analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific contributed maximum revenue in 2020. However, between 2020 and 2030, the market in Asia-Pacific is expected to grow at a faster rate as compared to other regions. This is attributed to increase in demand from the emerging economical countries such as India, China, Japan, and South Korea. The overall silicon photomultiplier market analysis is determined to understand the profitable trends to gain a stronger foothold.
Covid-19 Impact Analysis
The arrival of COVID-19 has significantly affected the electronic and semiconductor sector. Business and manufacturing units across various countries were closed, owing to increase in number of COVID-19 cases, and are estimated to remain closed in 2021. Furthermore, partial or complete lockdown has disrupted global supply chain posing challenges for manufactures to reach customers. The overall production process has been adversely affected; however, surge in sales in healthcare products, boost the overall silicon photomultiplier market growth globally.
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. These players have adopted various strategies such as acquisition and product launch to expand their foothold in the industry.
Key Findings Of The Study
• The automotive sector is projected to be the major industry share during the forecast period followed by healthcare. The rising demand for autonomous vehicle is anticipated to drive the demand in the future.
• Asia-Pacific and North America collectively accounted for more than 73% of the silicon photomultiplier market share in 2020.
• India is anticipated to witness highest growth rate during the forecast period.
• U.S. was the major shareholder in the North America silicon photomultiplier market revenue, accounting for approximately 68% share in 2020.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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