Press release
Photonic Sensors Market To Garner $94.2 billion by 2030, Driven by the Increasing Demand for IoT Applications
The photonic sensors market is expected to garner $94.2 billion by 2030, registering a CAGR of 16.8% from 2020 to 2030
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The global photonic sensor market is thriving, driven by the increasing demand for IoT applications across various industries. These sensors, leveraging technologies like Bluetooth and Wi-Fi, enable efficient data collection for monitoring and control purposes. Key sectors contributing to market growth include healthcare, agriculture, industrial automation, and smart infrastructure. As technological advancements continue, the photonic sensor market is poised for further expansion.
The need for enhanced safety and security solutions, better alternatives for conventional technology and increasing adoption of photonic sensing technology are factors that drive the photonic sensor market. Presently, North America dominates the global photonic sensors market owing to wide-ranging applications of photonic sensors in the region. Asia-Pacific is expected to be the fastest growing region in the global photonic sensors market, with Japan being the forerunner in the development of advanced photonic technology.
The study highlights the dominance of fiber optic sensors, which accounted for around 39% market share in 2015 and would continue to dominate the market during the forecast period. Numerous organizations across the globe offer fiber optic sensors that can withstand harsh environmental conditions such as extreme heat, noise, corrosion, explosion and vibration. Fiber optic sensors are compact in size and light in weight, which make them ideal for accomplishing various tasks. By technology, biophotonic technology is expected to be the fastest growing technology in the photonic sensor market based on its application. The segment is expected to register CAGR of 18.7% during the forecast period.
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The report offers an in-depth analysis of the market, such as estimates of revenue in the coming years, key segments, factors influencing growth, constraints, and conceivable opportunities. It also includes an assessment of the competitive landscape and regional analysis. This report serves as a valuable resource for industry leaders, stakeholders, new entrants, and brokers, assisting them in developing tactics to showcase market dominance and gain their enterprise goals.
Photonic sensors are used in multiple applications, since these devices are able to provide accurate cost-effective image sensing solutions as compared to conventional sensors. Among various applications of photonic sensors, their usage in military is estimated to generate the highest revenue in 2015, owing to wide-ranging applications of photonic sensors in various defense equipment. Additionally, industrial process application is anticipated to occupy the second highest revenue share in 2015, followed by biomedical applications.
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The comprehensive report on the global photonic sensor market provides a qualitative and quantitative evaluation of the historical and forecasted market size and share. It includes a thorough review of the research methodology used, including the extraction of primary and secondary data. In addition, it highlights important benefits for stakeholders, identifies the most profitable investment opportunities, describes the most successful strategies, and analyses the impact of the Russian-Ukrainian war. Porter's Five Forces Analysis assists industry leaders in assessing an organization's current competitive strength as well as the position in which competition may move.
Baumer Holdings AG, Banner Engineering Corp., Omron Corporation, Hamamatsu Photonics KK and Truesense Imaging Inc. are some of the major companies that are profiled in the report. Product launch and acquisition are the prime corporate strategies adopted by these companies. InNovember 2014, Hamamatsu Photonics KK announced the launch of an energy discriminating radiation line sensor. This sensor consists of direct conversion type semiconductor, which is used to inspect the thickness of wall of a pipe.
Research Methodology:
The global photonic sensor industry was thoroughly researched through a comprehensive approach combining primary and secondary research methodologies. Secondary research provided a broad overview of goods and services, whereas primary research delved deeper into the various factors driving the market. To obtain comprehensive insights into the industry, a meticulous search was undertaken utilizing various sources such as press releases, specialized business periodicals, and government websites. This meticulous research methodology has provided a unique and extensive insight into the global photonic sensor market.
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Key Findings of the Photonic Sensors Market:
• Fiber optic technology would continue to lead the photonic sensor market throughout the forecast period 2016 - 2021.
• Military is the highest revenue generating market in the application segment, which is estimated to be surpassed by the industrial process market by 2020.
• Oil and gas is expected to be the fastest growing application segment in the photonic sensor market.
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