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Global Silicon Photomultiplier Market to Reach USD 274.4 Million by 2031, Growing at 8.3% CAGR

The Global Silicon Photomultiplier Market, valued at USD 123.7 million in 2021, is projected to reach USD 274.4 million by 2031, expanding at a compound annual growth rate (CAGR) of 8.3% from 2022 to 2031. This growth is driven by increasing demand across high-growth applications such as LiDAR, medical imaging, and analytical instrumentation. Silicon photomultipliers (SiPMs), known for their low voltage operation, excellent timing performance, high sensitivity, and immunity to magnetic fields, are proving essential in these applications.

Companies in the SiPM market are focusing on high-growth applications to enhance post-pandemic recovery. The market is expected to grow significantly due to SiPM advantages, including low voltage operation and high sensitivity. The Asia Pacific region, with its burgeoning demand for LiDAR technology in the automotive industry, is poised for substantial growth. Post-COVID-19 improvements in the supply chain are also contributing to the market expansion.

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Market Dynamics:
Increased Adoption in Automotive Industry:
LiDAR technology, essential for Advanced Driver Assistance Systems (ADAS) and autonomous vehicles, is a key growth driver. Modern LiDAR systems in the automotive industry can detect objects at greater distances, making them vital for improved driver safety. Companies like On Semiconductor and ElectroOptical Components are developing SiPMs tailored for LiDAR applications, enhancing their performance and market penetration.

Rising Demand in Medical Imaging:
SiPMs are rapidly replacing photomultiplier tubes (PMTs) in medical imaging systems such as positron emission tomography (PET) due to superior properties like fast single-photon timing response and high sensitivity. This transition is lowering costs, improving compactness, and enhancing the efficiency of medical imaging systems.

Demand for Digital SiPMs:
Digital SiPMs held a significant market share in 2021 and are expected to continue growing due to their rising demand in healthcare applications, including x-ray, MRI, and PET diagnostic systems. The advancement in digital SiPM technology is projected to drive further market growth.

Growth in RGB SiPMs:
RGB SiPMs, which held a 59.3% market share in 2021, are expected to grow at a CAGR of 8.5%. Their increasing use in energy physics, nuclear medicine, homeland security, and medical diagnostics is fueling this segment's growth.

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Regional Outlook:
Asia Pacific:
Holding a 35.6% share in 2021, the Asia Pacific region is a major market for SiPMs, driven by the presence of leading automobile manufacturers in Japan, India, and China. The region's market is expected to expand further due to increased automotive production and the adoption of SiPMs in various applications.
North America:
With a 28.4% market share in 2021, North America is expected to see significant growth due to rising demand from the aerospace and defense industries. The use of LiDAR in military applications is a key growth driver in this region.

Competitive Landscape:
The global SiPM market is consolidated, with key players focusing on expanding product portfolios and strategic mergers and acquisitions. Leading companies include AdvanSiD, Broadcom Inc., CAEN S.p.A, Cremat Inc., Excelitas Technologies Corp, Fraunhofer IM, Hamamatsu Photonics K.K, Onsemi, Philips, and TE Connectivity.

Key Developments:
• October 2021: Broadcom Inc. acquired the SiPM assets of KETEK GmbH, integrating them into their product portfolio.
• September 2021: Onsemi launched C-Series SiPM sensors with low dark count rates and high photon detection efficiency.
• September 2019: KETEK GmbH developed the SiPM-TIA-Module, an excellent PMT replacement with exceptional linearity and an integrated bias circuit.

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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

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