(2020 - 2023) Global Photonic Sensors Market - CAGR Status, Industry Analysis, Trends, and Forecast

Photonic Sensors Market (2020 – 2023) report provides the newest industry data and industry future trends, allowing you to identify the products and end users driving Revenue growth and profitability. The Photonic Sensors market report lists the leading competitors and provides the insights strategic industry Analysis of the key factors influencing the market.

Photonic Sensors Market report is anticipated to register a CAGR of 14.11% over a five years forecast period (2020 – 2023).”

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List of Major Key players operating in the Global Photonic Sensors Market are –

  • Baumer Holding AG
  • Bayspec Inc
  • Fiber Optic Systems Technology Inc
  • Omron Corporation
  • Lap Laser Llc
  • Bbn International Limited
  • Fibercore
  • Ibsen Photonics A/S
  • Prime Photonics Lc
  • Smart Fibres Limited

As of 2017, the photonic sensors market was valued at USD 10.5 billion and is expected to reach a value of USD 23.18 million by 2023, registering a CAGR of about 14.11% during 2020 - 2023 (the forecast period). In this report, the photonics market has been segmented on the basis of product type, end-user industry, and region. The product type segment of the market includes fiber optic, image, and bio photonic sensors. Moreover, the end user segment is limited to aerospace & defense, transportation, manufacturing, healthcare, and power. The regional landscape of the report includes North America, Europe, Asia-Pacific, and Rest of the World.

Growing Adoption of Photonics Is Replacing the Semiconductor and Conductor Industry

Silicon photonics is an evolving branch of photonics that offers a clear advantage over electric conductors used in semiconductors. These are used in high-speed transmission systems. This technology is expected to push the transmission speed up to 100 Gbps, with companies, such as IBM, Intel, and Kothura, achieving breakthroughs using the technology. Intel Optical Transceivers developed using silicon photonics are being deployed for 100G connectivity. This technology is revolutionizing the semiconductor industry, enabling high-speed data transfer and processing. The market is expected to invest heavily for the mass adoption of this technology, which will be a key aspect in the development of high-performance computing and improve performance and efficiency. Thus, the emergence of silicon-based photonics is driving the growth of the market.

Fiber Optic Sensor Holds a Major Market Share among Other Product Types

The fiber optic sensors have various applications and demand in the medical industry. The applications include analyzing pressure, temperature, calibration of accelerometers, strain, liquid level, concentration density, the refractive index of liquids, and chemical analysis. Also, fiber optic sensors find applications in defense, computer-aided design (CAD), computer-aided manufacturing (CAM). With such diverse applications and penetration rate, the fiber optic sensors segment has a major share in the photonics sensor market.

There are various applications in aerospace, where fiber optic sensing has the potential to deliver tremendous value. For instance, aircraft protection systems measure and monitor the temperature along aircraft bleed air ducts, control valves, and in critical areas of the plane. Fiber optic technology configures easier and faster for aircraft manufacturers to install more reliable and lighter weight. Installation of fiber optic sensors reduces the time for aircraft maintenance through fault location detection and enables new uses for overheat detection systems, such as prognostic health management.
The demand in the commercial aerospace sector is driving the market for photonic sensors. Boeing’s recent aerospace study revealed that, over the next two decades, there would be a demand for over 40,000 new aircrafts across the world, where the net market value is estimated to be across USD 6 trillion. The growing demand for aircraft fleet is likely to be a direct trigger for photonic sensors, during the forecast period and beyond.

US Occupies the Major Market Share among the Other Regions

The growth in the photonic sensor market in US strongly correlates with the development of parent markets, such as safety & defense applications, and healthcare and production technology. The United States has the highest concentration (with over 35%) of photonics-based applications companies, generating the highest revenue in this segment, which is the primary reason for the market growth in the country.

Key

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Scope of the Report:

The report analyses Photonic Sensors market, which includes –

  • Analysis of the growth of Photonic Sensors market in global and regional level including Asia-Pacific, Americas, and EMEA.
  • The report provides Photonic Sensors market analysis for key countries including the US, Canada, Chile, China, India, Japan, the UK, Germany, France, and Italy.
  • The report offers country level Photonic Sensors market volume and value by end-user segment for the period 2012-2023.
  • Qualitative analysis of key market drivers and restraints, and analysis of their impacts on Photonic Sensors market are discussed.
  • The report provides competitive landscape at country level for the year 2020. It also covers key policies and initiatives, key deals, and key upcoming projects.

Highlighted points of Photonic Sensors Market Report:

  • Varying dynamics of the Photonic Sensors industry.
  • Prospective changes in sales volumes and worldwide share growth in upcoming years (2020-2023).
  • Photonic Sensors market report recognizes the key drivers of growth and challenges of the key industry players.
  • Competitors profiles along with product description, overview, and business data.
  • A complete analysis of market risks, opportunities, limitations, and growth of the market.
  • Market driving and restraining factors.
  • Delivers information on the historical and current market size and the future potential of the market.
  • Photonic Sensors market report provides a comprehensive analysis of the market with respect to market dynamics, competitive analysis, and upcoming trends of the market.

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Reasons to Purchase Photonic Sensors Market Report:

  • The report analyses how stringent emission control norms will drive the global Photonic Sensors market.
  • Analyzing various perspectives of the market with the help of Porter’s five forces analysis.
  • Study on the product type that is expected to dominate the market.
  • Study on the regions that are expected to witness the fastest growth during the forecast period.
  • Identify the latest developments, market shares and strategies employed by the major Photonic Sensors market players.
  • 3 months’ analyst support along with the Market Estimate sheet (in excel).

In this study, the years considered to estimate the market size of Photonic Sensors:

History Year: 2013-2017
Base Year: 2017
Estimated Year: 2020
Forecast Year 2020 to 2023

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