Photonic Sensors Market is Expected to Reach $15.2 Billion, Globally, by 2020 - Allied Market Research
The global photonic sensor market is forecast to reach $15.2 Billion by 2020, growing at a CAGR of 16.9% during the period (2014 - 2020). The study confers the dominance of fiber optic sensors and sheds light on the way, biophotonic sensor would garner more market share during the forecast period
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Need for enhanced safety and security solutions, better alternative for conventional technology and rise in wireless sensing technology would act as the major factors responsible for driving the photonic sensor market. The U.S. army's adoption of photonic technology on a large scale for various applications has led the military segment to capture substantial market share in the photonics sensors market. The U.S. Army Research Laboratory's Sensors and Electron Devices Directorate (SEDD) is responsible for development in the field of electronic devices, sensors and power & energy. Based on the continuous research, SEDD has developed electro-optic and photonic devices, which include active and passive sensors. Asia-Pacific is expected to be the fastest growing region in the global photonic sensors market, with Japan being the leader in the development of advanced photonic technology.
The photonic sensors are used in multiple applications, as these devices have the capability to provide accurate cost effective image sensing solutions as compared to the conventional sensors. Based on the wide scale application of photonic technology in military programs, this segment is estimated to generate substantial revenue during the forecast period. Industrial processes would have the next highest revenue share followed by biomedical applications. The Homeland security and oil & gas applications are expected to have the highest growth rate compared to other applications of photonic sensors.
Currently, fiber optics is the most commonly used technology in sensing applications, as it is well established and possess strong sensing capabilities. 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.
Key findings of the study:
-Fiber optic and biophotonic will be the most popular sensors in the photonic sensor market
-Fiber optic technology would continue to lead the photonic sensor market through 2020
-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 industry is expected to be the fastest growing application segment in the photonic sensor market
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. In November 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.
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