Photonic Sensors Market Size, Share And Forecast To 2031

(MENAFN- Straits Research) Introduction

Nanophotonic systems, optical components, lasers, fiber optics, and electro-optical instrumentation are all used in photonic sensor technologies for detecting, transmitting, amplifying, and emission of light. As a result of the availability of quicker, lighter, less expensive, smaller, and more functional components, as well as products with high energy efficiency, it is predicted that the market for photonic sensors will grow over the forecast period. The ability to enable new features and provide value will depend more and more on photonic sensors, including image sensors, illumination sensors, and LED flashes, in the future for smart gadgets, smart homes, and smart cars.

Market Dynamics Growing Automation Demand in Manufacturing Industry Drives the Global Market

The increasing usage of automation in the manufacturing industry and the increasing penetration of IoT-enabled devices for monitoring applications are two of the critical reasons propelling the expansion of the photonic market in recent years. The dependability and long-term financial success achieved by automated systems based on photonics are well-known to industries. Industry 4.0, digital twins, edge monitoring, and smart factories, which provided predictive maintenance and increased safety in the manufacturing environment, are trends increasing the possibilities for photonic technology. Photonic sensors are utilized in food preparation, packaging, and material handling, among other automation applications. Lasers and photonic image sensors are also used for 3D vision applications in factory automation. As more manufacturing suppliers invest in the industry 4.0 trend, the use of photonic sensors is expanding.

Increasing Investment in Fiber Optic Communications Creates Tremendous Opportunities

Photonic sensors, particularly fiber optic sensors, have emerged as crucial components in fiber optic applications that have surged in popularity recently due to the need and desire for high-end communication. Digital photonics has now been identified as the fiber optics of the future. Emerging services, such as ultra-high bandwidth video, data center cloud interconnection services, and 5G mobile network services, are driving the advancement of optical transport network technology and the future expansion of the optical communications sector. Along with the emergence of sophisticated semiconductor components, the development of multiplexing technologies, such as wavelength division multiplexing (WDM) and space-division multiplexing (SDM), is underway. Networking companies are further compelled to develop SDM components by the transmission restrictions of WDM structures, increasing market growth.

Regional Analysis

Asia-Pacific is the most significant revenue contributor
and is expected to grow at a
CAGR of 17.48%
during the forecast period. China is expected to have substantial growth among the Asia-Pacific countries due to its increasing economy and significant market share in global electronics. Electronics are both produced and used in large quantities in China. The area's industrial sector is rapidly growing, and various manufacturing and telecommunications technologies are still being used. This is anticipated to encourage market expansion. The regional telecommunications industry's explosive growth has increased demand for fiber-optic photonics because of the rising demand for fiber optic systems and components. Asia-Pacific has also experienced remarkable growth in 3D imaging technology due to increased demand from security and defense applications, including facial identification and weapons and explosives detection. Photonic sensors are widely used in 3D imaging, which is expected to contribute to market growth significantly.

North America is expected to grow at a CAGR of 16.93% during the forecast period. North America is predicted to dominate the market for photonic sensors during the forecast period. This is mainly because, during the past ten years, sensing, imaging, and metrology have all become more dependent on optics and photonics in the United States. The prevalence of optically based measurements has increased along with the demand for precise sensing. The growing use of image sensors across the United States is the strong market acceptance of the industrial electronic solution, fueling a high usage rate for image sensors and other portable devices. It is also projected that the Canadian image sensors market will benefit from industrial electronics. Excellent living conditions and growing economic stability led to higher discretionary earnings nationwide.

Key Highlights

• The
  global photonic sensors market size
  was valued at
  USD 17.18 billion in 2022.
  It is projected to reach
  USD 70.20 billion by 2031,
  growing at a
  CAGR of 16.93%
  during the forecast period (2023-2031).
  
• Based on product type,
  the global photonic sensors market is bifurcated into fiber optic, image, biophotonics, and other product types. The image sensors segment is the highest contributor to the market and is estimated to grow at a CAGR of 16.8% during the forecast period.
• Based on the end-user industry,
  the global photonic sensors market is bifurcated into aerospace and defense, transportation, manufacturing, healthcare, energy and power, and other end-user industries. The transportation segment is the highest contributor to the market and is estimated to grow at a CAGR of 18.46% during the forecast period.
• Asia-Pacific is the most significant revenue contributor and is expected to grow at a CAGR of 17.48% during the forecast period.

Competitive Players

Banner Engineering Corp.

Baumer Holding AG

STMicroelectronics NV

DataLogic

Omron Corporation

Sick AG

Keyence Corporation

Pepperl+Fuchs GmbH

Rockwell Automation

Autonics Corporation

Recent Developments

Recent Developments

• May 2022- Baumer added new OT300 and OT500 sensors to their portfolio of photoelectric sensors. The sensors offer an extensive detection range of up to 2.6 m thanks to time-of-flight measurement. Independent of the angle of installation, the sensors will reliably detect objects, even with a demanding surface. Due to the compact design, 3D CAD data with integrated beam path and standardized IO-Link interface easily integrate and enable convenient parameterization.
• September 2022- STMicroelectronics, a global semiconductor leader serving customers across the spectrum of electronics applications, announced their cooperative development of a high-sensitivity, 1-LED Driver Monitoring System (DMS).

Segmentation

By Product Type

Fiber Optic Sensors

Image Sensors

Biophotonics Sensors

Other Product Types

By End-User Industry

Aerospace and Defense

Transportation

Manufacturing

Healthcare

Energy and Power

Other End-User Industries

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