Photonic Sensors Market by Product Types (Biophotonic Sensors, Fiber Optic Sensors, Image Sensors, and Others), End-users (Aerospace & Defense, Energy & Power, Healthcare, Manufacturing, Transportation, and Others), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028

The global photonic sensors market size was valued USD 1,3250 million in 2020 and is expected to expand at a significant CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the increase in requirement for security and safety.

Photonic sensor technology includes transmission, detection, amplification, and light output by visual instruments, components, electro-optical devices, fiber optics, laser, and nano photonic systems. Photonic sensors offer fast, easy, cheap, and compact parts as well as efficient products with minimal power consumption. Photonic sensors such as light sensors, image sensors, and LED flashes to enable new functions and add value to next-generation smart devices, homes, and cars. Improved photonic sensors/sources provide high performance, easy integration into systems, or unprecedented fresh functions. These progressive optical sources are anticipated to produce multiwavelength light or precise beam control power. New approaches based on new photographic technology with original ideas and designs get special consideration.

Photonics has been known as an emerging technology that underpins, extends, and impacts across a different range of industrial sectors such as aerospace, biotechnology, environment, healthcare, manufacturing, security, and telecommunication. In these sectors, photonic sensing action can be recognized through the intelligent application of light substituting the traditional techniques such as lighting and signage for the usage of glowing lamps or in a fresh context such as progressive photodynamic medical treatment.

Market Trends, Drivers, Restraints, and Opportunities

• Rapid industrialization along with the growing demand for enhanced safety and security solutions is anticipated to spur the growth of the market.
• Increasing adoption of wireless sensing technology is estimated to propel the market growth.
• The development of advanced photonic sensors with higher performance and multi-wavelength light generation capabilities can contribute to the market growth.
• Lack of industrial and technological standards can hinder the growth of the market.
• High initial investments and lack of awareness can hamper the market growth.
• Growing number of smart industries and increasing adoption of photonics technology in developing economies are anticipated to create lucrative opportunities in the projected timeline.

Scope of the Report

The report on the global photonic sensors market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Photonic Sensors Market Segment Insights

Biophotonic sensors segment to expand at a robust CAGR

In terms of types, the market is divided into biophotonic sensors, fiber optic sensors, image sensors, and others. The biophotonic sensors segment is estimated to grow at a rapid pace in the projected timeline due to growing demand for biophotonic sensors in applications such as biomedical, homeland security, industrial process, and military. Biophotonic technology develops the sensing ideas to contain the detection of biological agents (toxins) and chemical as well as the observing of biological processes.

Energy & power segment to hold a significant market share

On the basis of end-users, the market is segregated into aerospace & defense, energy & power, healthcare, manufacturing, transportation, and others. The energy & power segment is anticipated to exhibit a high CAGR during the forecast period. Photonic sensors play a main part toward a green, sustainable future by helping control method and decrease polluting releases in a different of applications in the conservation, distribution, exploration, and generation of energy. Photonic sensors are specially used in three different applications concerning to the production of power and energy harvesting, specifically solar thermal & PV systems, the oil and gas production, and wind turbines.

Asia Pacific is anticipated to constitute a key market share

Based on regions, the market is segregated into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is expected to constitute a considerable share of the market during the forecast period due to growing defense/military expenditure and the industrialized automation trend in the region. The rapid economic growth and increased usage of lasers for manufacturing are estimated to contributed to the market growth in region.

Segments

Segments Covered in the Report

The global photonic sensors market is segmented on the basis of:

Types

• Biophotonic Sensors
• Fiber Optic Sensors
• Image Sensors
• Others

End-users

• Aerospace & Defense
• Energy & Power
• Healthcare
• Manufacturing
• Transportation
• Others

Regions

• Asia Pacific
• North America
• Latin America
• Europe
• Middle East & Africa

Key Players

• Banner Engineering Corp.
• Baumer Holding AG
• Datalogic S.p.A.
• Omron Corporation
• Sick AG

Competitive Landscape

The key players competing in the photonic sensors market are Banner Engineering Corp.; Baumer Holding AG; Datalogic S.p.A.; Omron Corporation; and Sick AG.

In June 2018, Omron declared the manufacture of the second factory of OMRON (Shanghai) Co. Ltd., in the city of Shanghai, China, to rise up the ability of numerous types of control equipment to meet the demands for automation on plant floors in the country.

In May 2018, Hamamatsu Photonics announced the construction of a new factory at the main factory site to meet rising sales demand for its opto-semiconductor module products.