The global Photonic Sensors Market size is approximately USD 13.45 billion in 2022 and is expected to reach USD 27.75 billion by 2027 with a CAGR of 15.7% during the forecast period.
A photonic sensor is a device that senses light and converts it to an electric signal. Photonics acts as a switch between the transmitter and receiver.
The photonic sensors market has experienced a radical change based on the research undertaken in the photonic technology sector. The photonic market is focusing on developing systemic products.
SARS-CoV-2 is the cause for the sudden eruption of the novel coronavirus (COVID-19) pandemic. The World Health Organization (WHO) declared an emergency public health issue. During the pandemic, the production of photonic sensors has halted. The COVID-19 has created a negative impact on the sensors market due to the shortage of workforce. Due to the severe lockdown imposition, manufacturing units stopped their production.
Worldwide brisk industrialization uncommonly over the developing economies, and adopting wireless sensing technology providing essential growth boost the photonic sensors market. Quick developments in sensors drive the photonic sensors market globally. The demand for enhanced safety and security solutions, superior and developed substitutes for conventional technology, and growing wireless sensing solutions influencing positively.
Advancements in photonic sensors in technology, the launch of integrated photonic sensors, and the development of 4D fiber optic sensors promote market growth. Development in wireless sensing technology and the demand for upgraded and developed and more efficient substitutes over conventional technologies surge the photonic sensors market growth.
However, the absence of technological and industrialization standards hinders the photonic sensors market. Also, low awareness and high initial investments obstruct the market growth globally.
The global Photonic Sensors Market is categorized and sub-categorized based on the product type, and end-user.
The continuous technological advancements in fiber optics have to lead to the high adoption of photonic sensors. Based on the product type, the biophotonic sensors are more to be captivating segment across the photonic sensors market during the timeframe period.
North America is expected to account for the largest market share in photonic sensors. In the U.S., developments for photonics are increasing which in turn fuels the market growth. As per the latest news, the American Institute for Manufacturing Integrated Photonics (AIM Photonics) formed the central hub for USD 600 million public-private efforts to develop photonics manufacturing facilities.
Europe is a prominent revenue pocket in the photonic sensors markets globally. It is believed to gain second place over the next upcoming years.
Asia-Pacific region for photonic sensors market is envisioned to have observed the highest during the foreseen period. The growth in the region owes to increasing inclination in industrial automation, and in India and China, the expenditure for defense/military is on a high rise. The APAC countries are demanding more for fiber optic sensors fuels the market growth.
The Chinese government provides extensive military capital for the integration of modern technologies due to the reforms by the Community party of China.
Korea and China have registered the most growth in photonics and lasers over the recent years.
Latin America and the Middle East & African regions are expected to have a notable growth during the forecasted period.
Top Key Players of the Photonic Sensors Market
Notable Developments in the Photonic Sensors Market
Chapter 1. Photonic Sensors Market – Scope & Methodology
1.1. Market Segmentation
1.3. Research Methodology
1.4. Primary Sources
1.5. Secondary Sources
Chapter 2. Photonic Sensors Market – Executive Summary
2.1. Market Size & Forecast – (2021 – 2026) ($M/$Bn)
2.2. Key Trends & Insights
2.3. COVID-19 Impact Analysis
2.3.1. Impact during 2021 - 2026
2.3.2. Impact on Supply – Demand
2.3.3. Impact on Production Cost
2.3.4. Impact on Supply Chain
Chapter 3. Photonic Sensors Market – Competition Scenario
3.1. Market Share Analysis
3.2. Product Benchmarking
3.3. Competitive Strategy & Development Scenario
3.4. Competitive Pricing Analysis
3.5. Supplier - Distributor Analysis
Chapter 4. Photonic Sensors Market Entry Scenario
4.1. Case Studies – Start-up/Thriving Companies
4.2. Regulatory Scenario - By Region
4.3 Customer Analysis
4.4. Porters Five Force Model
4.4.1. Bargaining Power of Suppliers
4.4.2. Bargaining Powers of Customers
4.4.3. Threat of New Entrants
4.4.4. Rivalry among Existing Players
4.4.5. Threat of Substitutes
Chapter 5. Inventory Management Software Market – Landscape
5.1. Value Chain Analysis – Key Stakeholders Impact Analysis
5.2. Market Drivers
5.3. Market Restraints/Challenges
5.4. Market Opportunities
Chapter 6. Inventory Management Software Market – By Product Type
6.1. Fiber Optic Sensors
6.2. Image Sensors
6.3. Biophotonic Sensors
Chapter 7. Inventory Management Software Market – By End-User
7.1. Aerospace and Defense
7.5. Energy and Power
Chapter 8. Photonic Sensors Market , By Geography – Market Size, Forecast, Trends & Insights
8.1. North America
8.2.7. Rest of Europe
8.3. Asia Pacific
8.3.2. South Korea
8.3.5. Australia & New Zealand
8.3.6. Rest of Asia-Pacific
8.4. Rest of the World
8.4.1. Middle East
8.4.3. South America
Chapter 9. Photonic Sensors Market – Company Profiles – (Overview, Product Portfolio, Financials, Developments)
9.1. Company 1
9.2. Company 2
9.3. Company 3
9.4. Company 4
9.5. Company 5
9.6. Company 6
9.7. Company 7
9.8. Company 8
9.9. Company 9
9.10. Company 10
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