The Photonic Sensors market was valued at USD 13.25 billion in 2020 and is expected to reach USD 26.65 billion by 2026, at a CAGR of 16.93% over the forecast period (2021 – 2026). Physical properties, like reflectance/transmittance, superior levels of sensitivity resulting in precise detection limits, coupled with the sparkling visual quality displayed in the visible range of wavelengths, boosted the significance of photonic sensors in the recent years.
– The advent of and move toward the Industry 4.0 revolution, which is becoming one of the defining themes of the current era, promising the combination of connectivity, flexibility, artificial intelligence, and speed required to deliver next-level industrial productivity, are significantly influencing the market.
– From high-speed optical data links to the versatility of processing of laser materials, and the feedback and intelligent decision-making, made possible by machine vision systems and optical sensors, the smart factories of the near future will also drive the future of photonics.
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Companies are undertaking acquisitions, expansions, and product launches as notable measures to excel in the photonic sensor market. Industry participants are shifting their focus toward the development of eco-efficient products for better sustainability in the market.
– June 2018: Omron announced the construction of the second factory of OMRON (Shanghai) Co. Ltd., in the city of Shanghai, China, to ramp up the capacity of various types of control equipment and thereby, meet the voracious demands for automation on factory floors in the country.
– May 2018: Hamamatsu Photonics announced the construction of a new factory at the main factory site to meet growing sales demand for its opto-semiconductor module products
Energy and Power to hold Significant Share
– Optical and photonic sensors are specifically used in three very different applications relating to energy harvesting and the production of power, namely solar thermal and PV systems, the oil and gas industry, and wind turbines.
– Electricity generation from wind energy is rapidly growing in the United States and worldwide, and could provide at least 20% of the nation�s electricity by 2030. This trend is driving the need for larger multi-megawatt turbines, for onshore and offshore utility-scale operation, with rotor diameters well exceeding 100 to 120 m.
– As wind turbines increase in size and capital cost, there is a growing need to incorporate early-warning wind shear measurements and turbine structural health monitoring to optimize the design, operation, and maintenance of the wind turbine and to protect it against dangerous wind gusts.
– Also, the oil and gas industry is constantly taking measurements under extreme temperatures and pressures. Additionally, the development and exploitation of oil and gas resources in increasingly difficult operating environments, including deep seawater, raises many technical challenges. Real-time, permanent wellbore, and reservoir monitoring is a critical technology for assuring safety and maximizing the profitability of these fields.
Asia-Pacific to Witness Highest Growth
– The Asia-Pacific region is expected to witness the highest growth rate over the forecast period. Growth in the region is fueled by increasing defense/military spending in China and India, and the industrial automation trend in these nations.
– For instance, the Government of China offers substantial military budgets for the incorporation of modern technology, owing to reforms by the Chinese communist party. According to SIPRI, Indian military spending, in 2017, was USD 63.9 billion.
– Countries, such as Korea and China, have recorded the most growth in photonics and lasers in recent years. This is due to the major shift in manufacturing in this region, especially these countries. Automotive, consumer electronics, and industrial manufacturing have been in particular among the faster-growing market sectors.
– In addition, photonics and lasers are witnessing significant growth in Asia-Pacific, primarily due to faster economic growth, and increased usage of lasers for manufacturing.
– Moreover, the demand for fiber optic sensors from the APAC countries will fuel the market�s growth in the region. According to the Fiber Optic Sensing Association (FOSA), China is leading the way, accounting for just over 11% of listed deployments of distributed fiber-optic sensing devices.
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What are the market factors that are explained in the report?
–Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.
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–Analytical Tools: The Global Photonic Sensors Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter’s five forces analysis, SWOT analysis, feasibility study, and investment return analysis have been used to analyze the growth of the key players operating in the market.
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