Future Market Insights has announced the addition of the “Photonic Sensors & Detectors Market: Global Industry Analysis and Opportunity Assessment, 2016-2026"report to their offering
Valley Cottage, NY -- (SBWIRE) -- 03/16/2019 -- Future Market Insights delivers key insights on the global photonic sensors and detectors market in a new report titled "Photonic Sensors & Detectors Market: Global Industry Analysis & Opportunity Assessment, 2016-2026". The global photonic sensors and detectors market was valued at US$ 22.5 Bn in 2015 and is expected to register a CAGR of 7.2% during the forecast period (2016–2026).
According to Future Market Insights, increasing investments in telecommunication infrastructure and various government initiatives to implement fibre optic communication are major factors driving the growth of the global photonic sensors and detectors market. Additionally, increasing adoption of industrial automation solutions to address the global shortage of unskilled labour and to reduce operating costs, and continuous development and implementation of new technologies in medical devices are some of the other factors propelling the growth of the global photonic sensors and detectors market.
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Photonics is the technology of generating and harnessing light and other forms of radiant energy whose quantum unit is the photon. The science of photonics includes light emission, transmission, deflection, amplification, and detection by optical components and instruments, lasers, and other light sources, fibre optics, electro-optical instrumentation, related hardware and electronics, and sophisticated systems. Photonic sensor is a device that senses light and converts to electricity. Photonics acts as a switch between the transmitter and receiver. A photonic detector counts the number of photons of light. The global photonic sensors and detectors market is likely to witness a CAGR of 7.2% during the forecast period (2016 – 2026).
Various government initiatives, increasing adoption of industrial automation solutions in the manufacturing industry, and increased investment in fibre optic communications are major drivers for the growth of the global photonic sensors and detectors market. Continuous investment and development of new technologies in medical devices and a rapid proliferation of the Internet of Things (IoT) is creating ample growth opportunities for major players in the global photonic sensors and detectors market.
Leading players in the global photonic sensors and detectors market are faced with major challenges that force them to reduce profit margins from image sensors, thereby affecting profitability. Also, a lengthy regulatory approval and technology assessment process pertaining to new product development is likely to restrict growth of the global photonic sensors and detectors market during the forecast period.
The global photonic sensors and detectors market is segmented on the basis of Sensor Type (Fibre Optic Sensors, Biophotonic Sensors, Image Sensors, Others); Detector Type (Photo Transistors, Single Photon Counting Modules, Photodiodes, Photocells, Others); End use Sector (Defence & Security, Medical & Healthcare, Chemicals & Petrochemicals, Consumer Electronics & Entertainment, Industrial Manufacturing, Aviation, Research & Development, Others); and Region (North America, Latin America, Western Europe, Eastern Europe, APEJ, Japan, MEA).
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Leading market players are focussing on product innovation and focussed sales through direct distribution to increase market share
Some of the top companies identified across the global photonic sensors and detectors market value chain are Hamamatsu Photonics K.K, OMRON Corporation, ON Semiconductor, SAMSUNG, Sony Corporation, KEYENCE CORPORATION, Pepperl+Fuchs GmbH, Prime Photonics, LC, Banpil Photonics, Inc., and NP Photonics, Inc. Top companies are focussing on increasing their investments in technology R&D initiatives and are entering into strategic global alliances and partnerships to strengthen their position in the market.