Baumer Holdings AG, Banner Engineering Corp., Omron Corporation, Hamamatsu Photonics KK and Truesense Imaging Inc. are some of the major companies that are profiled in the report. Product launch and acquisition are prominent corporate strategies adopted by these companies. For instance, in November 2014, Hamamatsu Photonics KK announced the launch of an energy discriminating radiation line sensor. This sensor consists of direct conversion type semiconductor, used to inspect the thickness of the wall of a pipe.

Portland, OR -- (SBWire) -- 09/28/2017 --Photonics Sensor Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $18 billion by 2021, registering a CAGR of 17.7% during the period 2016-2021.The need for enhanced safety and security solutions, better alternatives for conventional technology and increasing adoption of wireless sensing technology are factors that drive the photonic sensor market. Presently, North America dominates the global photonic sensors market owing to wide-ranging applications of photonic sensors in the region.

The study highlights the dominance of fiber optic sensors, which accounted for around 39% market share in 2015 and would continue to dominate the market during the forecast period. Numerous organizations across the globe offer fiber optic sensors that can withstand harsh environmental conditions such as extreme heat, noise, corrosion, explosion and vibration. Fiber optic sensors are compact in size and light in weight, which make them ideal for accomplishing various tasks. By technology, biophotonic technology is expected to be the fastest growing technology in the photonic sensor market based on its application. The segment is expected to register CAGR of 18.7% during the forecast period.

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The photonic sensors are used in multiple applications, since these devices are able to provide accurate cost effective image sensing solutions as compared to conventional sensors. Among various applications of photonic sensors, their usage in military is estimated to generate the highest revenue in 2015, owing to wide-ranging applications of photonic sensors in various defense equipment. Additionally, industrial process application is anticipated to occupy the second highest revenue share in 2015, followed by biomedical applications. The photonic sensors market has gone through a drastic change based on the research that have been conducted in the photonic technology in the past. The photonic technology has advanced into a phase where it is being used in varied fields. The innovations in the field of fiber optics has spurred the development of photonic sensors. These developments have expanded the spectral range of sensors being used in several industries. Photonic sensors offer better sensing function and it is expected that this technology would give a high return on investment in the long run. The photonic industry is now focusing on development of efficient products and it is projected that over the next few years eco-friendly and energy saving photonic sensors would be developed and launched into the market. Need for enhanced safety and security solutions, better alternative for conventional technology and rise in wireless sensing technology are some of the major factors that act as drivers for the photonic sensor market. Similarly, lack of industrial and technological standards, high initial investments and lack of awareness can be considered as restraints for the market.

The photonic sensor type segment comprises of fiber optic sensors, image sensors and biophotonic sensors. Fiber optic sensors are further classified into Bragg Grating Sensors (FBG SENSORS), Distributed Sensor, Quasi Distributed Sensor, Wavelength Division Multiplexing (WDM), Time Division Multiplexing (TDM) and Point Sensors. The image sensors are further analyzed from their subtype such as Charge-Coupled Devices (CCD), Complementary Metal Oxide Semiconductors (CMOS), Position-Sensitive Detectors (PSD) and Photoelectric Sensors. Intrinsic and extrinsic biophotonic sensors are the subtypes of biophotonic sensor.

Based on the technology photonic sensors are classified among fiber optic, laser and biophotonic technology. Military, homeland security, industrial process, factory automation, civil structure, transportation, biomedical, wind energy turbines, oil and gas and others are some of the domains where photonic sensors find their application. In order to gain a diverse insight, the market is analyzed as per different geographies such as North America, Europe, Asia-Pacific and LAMEA.

Factors such as need for enhanced safety and security solutions, better and enhanced alternatives for conventional technology and rise in wireless sensing solution will have a positive impact on the photonic sensor market. Growing number of smart industries and increasing adoption of photonics technology in developing economies may act as a potential opportunity for this industry.

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