The global photonic sensors market size was valued at $20.19 billion in 2020 and is projected to reach $94.27 billion by 2030, registering a CAGR of 16.8% from 2021 to 2030.
Many dominant players are present in the photonic sensor market, which occupy the major market share. These market giants raise high entry barriers for the companies trying to enter the photonic sensor market. The photonic sensor market is majorly occupied by key market players thus creating a very niche market for the entrants. The inability of the new players to offer differentiated products and acquire the market share reduces the threat of new entrants. In order to acquire the market, new players need to come up with some unique and highly effective strategies.
The photonic sensors market is analyzed and estimated in accordance with impacts of drivers, restraints, and opportunities. It also includes study of region wise growth prospects of the market. Porter's five forces analysis determines impact of suppliers, competitors, new entrants, substitutes, and buyers on the market growth. The period studied in this report is 2020-2030, wherein the forecast period is 2021-2030.
Presently, product launch strategy drives the market for photonic sensors. Most companies analyzed in the report have adopted product launch strategy in the market. Increase in adoption of smart technology is a key contributor for emergence of the photonic sensors market globally.
The photonic sensors market is segmented on the basis of product, technology, application, and region. By product, the market is divided into fiber optic sensors, image sensors, biophotonic sensors, and others. On the basis of technology, the photonic sensor market is classified into fiber optic technology, laser technology, and biophotonic technology. By application, the market is fragmented into industrial, healthcare, automotive & transportation, safety & security, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players mentioned in the report are BAE Systems, BK Technologies, General Dynamic Corporation, Hytera Communications, ICOM Inc, L3 Harris Technologies, Leonardo S.P.A., MCS Digital, Motorola Solutions, and Thales Group. These key players have adopted strategies, such as product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations to enhance their market penetration.
Image sensors
Biophotonic sensors
Others
Laser technology
Biophotonic technology
Healthcare
Automotive and Transportation
Safety and Security
Others
U.S.
Canada
Mexico
Europe
UK
Germany
France
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Many dominant players are present in the photonic sensor market, which occupy the major market share. These market giants raise high entry barriers for the companies trying to enter the photonic sensor market. The photonic sensor market is majorly occupied by key market players thus creating a very niche market for the entrants. The inability of the new players to offer differentiated products and acquire the market share reduces the threat of new entrants. In order to acquire the market, new players need to come up with some unique and highly effective strategies.
The photonic sensors market is analyzed and estimated in accordance with impacts of drivers, restraints, and opportunities. It also includes study of region wise growth prospects of the market. Porter's five forces analysis determines impact of suppliers, competitors, new entrants, substitutes, and buyers on the market growth. The period studied in this report is 2020-2030, wherein the forecast period is 2021-2030.
Presently, product launch strategy drives the market for photonic sensors. Most companies analyzed in the report have adopted product launch strategy in the market. Increase in adoption of smart technology is a key contributor for emergence of the photonic sensors market globally.
The photonic sensors market is segmented on the basis of product, technology, application, and region. By product, the market is divided into fiber optic sensors, image sensors, biophotonic sensors, and others. On the basis of technology, the photonic sensor market is classified into fiber optic technology, laser technology, and biophotonic technology. By application, the market is fragmented into industrial, healthcare, automotive & transportation, safety & security, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players mentioned in the report are BAE Systems, BK Technologies, General Dynamic Corporation, Hytera Communications, ICOM Inc, L3 Harris Technologies, Leonardo S.P.A., MCS Digital, Motorola Solutions, and Thales Group. These key players have adopted strategies, such as product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations to enhance their market penetration.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the photonic sensors market analysis from 2020 to 2030 to identify the prevailing photonic sensors market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the photonic sensors market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global photonic sensors market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Type
Fiber optic sensorsImage sensors
Biophotonic sensors
Others
By Technology
Fiber optic technologyLaser technology
Biophotonic technology
By Application
IndustrialHealthcare
Automotive and Transportation
Safety and Security
Others
By Region
North AmericaU.S.
Canada
Mexico
Europe
UK
Germany
France
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Key Market Segments
By Product
- Fiber Optic Sensor
- Image Sensor
- Biophotonic Sensor
- Others
By Technology
- Fiber Optic Technology
- Laser Technology
- Biophotonic Technology
By Application
- Industrial
- Healthcare
- Automotive And Transportation
- Safety And Security
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- U.K.
- Germany
- France
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest Of Asia Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- BAE Systems plc
- BK Technologies Corporation
- General Dynamics Corporation
- Hytera Communications Corporation Ltd
- ICOM Incorporation
- L3 Harris
- Leonardo S.R.L.
- MCS Digital
- Motorola Solutions
- omnisys - thales group
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: PHOTONIC SENSORS MARKET, BY PRODUCT
CHAPTER 5: PHOTONIC SENSORS MARKET, BY TECHNOLOGY
CHAPTER 6: PHOTONIC SENSORS MARKET, BY APPLICATION
CHAPTER 7: PHOTONIC SENSORS MARKET, BY REGION
CHAPTER 8: COMPANY LANDSCAPE
CHAPTER 9: COMPANY PROFILES
LIST OF TABLES
LIST OF FIGURES
Executive Summary
The global photonic sensors market growth is characterized by the presence of a lot of local and international market players. The analysis illustrates the share of the prominent companies operating in the market. These companies tend to expand their market presence by adopting strategies such as acquisitions, partnerships, and product launches.The optics and photonic technologies have created a huge impact on the global economy by developing devices and services that can be used across various industrial sectors. In addition, the developments in the field of fiber optics have spurred the development of photonic sensors, leading to further application of the spectral range of sensors being used in several industries. These sensors allow better sensing and detecting functions. This technology is likely to give a high return on investment in long run.
Medical imaging, food inspection, industrial applications, and community safety & security have received enhanced services owing to the developments in the photonic sensors technology. Military, homeland security, industrial process, factory automation, civil structure, transportation, biomedical, micro fluidic, bio environmental, wind energy turbines, and oil & gas are some of the domains where photonic sensors find their application. Need for enhanced safety & security solutions, better alternatives for conventional technology, and rise in wireless sensing technology are some of the major factors that act as drivers for the photonic sensors market analysis. Similarly, lack of industrial & technological standards, high initial investments, and lack of awareness can be considered as restraints for the market growth.
North America is expected to dominate the market throughout the forecast period. However, Asia-Pacific would exhibit rapid growth in the photonics sensors market share owing to increased industrialization across Asia-Pacific mainly in emerging markets such as, India and China. Therefore, rapid increase in use of photonic sensors across various industry verticals for instance, military, transportation, biomedical, factory automation, and oil & gas is expected to foster rapid growth during the photonic sensors market forecast period.
COVID-19 Impact
COVID-19 has caused the overall semiconductor industry to mobilize quickly and make short-term decisions with long-term implications. Semiconductor companies operate in a complex ecosystem, working across the value chain with numerous raw materials, assembly, test, package, and equipment suppliers & partners across the globe.Demand from the IT & telecommunication segment is expected to increase owing to factors such as rise in broadband usage, higher demand for cloud services, and video streaming. In addition, in the medium to long term, COVID-19 is expected to further propel the need for digital transformation & technologies, such as 5G, IoT, AI, and intelligent edge computing for future optimization.
The manufacturing sector witnessed severe loss, thus no new orders have been placed during the pandemic. Moreover, international consumers in defense tactical radio industry are in a very weak state owing to lockdown imposed to tackle the pandemic. Although the photonic sensors market trends in the U.S. and Europe witnessed mild recovery in the second half of 2020, they are still significantly down on pre-crisis levels. Therefore, the defense tactical radio market growth has faced major obstacles after emergence of the COVID-19 pandemic.
The pandemic has impacted production process of several industries, including semiconductor and electronics. Trade barriers have further constrained demand and supply outlook. The overall production process has adversely affected as governments of different countries announced total lockdown and temporary shutdown of industries.
Key findings of the Study
- The fiber optic sensor segment is expected to generate the highest revenue during the forecast period.
- The fiber optic technology segment is expected to generate the highest revenue during the forecast period.
- The industrial segment is expected to generate the highest revenue during the forecast period.
- North America is expected to register the highest revenue during the forecast period.
Companies Mentioned
- BAE Systems plc
- BK Technologies Corporation
- General Dynamics Corporation
- Hytera Communications Corporation Ltd
- ICOM Incorporation
- L3 Harris
- Leonardo S.R.L.
- MCS Digital
- Motorola Solutions
- omnisys - thales group
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 225 |
| Published | March 2022 |
| Forecast Period | 2020 - 2030 |
| Estimated Market Value ( USD | $ 20.19 billion |
| Forecasted Market Value ( USD | $ 94.27 billion |
| Compound Annual Growth Rate | 16.7% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
