Global technical research and advisory company, Technavio has released a report on the status of the photonic sensors market. The study report says the market for this product segment is expected to exceed USD 30 billion by 2020, growing at a CAGR of almost 4% during the forecast period of 2016-2020. Technavio’s research report titled ‘Global Photonic Sensors Market 2016-2020’, provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes an up to date analysis and forecast for various market segments and all geographical regions.
The report identifies four separate segments for the global photonic sensors such as Fiber-optic sensors, Biophotonic sensors, Image sensors, and Other sensors
The global fiber-optic sensor market would worth USD 6.6 billion by 2020 and is expected to grow at a CAGR of almost 12% from 2016. Fiber-optic sensors are being deployed in consumer electronics and biomedical sensing. Hospitals use fiber-optic sensors to improve the diagnosis, monitoring, and treatment of patients. Demand from the healthcare sector will support the growth of the fiber-optic sensor industry.
The structural engineering committee of the Italian Standard Institute started working on the standardization of structural health monitoring (SHM) approaches and technologies for implementation in civil structures in 2014. The implementation of SHM systems in civil infrastructure is likely to be supported by many governments, creating a demand for fiber-optic sensors.
Within a five-year period from now, the global biophotonic sensor market is expected to reach USD 4.9 billion growing at a CAGR of over 19%. Biophotonic sensors have growing applications in the military and medical sectors. The military uses these sensors for chemical and biological explosive detection, field intelligence, and bio-warfare defense as they can easily detect bacteria, spores, viruses, and toxins, and function perfectly in dirty environments. Biophotonic sensors help in the development of drugs and vaccines as well as in therapeutics and diagnostics. Thanks to the ability to offer quick and precise analysis, the medical sector finds increasing use of these sensors.
These sensors are also being used to enhance homeland security. They are also used to monitor water supplies, sense intrusion at country borders, and secure cargo containers. Hong Kong uses biophotonic sensors to inspect the contents of all containers entering its port area. Other countries are expected to follow this practice, thus leading to a growth of the sensor market during the forecast period.
The global image sensor market is expected to grow at a CAGR of around 18% to reach USD 2.4 billion by 2020. Image sensors are increasingly used in imaging devices such as camera modules for consumer electronic devices and digital cameras. They are also used for medical imaging in minimally invasive procedures such as endoscopy.
In the automobile sector, the development and growing awareness of advanced driver assistance systems is promoting the adoption of these sensors. The rising trend of dual-camera mobile phones and the growing popularity of tablets, webcams, and gaming consoles will double the shipments of image sensors during the forecast period. The use of image sensors for quality control in the manufacturing and food processing industries will improve product yield by reducing the number of defective units. Developing nations such as China and India, as well as South American countries, will contribute to the growth of the image sensor market.
The market for other sensors is expected to grow at a CAGR of over 18% and reach USD 3.5 billion by 2020. The higher demand for other sensors is mainly attributed to the growing use of laser sensors in devices that require human input. For example, the Twin-Eye laser sensor from Phillips integrates high precision with speed and low power consumption. This allows manufacturers to easily integrate such sensors into their devices while designing them.
Laser sensors are also used in the aviation industry due to their ability to measure faint wind movements that anemometers cannot measure. The aviation sector is expected to demand a considerable number of laser sensors to improve aviation safety. “These sensors will also be used in sectors such as metrology and aerosol dispersion studies during the forecast period,” says Asif.
Technavio hardware and semiconductor research analysts highlight four vendors as the top contributors to the global photonic sensors market such as Baumer, Banner Engineering, OMRON, and Hamamatsu Photonics
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading-edge technologies.