According to a new report by Marketintelreports, titled "Photonic Sensors Market - Global Opportunity Analysis and Industry Forecast, 2014 - 2020", The photonic sensor market is forecast to reach$15.2 Billion by 2020, growing at a CAGR of 16.9% during the period (2014 - 2020). 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 study confers the dominance of fiber optic sensors and sheds light on the way, biophotonic sensor would garner more market share during the forecast period. Based on its application, biophotonic technology is expected to be the fastest growing technology in the photonic sensor market. Military is expected to be the largest revenue-generating segment till 2019, due to the wide-ranging applications of photonic sensors in various defense equipment. Geographically, North American region is leading and it would maintain the lead throughout the forecast period.
Need for enhanced safety and security solutions, better alternative for conventional technology and rise in wireless sensing technology would act as the major factors responsible for driving the photonic sensor market. The U.S. army's adoption of photonic technology on a large scale for various applications has led the military segment to capture substantial market share in the photonics sensors market. The U.S. Army Research Laboratory's Sensors and Electron Devices Directorate (SEDD) is responsible for development in the field of electronic devices, sensors and power & energy. Based on the continuous research, SEDD has developed electro-optic and photonic devices, which include active and passive sensors. Asia-Pacificis expected to be the fastest growing region in the global photonic sensors market, with Japanbeing the leader in the development of advanced photonic technology.
The photonic sensors are used in multiple applications, as these devices have the capability to provide accurate cost effective image sensing solutions as compared to the conventional sensors. Based on the wide scale application of photonic technology in military programs, this segment is estimated to generate substantial revenue during the forecast period. Industrial processes would have the next highest revenue share followed by biomedical applications. The Homeland security and oil & gas applications are expected to have the highest growth rate compared to other applications of photonic sensors.
Currently, fiber optics is the most commonly used technology in sensing applications, as it is well established and possess strong sensing capabilities. 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.
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 the prime corporate strategies adopted by these companies. InNovember 2014, Hamamatsu Photonics KK announced the launch of an energy discriminating radiation line sensor. This sensor consists of direct conversion type semiconductor, which is used to inspect the thickness of wall of a pipe.
Browse Global Photonic Sensors Industry Research Report at http://www.marketintelreports.com/report/9dime4265/global-photonic-sensors-industry-2016-market-research-report
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