According to a new report by Allied Market Research, the global photonic sensor market is forecast to reach US$15.2 billion by 2020, growing at a CAGR of 16.9% during the period (2014 – 2020).
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.
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.
Asia-Pacific is expected to be the fastest growing region in the global photonic sensors market, with Japan being 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.
Key findings of the study:
• Fiber optic and biophotonic will be the most popular sensors in the photonic sensor market
• Fiber optic technology would continue to lead the photonic sensor market through 2020
• Military is the highest revenue generating market in the application segment, which is estimated to be surpassed by the industrial process market by 2020
• Oil and gas industry is expected to be the fastest growing application segment in the photonic sensor market
Baumer Holdings, Banner Engineering, Omron, Hamamatsu Photonics and Truesense Imaging are some of the major companies that are profiled in the report.
In November 2014, Hamamatsu Photonics 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.
[Image courtesy Hamamatsu]