The global photonic sensors market is expected to register a CAGR of over 14% during the forecast period 2019
NEW YORK, July 1, 2019 /PRNewswire/ --
Market Overview
The global photonic sensors market is expected to register a CAGR of over 14% during the forecast period (2019 - 2024). Physical properties such as reflectance/transmittance, superior levels of sensitivity resulting in precise detection limits coupled with the sparkling visual quality they display in the visible range of wavelengths, aided the photonic sensors significance in the market in recent years.
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- The advent and move towards the Industry 4.0 revolution which is becoming one of the defining themes of the current era, promising the combination of connectivity, flexibility, artificial intelligence and speed required to deliver next-level industrial productivity is significantly influencing the market.
- From high-speed optical data links to the versatility of processing of laser materials, and the feedback and intelligent decision-making made possible by machine vision systems and optical sensors, the smart factories of the near future will also drive the future of photonics.
- Regionally, North America is expected to account for a significant portion of the market demand owing to the photonics developments in the US. Recently, the newly funded American Institute for Manufacturing Integrated Photonics (AIM Photonics) will form the central hub of a USD 610 million public-private effort to advance photonics manufacturing capability in the United States. Thus, the market for photonics in the region is expected to flourish over the forecast period.
Scope of the Report
The photonic sensor is a device which senses light and converts it to an electric signal. The photonic sensing technology integrates emission of light, detection, transmission by fiber optics, optical components. Photonic sensors are used in many applications such as Lidar, Ladar, Laser Induced Fluorescence (LIF), calorimetry, scintillation detection, spectroscopy, biological fluorescence detection, and other.
Key Market Trends
Energy and Power to hold Significant Share
- Optical and photonic sensors find their specific use in three very different applications relating to energy harvesting and the production of power will be presented, namely solar thermal and PV systems, the oil and gas industries, and wind turbines.
- Electricity generation from wind energy is rapidly growing in the US and worldwide, and could provide at least 20% of the nation's electricity by 2030. This trend is driving the need for larger multi MegaWatt turbines, for onshore and offshore utility-scale operation, with rotor diameters well exceeding 100 to 120 m.
- As wind turbines increase in size and capital cost, there is a growing need to incorporate early-warning wind shear measurements and turbine structural health monitoring to optimize the design, operation, and maintenance of the wind turbine and to protect it against dangerous wind gusts.
- Furthermore, the oil and gas industries are constantly making measurements under extreme temperatures and pressures. Additionally, development and exploitation of oil and gas resources in increasingly difficult operating environments, including deep sea water, raises many technical challenges. Real-time, permanent wellbore, and reservoir monitoring is a critical technology for assuring safety and maximizing the profitability of these fields.
Asia-Pacific to Witness Highest Growth
- Asia-Pacific region is expected to witness the highest growth rate over the forecast period. Growth in the region is fueled by increasing defense/military spending in China and India, and the industrial automation trend in these nations.
- For instance, the Government of China offers huge military budgets for the incorporation of modern technology, owing to reforms by the Chinese communist party. According to SIPRI, Indian military spending in 2017 was USD 63.9 billion in the year 2017.
- Countries such as Korea and China have recorded the most growth in photonics and lasers in recent years. This is due to the major shift in manufacturing in this region, especially these countries. Automotive, consumer electronics, and industrial manufacturing have been in particular among the faster-growing market sectors.
- In addition, photonics and lasers are witnessing significant growth in Asia-Pacific, primarily due to faster economic growth, and increased usage of lasers for manufacturing.
- Moreover, the demand for fiber optic sensors from the APAC countries will fuel the market's growth in the region. According to the Fiber Optic Sensing Association (FOSA), China is leading the way, accounting for just over 11% of listed deployments of distributed fiber-optic sensing devices.
Competitive Landscape
The companies are undertaking acquisitions, expansions and product launches as the notable measures to excel in the photonic sensor market. Industry participants are shifting their focus towards the development of eco-efficient products for better sustainability in the market.
- June 2018: Omron announced to construct the second factory of OMRON (Shanghai) Co., Ltd. in the city of Shanghai, China, to ramp up the capacity of various types of control equipment and thereby meet the voracious demands for automation on factory floors in that country.
- May 2018: Hamamatsu Photonics announced to construct a new factory at the main factory site to meet growing sales demand for its opto-semiconductor module products.
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