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Global photonic sensors market to reach $15.2 billion by 2020

Posted: 29 Jan 2015 ?? ?Print Version ?Bookmark and Share

Keywords:Photonic sensors market?

The global photonic sensor market would reach $15.2 billion by 2020, growing at a CAGR of 16.9 per cent from 2014 to 2020, according to a new Allied Market Research report. The study forecasts the dominance of fibre optic sensors and sheds light on the growing market share of biophotonic sensors. 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 until 2019, due to the applications of photonic sensors in military equipment. In addition, North American region is leading and it would maintain its position through 2020.

The 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 and energy. Based on the continuous research, SEDD has developed electro-optic and photonic devices, which include active and passive sensors. 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 programmes, 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 and gas applications are expected to have the highest growth rate compared to other applications of photonic sensors.

Currently, fibre optics is the most commonly used technology in sensing applications, as it is well established and possesses strong sensing capabilities. Numerous organisations across the globe offer fibre optic sensors that can withstand harsh environmental conditions such as extreme heat, noise, corrosion, explosion and vibration. Fibre optic sensors are compact in size and light in weight, which make them ideal for accomplishing various tasks.

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