Photonic Sensors Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

The Photonic Sensors Market is Segmented by Product (Fiber Optic Sensors, Image Sensors, Biophotonic Sensors), Industry (Aerospace and Defense, Transportation, Manufacturing) and Geography.

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Photonic Sensors Market Size

Photonic Sensors Market Forecast
Study Period 2018 - 2028
Base Year For Estimation 2021
CAGR 16.93 %
Fastest Growing Market Asia Pacific
Largest Market North America
Market Concentration Medium

Major Players

Photonic Sensors Market Major Players

*Disclaimer: Major Players sorted in no particular order
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Photonic Sensors Market Analysis

The Photonic Sensors market was valued at USD 13.25 billion in 2020 and is expected to reach USD 26.65 billion by 2026, at a CAGR of 16.93% over the forecast period (2021 - 2026). Physical properties, like reflectance/transmittance, superior levels of sensitivity resulting in precise detection limits, coupled with the sparkling visual quality displayed in the visible range of wavelengths, boosted the significance of photonic sensors in the recent years.

  • The advent of and move toward 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, are 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 United States. Recently, the newly funded, American Institute for Manufacturing Integrated Photonics (AIM Photonics) formed 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.

Photonic Sensors Market Trends

This section covers the major market trends shaping the Photonic Sensors Market according to our research experts:

Energy and Power to hold Significant Share

  • Optical and photonic sensors are specifically used in three very different applications relating to energy harvesting and the production of power, namely solar thermal and PV systems, the oil and gas industry, and wind turbines.
  • Electricity generation from wind energy is rapidly growing in the United States 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. 
  • Also, the oil and gas industry is constantly taking measurements under extreme temperatures and pressures. Additionally, the development and exploitation of oil and gas resources in increasingly difficult operating environments, including deep seawater, 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. 
Photonic Sensors Market Size

Asia-Pacific to Witness Highest Growth

  • The 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 substantial 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. 
  • 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.
Photonic Sensors Market Report

Photonic Sensors Industry Overview

Companies are undertaking acquisitions, expansions, and product launches as notable measures to excel in the photonic sensor market. Industry participants are shifting their focus toward the development of eco-efficient products for better sustainability in the market.

  • June 2018: Omron announced the construction of 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 the country.
  • May 2018: Hamamatsu Photonics announced the construction of a new factory at the main factory site to meet growing sales demand for its opto-semiconductor module products.

Photonic Sensors Market Leaders

  1. Omron Corporation

  2. Banner Engineering Corp.

  3. Baumer Holding AG

  4. Datalogic S.p.A.

  5. SICK Inc.

*Disclaimer: Major Players sorted in no particular order

Omron Corporation, Banner Engineering Corp., Baumer Holding AG, Datalogic S.p.A., SICK Inc.
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Photonic Sensors Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Growing Automation Demand in Manufacturing Industry

      2. 4.2.2 Increasing Requirement for Security and Safety

      3. 4.2.3 Increasing Investment in Fiber Optic Communications

    3. 4.3 Market Restraints

      1. 4.3.1 Lack of Industry Standards

      2. 4.3.2 High Initial Cost

    4. 4.4 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Product Type

      1. 5.1.1 Fiber Optic Sensors

      2. 5.1.2 Image Sensors

      3. 5.1.3 Biophotonic Sensors

      4. 5.1.4 Other Product Types

    2. 5.2 By Industry

      1. 5.2.1 Aerospace and Defense

      2. 5.2.2 Transportation

      3. 5.2.3 Manufacturing

      4. 5.2.4 Healthcare

      5. 5.2.5 Energy and Power

      6. 5.2.6 Other Industries

    3. 5.3 Geography

      1. 5.3.1 North America

      2. 5.3.2 Europe

      3. 5.3.3 Asia-Pacific

      4. 5.3.4 Latin America

      5. 5.3.5 Middle East & Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 Banner Engineering Corp.

      2. 6.1.2 Baumer Holding AG

      3. 6.1.3 STMicroelectronics NV

      4. 6.1.4 DataLogic

      5. 6.1.5 Omron Corporation

      6. 6.1.6 Sick AG

      7. 6.1.7 Keyence Corporation

      8. 6.1.8 Pepperl+Fuchs GmbH

      9. 6.1.9 Rockwell Automation

      10. 6.1.10 Autonics Corporation

    2. *List Not Exhaustive

  7. 7. INVESTMENT ANALYSIS

  8. 8. MARKET OPPORTUNITIES AND FUTURE TRENDS

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Photonic Sensors Industry Segmentation

The photonic sensor is a device that 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 others.

By Product Type
Fiber Optic Sensors
Image Sensors
Biophotonic Sensors
Other Product Types
By Industry
Aerospace and Defense
Transportation
Manufacturing
Healthcare
Energy and Power
Other Industries
Geography
North America
Europe
Asia-Pacific
Latin America
Middle East & Africa
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Photonic Sensors Market Research FAQs

The Photonic Sensors Market is projected to register a CAGR of 16.93% during the forecast period (2023-2028).

Omron Corporation, Banner Engineering Corp., Baumer Holding AG, Datalogic S.p.A. and SICK Inc. are the major companies operating in the Photonic Sensors Market.

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2023-2028).

In 2023, the North America accounts for the largest market share in the Photonic Sensors Market.

Photonic Sensors Industry Report

Statistics for the 2023 Photonic Sensors market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Photonic Sensors analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.

Photonic Sensors Report Snapshots

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