Global Photonic Sensor Market is set to reach US$ 91.3 Billion, expanding at a CAGR of 12.8% during forecast period 2023 to 2033

The United Kingdom photonic sensor market growth can be attributed to the increasing demand for advanced photonic sensor technology across various industries. The rising adoption of renewable energy sources along with the demand for enhanced security measures are further driving the demand for photonic sensors in the country.

/EIN News/ — NEWARK, Del, May 16, 2023 (GLOBE NEWSWIRE) — The global photonic sensor market revenue is anticipated to reach US$ 91.3 Billion by 2033, up from US$ 27.4 Billion in 2023. Future Market Insight evaluated a noteworthy CAGR of 12.8% for the market between 2023 and 2033.

The use of photonic sensor and detector technologies has become increasingly important in material characterization and processing. Photonic sensors and detectors are now being utilized in a wide range of applications, including surgeries, industries, and daily life, as well as in research laboratories. 

The rising adoption of photonic sensors in consumer electronics is driving the market growth. The demand for safety and security in industries like oil and gas is also fueling the market expansion. Photonic sensors are used for monitoring pipelines and detecting leaks. 

Photonic sensors are adopted in various industries such as healthcare, aerospace, and defense. In healthcare, photonic sensors are used for diagnostic imaging and monitoring of vital signs. In aerospace, they are used for navigation and communication. In defense, they are used for target detection and identification.  

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Industries are realizing the dependability and long-term financial benefits of automated systems based on photonics. The potential of photonic technologies is further boosted by trends like Industry 4.0 and smart factories, which offer predictive maintenance and improved safety in the manufacturing environment. 

There is an increasing demand for smartphones, smart watches, tablets, and other consumer electronics that incorporate photonic sensors. As consumer electronics continue to evolve, the demand for photonic sensors is expected to continue growing. Photonic sensors offer high accuracy and sensitivity in these applications.  

In the photonic sensor sector, the discovery of novel materials and technologies is a key trend. The goal is to make sensors efficient and less expensive. New materials are being developed that offer great sensitivity and precision.  

The photonic sensor industry offers several growth opportunities. Autonomous vehicles are one area where photonic sensors could be used for navigation and obstacle detection. The use of photonic sensors in smart cities is also likely to offer growth opportunities.  

Key Takeaways: 

• The photonic sensor industry in the United States is predicted to reach US$ 14.6 Billion by 2033. 
• The photonic sensor industry in the United Kingdom is estimated to expand at a CAGR of 11.1% by 2033.  
• During the forecast period, the photonic sensor industry in China is expected to reach a market share of US$ 23.2 Billion. 
• The photonic sensor industry in Japan is predicted to boom at a 13.0% CAGR.  
• South Korea’s photonic sensor industry is predicted to achieve a market share of US$ 5.6 Billion. 
• With a CAGR of 12.7% from 2022 to 2033, the fiber optic sensor segment is expected to dominate the photonic sensor industry. 
• With a CAGR of 12.6% from 2022 to 2033, the biophotonic technology segment is expected to dominate the photonic sensor industry.   

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Competitive Landscape:  

The photonic sensor market is highly competitive. Market players are investing in research and development to improve the performance and efficiency of their photonic sensors. They are also expanding their product portfolios and exploring new applications. Additionally, they are collaborating with other companies to develop innovative solutions that can address the specific requirements of various industries.  

Recent Developments: 

• Thales unveiled the HD Minerva in October 2022. It represents the next generation of uncooled thermal imaging sensors. 
• In November 2022, L3Harris Technologies declared its intention to provide a state-of-the-art infrared sensor.

Market Segmentation:

By Product:

• Fiber Optic Sensor
• Image Sensor
• Biophotonic Sensor
• Others

By Technology:

• Fiber Optic Technology
• Laser Technology
• Biophotonic Technology

By Application:

• Industrial
• Healthcare
• Automotive and Transportation
• Safety and Security
• Others

By Region:

• North America
• Latin America
• Europe
• Asia Pacific
• The Middle East and Africa (MEA)

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Table of Content (ToC):

1. Executive Summary

1.1. Global Market Outlook

1.2. Demand-side Trends

1.3. Supply-side Trends

1.4. Technology Roadmap Analysis

1.5. Analysis and Recommendations

2. Market Overview

2.1. Market Coverage / Taxonomy

2.2. Market Definition / Scope / Limitations

3. Market Background

3.1. Market Dynamics

3.2. Scenario Forecast

3.3. Opportunity Map Analysis

3.4. Product Life Cycle Analysis

3.5. Supply Chain Analysis

3.6. Investment Feasibility Matrix

3.7. Value Chain Analysis

3.8. PESTLE and Porter’s Analysis

3.9. Regulatory Landscape

3.10. Regional Parent Market Outlook

3.11. Production and Consumption Statistics

3.12. Import and Export Statistics

4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033

4.1. Historical Market Size Value (US$ Million) & Volume (Units) Analysis, 2018 to 2022

4.2. Current and Future Market Size Value (US$ Million) & Volume (Units) Projections, 2023 to 2033

5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product

5.1. Introduction / Key Findings

5.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Product, 2018 to 2022

5.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Product, 2023 to 2033

5.4. Y-o-Y Growth Trend Analysis By Product, 2018 to 2022

5.5. Absolute $ Opportunity Analysis By Product, 2023 to 2033

6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Technology

6.1. Introduction / Key Findings

6.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Technology, 2018 to 2022

6.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Technology, 2023 to 2033

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Photonic Sensors & Detectors Market Size: The overall demand for photonic sensors and detectors is projected to surge at a healthy CAGR of 8.2% between 2022 and 2032, totaling a market valuation of around US$ 83.5 Billion by 2032.

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Distributed Fiber Optic Sensor Market Trends: The distributed fiber optic sensor market size totaled US$ 1,175.7 Million in 2021. The global distributed fiber optic sensor market is expected to reach US$ 2,869.5 Million by 2032.

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Fingerprint Sensors Market Overview: The fingerprint sensors revenue by the end of 2021 was US$ 3.4 Billion. The market is expected to reach US$ 10.2 Billion by 2032, as it is estimated to grow at a CAGR of 10.6% from 2022 to 2032.

Force Sensors Market Analysis: The force sensors market is estimated to capture a CAGR of 5.8% during the forecast period. The market secured a valuation of US$ 3.7 Billion in 2023 and is estimated to reach US$ 6.5 Billion by 2033.

Chemical Sensors Market Forecast: The chemical sensors market is estimated to grow at a CAGR of 9.8 % from 2022 to 2032.

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