The global photonic sensors market is expected to reach $18 Billion by 2021, at a CAGR of 17.7 per cent, according to a new market report from Allied Market Research.
The main factors driving growth in this market include the need for enhanced safety and security solutions, better alternatives for conventional technology, and increasing adoption of wireless sensing technology, it said in the report, titled World Photonic Sensors Market Opportunities and Forecasts, 2014-2021.
Currently, North America dominates the global photonic sensors market, according to the research, owing to wide-ranging applications of photonic sensors in the region. However, the report forecasts that Asia-Pacific will be the fastest growing region during 2016-2021, with Japan being the forerunner in the development of advanced photonic technology.
The study highlights the dominance of fibre optic sensors, which accounted for around 39 per cent of the market share in 2015 and will continue to dominate the market during the forecast period (2016-2021).
Biophotonics is expected to be the fastest growing technology sector in the global photonic sensor market based on its application. The segment is expected to register CAGR of 18.7 per cent during the forecast period.
The use of photonics sensors military applications is expected to generate the highest revenue, owing to the wide-ranging applications of photonic sensors in defence equipment. Industrial process application is anticipated to occupy the second highest revenue share, followed by biomedical applications.