Over the next five years, the worldwide photonics sensors and detectors market is expected to see a compound annual growth rate (CAGR) of 15.9 per cent, and will reach $15.2 billion by 2019, according to a new market research report from BCC Research.
The drivers of this growth, the report reveals, are an increasing number of applications for photonic sensors and detectors, as well as rising industrialisation across the Asia-Pacific region.
The photonic sensors category, which includes fibre optic sensors, image sensors, and biophotonic sensors, is expected to reach nearly $13.5 billion in 2019, according to the report carried out by BCC Research, growing at a healthy compound annual growth rate of 15.8 per cent.
However, the photonic detectors category, which comprises single photon counting modules, photodiodes, phototransistors, analogue optoisolators and optocouplers and photocell detectors, will be fastest moving sector and is projected to reach $1.7 billion in 2019, growing at a CAGR of 16.7 per cent.
With a rapidly expanding range of industrial applications such as military and border security, factory automation, transportation, biomedical, and oil and gas, the demand for products that use photonic sensors and detectors is on the rise. Growth in this market is being driven by technological advances, increased functionality and accuracy, and developing industrial safety concerns.
In geographic terms, North America is expected to dominate the overall market with projected revenues of $5.3 billion in 2019. However, the Asia-Pacific region is expected to move at a huge 22.4 per cent CAGR, driven by increased industrialisation across this region, particularly in the emerging economies, the report stated.
‘The photonic sensors and detectors market is expected to develop exponentially at a significant growth rate over the next five years,’ said BCC Research photonics analyst Pawan Kumar. ‘Most opportunities are driven by new applications as the technology finds greater utilisation across a growing range of industries. However, high cost and lack of standards could act as a restraining factor on this market.’
Image 1: The global photonics sensors and detectors market is expected to reach $15.2 billion by 2019, with a CAGR of 15.9 per cent. Image courtesy of BCC Research.