Photonic Sensors & Detectors Market Size & Share, by Product (Fiber Optic Sensors, Image Sensors, Biophotonic Sensors); Technology (Laser Technology, Fiber Optic Technology, Biophotonic Technology); End-user (Manufacturing, Transportation, Aerospace, Defense, Industrial process, Factory automation, Medical & Healthcare, Energy, Power, Chemicals & Petrochemicals, Aviation) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

Growth Drivers

• Advancements in Wireless Sensor Technology - Wireless sensor technology provides numerous advantages, including safety, high data transfer speeds, low operational cost, and efficiency. Their increased demand from industrial and consumer applications is shaping new developments. Further, increasing data transfer speeds across different wireless standards is also expected to add to the photonic sensors & detectors market growth. For instance, Thread and ZigBee can connect sensors operating at 2.4 GHz with a data rate of 250kbit/s.
   
• Global Industrialization – Through swift industrialization, we have been seeing mass-production of goods and technologically improved services. Thus, rapid industrialization throughout the world is another leading growth driver of photonic sensors & detectors market. According to the statistics by the United Nations Industrial Development Organization (UNIDO), global manufacturing production generated a stable year-over-year output growth of 3.3% in the fourth quarter of 2021, following increase of 5.8% and 17.8% respectively in the previous two quarters.
   
• Rising Demand for Enhanced Safety and Security Solutions - People all over the world are exposed to a lot of complicated threats and dangers that endanger their safety and security. So enhanced safety and security solutions are always mandate to stay secure. The global video surveillance security cameras market is expected to grow with a CAGR of ~12% during the forecast period, i.e., 2022-2031.
   
• Technological Advancements in Photonic sensors & detectors – For instance, the manufacturer of innovative sensors and measurement systems for research applications, A2 Photonic Sensors SAS, recently developed an autonomous station named SmartStake for tracking continuously the loss of glacier mass along the melt season. On the other hand, Banner Engineering Corp. announced that its DXM series wireless controller and sensors which are used for monitoring of vibration on pumps and motors, have been qualified for AWS IoT Core and that these devices would now be available in the Partner Device Catalog of AWS.
   
• Rising Trend of Structural Health Monitoring – The global structural health monitoring market is anticipated to grow with a CAGR of ~15% during the forecast period, i.e., 2022-2031.

Challenges

• High Primary Investment for Manufacturing of these Sensors
• Lack of Technological Standards
• Less Awareness Regarding the Use of Photonic Sensors