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Photonic Sensors Market to Reach $94.26 Bn, Globally, by 2030 at 16.8% CAGR: AMR

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Allied Market Research

25 Apr, 2022, 12:40 GMT

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Need for improve safety & security solutions, surge in wireless sensing solutions, and enhanced alternatives for conventional technology have boosted the growth of the global photonic sensors market.

PORTLAND, Ore., April 25, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Photonic Sensors Market 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): Global Opportunity Analysis and Industry Forecast, 2020-2030". As per the report, the global photonic sensors industry was accounted for $20.18 billion in 2020, and is expected to reach $94.26 billion by 2030, growing at a CAGR of 16.8% from 2021 to 2030.

Drivers, restraints, and opportunities

Need for improve safety & security solutions, surge in wireless sensing solutions, and enhanced alternatives for conventional technology have boosted the growth of the global photonic sensors market. However, high initial investment hinders the market growth. On the contrary, rise in number of smart industries and surge in adoption of photonics technology would unlock new opportunities in the future.

Download Sample Report (Get Full Insights in PDF - 225 Pages) @ https://www.alliedmarketresearch.com/request-sample/602

Covid-19 scenario:

  • The Covid-19 pandemic adversely affected the market due to decline in tourism, the global adoption of work from home culture, and decline in number of shipments across the border.
  • New projects across the world involving photonic sensors were either postponed or cancelled during the pandemic. In addition, prolonged lockdown disrupted the supply chain and increased the prices of raw materials.

The fiber optic sensor segment held the largest share

By product, the fiber optic sensor segment held the largest share in 2020, accounting for more than one-third of the global photonic sensors market, due to rise in demand in smart homes and buildings because of surge in energy crisis and security concerns. However, the biophotonic sensor segment is expected to register the highest CAGR of 17.6% during the forecast period.

Interested to Procure the Data? Inquire Here @ https://www.alliedmarketresearch.com/purchase-enquiry/602

The fiber optic technology segment dominated the market

By technology, the fiber optic technology segment held the lion's share in 2020, contributing to more than one-third of the global photonic sensors market, as it is a cost effective technology and offers long-distance intrusion monitoring, which has major application in telecommunication industry. However, the laser technology segment is estimated to manifest the highest CAGR of 17.4% from 2021 to 2030, as it allows 3D imaging in applications and reduces power consumption and offer accurate sensing functions.

North America held the largest share

By region, the market across North America dominated in 2020, holding more than one-third of the market, due to development toward industry automation and its application in industry processes in detecting wear and tear of the machinery. However, the global photonic sensors market across Asia-Pacific is projected to portray the highest CAGR of 19.1% during the forecast period, owing to presence of major market players in the region.

Access AVENUE - A Subscription-Based Library (Premium On-Demand, Subscription-Based Pricing Model) @ https://www.alliedmarketresearch.com/library-access

Major market players

  • BK Technologies
  • BAE Systems
  • Hytera Communications
  • General Dynamic Corporation
  • L3 Harris
  • ICOM Inc
  • MCS Digital
  • Leonardo S.P.A.
  • Thales Group
  • Motorola Solutions

Avenue is a user-based library of global market report database, provides comprehensive reports pertaining to the world's largest emerging markets. It further offers e-access to all the available industry reports just in a jiffy. By offering core business insights on the varied industries, economies, and end users worldwide, Avenue ensures that the registered members get an easy as well as single gateway to their all-inclusive requirements.

Avenue Library Subscription | Request For 14 Days Free Trial of Before Buying:

https://www.alliedmarketresearch.com/avenue/trial/starter 

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About us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact us:

David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
Toll Free: 1-800-792-5285
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Web: https://www.alliedmarketresearch.com 
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