Princeton, NJ -- (SBWIRE) -- 06/21/2018 -- As of 2017, the photonic sensors market was valued at USD 10.5 billion and is expected to reach a value of USD 23.18 million by 2023, registering a CAGR of about 14.11% during 2018 - 2023 (the forecast period). In this report, the photonics market has been segmented on the basis of product type, end-user industry, and region. The product type segment of the market includes fiber optic, image, and bio photonic sensors. Moreover, the end user segment is limited to aerospace & defense, transportation, manufacturing, healthcare, and power. The regional landscape of the report includes North America, Europe, Asia-Pacific, and Rest of the World.

Growing Adoption of Photonics Is Replacing the Semiconductor and Conductor Industry
Silicon photonics is an evolving branch of photonics that offers a clear advantage over electric conductors used in semiconductors. These are used in high-speed transmission systems. This technology is expected to push the transmission speed up to 100 Gbps, with companies, such as IBM, Intel, and Kothura, achieving breakthroughs using the technology. Intel Optical Transceivers developed using silicon photonics are being deployed for 100G connectivity. This technology is revolutionizing the semiconductor industry, enabling high-speed data transfer and processing. The market is expected to invest heavily for the mass adoption of this technology, which will be a key aspect in the development of high-performance computing and improve performance and efficiency. Thus, the emergence of silicon-based photonics is driving the growth of the market.

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Fiber Optic Sensor Holds a Major Market Share among Other Product Types
The fiber optic sensors have various applications and demand in the medical industry. The applications include analyzing pressure, temperature, calibration of accelerometers, strain, liquid level, concentration density, the refractive index of liquids, and chemical analysis. Also, fiber optic sensors find applications in defense, computer-aided design (CAD), computer-aided manufacturing (CAM). With such diverse applications and penetration rate, the fiber optic sensors segment has a major share in the photonics sensor market.

There are various applications in aerospace, where fiber optic sensing has the potential to deliver tremendous value. For instance, aircraft protection systems measure and monitor the temperature along aircraft bleed air ducts, control valves, and in critical areas of the plane. Fiber optic technology configures easier and faster for aircraft manufacturers to install more reliable and lighter weight. Installation of fiber optic sensors reduces the time for aircraft maintenance through fault location detection and enables new uses for overheat detection systems, such as prognostic health management.

The demand in the commercial aerospace sector is driving the market for photonic sensors. Boeing's recent aerospace study revealed that, over the next two decades, there would be a demand for over 40,000 new aircrafts across the world, where the net market value is estimated to be across USD 6 trillion. The growing demand for aircraft fleet is likely to be a direct trigger for photonic sensors, during the forecast period and beyond.
US Occupies the Major Market Share among the Other Regions

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The growth in the photonic sensor market in US strongly correlates with the development of parent markets, such as safety & defense applications, and healthcare and production technology. The United States has the highest concentration (with over 35%) of photonics-based applications companies, generating the highest revenue in this segment, which is the primary reason for the market growth in the country.

Key Recent Developments
April 2017: About 12 companies came together to form a new trade association focusing on the fiber optic sensing sector. The group claimed fiber optic sensing association (FOSA), officially launched in April 2017. The role of FOSA is to educate key players in all the sectors and promote awareness of the fiber sensing technology, to help accelerate the use of this technology.

Major Players: BANNER ENGINEERING CORP., BAUMER HOLDING AG, BAYSPEC INC., FIBER OPTIC SYSTEMS TECHNOLOGY INC. (FOX-TEK), OMRON CORPORATION, LAP LASER LLC, BBN INTERNATIONAL LIMITED, FIBERCORE, IBSEN PHOTONICS A/S, PRIME PHOTONICS LC, AND SMART FIBRES LIMITED, amongst others.

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Reasons to Purchase This Report
Current and future of photonics sensor market outlook in the developed and emerging markets
Analyzing various perspectives of the market with the help of Porter's five forces analysis
The segment that is expected to dominate the market
Regions that are expected to witness fastest growth during the forecast period
Identify the latest developments, market shares and strategies employed by the major market players.
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