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Global Photonic Sensor Market Forecast to Grow at 16.9% CAGR to Reach $15.2 Billion by 2020

Reviewed

Feb 13 2015

Research and Markets has announced the addition of the "Global Photonics Sensors Market (Type, Technology, Application and Geography) - Size, Global Trends, Company Profiles, Segmentation and Forecast, 2013 - 2020" report to their offering.

The global photonic sensor market is forecast to reach $15.2 Billion by 2020, growing at a CAGR of 16.9% during the period (2014 - 2020). The study confers the dominance of fiber optic sensors and sheds light on the way, biophotonic sensor would garner more market share during the forecast period.

Based on its application, biophotonic technology is expected to be the fastest growing technology in the photonic sensor market. Military is expected to be the largest revenue-generating segment till 2019, due to the wide-ranging applications of photonic sensors in various defense equipment. Geographically, North American region is leading and it would maintain the lead throughout the forecast period.

Need for enhanced safety and security solutions, better alternative for conventional technology and rise in wireless sensing technology would act as the major factors responsible for driving the photonic sensor market. The U.S. army's adoption of photonic technology on a large scale for various applications has led the military segment to capture substantial market share in the photonics sensors market. The U.S. Army Research Laboratory's Sensors and Electron Devices Directorate (SEDD) is responsible for development in the field of electronic devices, sensors and power & energy. Based on the continuous research, SEDD has developed electro-optic and photonic devices, which include active and passive sensors. Asia-Pacific is expected to be the fastest growing region in the global photonic sensors market, with Japan being the leader in the development of advanced photonic technology.

Companies Mentioned